Industry
The financial results of the U.S. property and casualty industry in 2009 represent a radical departure from the anemic results in 2008, according to a recent report by A.M. Best.”The U.S. property/casualty industry’s operating results recovered in 2009 from a catastrophe-riddled 2008, driven by improved underwriting results and the continued recovery in the financial markets,” […]
By Canadian Underwriter | February 8, 2010
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Aon Corporation (NYSE: AON) reported a net income of $747 million in 2009, marking a 49% decrease from 2008’s profit of $1.5 billion.2008 included a $935-million, after-tax gain on the sales of Combined Insurance Companies of America and Sterling Life Insurance, an Aon release says.The company’s 2009 Q4 net income was $198 million, marking an […]
1 min read
Recent changes to The Rules of Civil Procedure will be front-and-centre in a seminar hosted by the Canadian Independent Adjusters’ Association. The session is to be held on May 7, 2010, from 9 a.m. to 12:30 p.m., at the Albany Club in Toronto. Todd McCarthy of Flaherty Dow Elliott & McCarthy will speak about ‘The […]
Despite stimulus spending, public sector executives cite lack of funds as the largest hurdle to infrastructure development, KPMG reports.In its third instalment of a series on global infrastructure surveys, KPMG commissioned the Economist Intelligence Unit to survey 392 senior public sector officials involved in infrastructure policy, procurement or development.Respondents came from 50 countries and territories […]
By Canadian Underwriter | February 5, 2010
The Nissan Frontier has the strongest roof and the Chevrolet Colorado the weakest among the small pickup trucks tested for rollover protection by the Insurance Institute for Highway Safety (IIHS).The IIHS tested five 2010 models. They rated as follows:• The Frontier (also sold as the Suzuki Equator) is the only pickup in the group to […]
Registered Insurance Brokers of Ontario (RIBO), a self-regulating body for the province’s insurance brokers, is exploring the possibility of an online election process.RIBO has a participation rate “in the area of 25% to 30%” of its membership. The regulator says this compares favourably to a 5%-to-15% voting percentage for other self-regulating professions.Last year, 8,688 votes […]
Having “substantially completed” the acquisition of Hilb Rogal & Hobbs (HRH) Company, Willis Group is calling 2009 a “momentous year” marked by increased profits and organic growth.Reported net income from continuing operations for 2009 Q4 was $79 million, compared with $61 million in the same period a year ago.In addition, the company reported a 2% […]
By Canadian Underwriter | February 4, 2010
Cunningham Lindsey Canada has expanded its Ontario operation with the opening of a new office in Cornwall.Diane Lefebvre will serve as branch manager. She was most recently an adjuster in CLC’s Ottawa location.Lefebvre brings more than a decade of claims experience to the role.“The Cornwall office is strategically located to provide rapid claims response to […]
The Insurance Brokers Association of Ontario (IBAO) has launched a social media campaign featuring a new blog and Twitter account.IBAO’s goal with the campaign is to further develop and empower its community of brokers to better educate consumers and media on insurance-related issues and coverage tips. The social networking initiative is to keep stakeholders informed […]
By Canadian Underwriter | February 3, 2010
Having just come through a worldwide financial crisis, global reinsurers are once again entering “the cheating years,” describing a cycle in which insurance companies employ reserve funds to bolster their combined ratios, and thus boosting their return on equity (ROE) results. The “cheating years” is in contrast to a cycle of “restoration years,” during which […]
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