Industry
In terms of total revenue dollars, the amount independent brokers are investing in advertising is roughly half of that needed in order to compete with direct writers, said Randy Carroll, president and CEO of the Insurance Brokers Association of Ontario. Carroll told delegates of York Fire and Casualty Insurance’s Executive Forum that, on average, Ontario […]
By Canadian Underwriter | November 17, 2008
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In insurance mediation, there are two different styles of mediators: facilitative and evaluative, and choosing the proper style could affect the timeliness of an agreement, Michael T.J. McGoey, defence counsel, Hughes Amys, told delegates at The Arc Group Canada’s third annual seminar in Toronto on Nov. 13. It is important to know a mediator’s style […]
By Canadian Underwriter | November 14, 2008
Paris Re Holdings Limited reported a net operating loss of US$53.7 million for 2008 Q3, compared to a net operating income of US$90.0 million in 2007 Q3.The combined ratio was 135.1% for 2008 Q3, compared to 88.8% quarter-over-quarter.The combined ratio for the first nine months of 2008 is 106.7%, compared to 92.2% for the same […]
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Listening is key in the art of negotiation and a technique most people fail to adhere to, Gordon Kirke, lawyer, principal KSR Sports Representatives Inc., told delegates at the third annual Arc Group Seminar in Toronto on Thursday. Kirke spoke on the need to listen to what the other party is saying and asking for […]
The Insurance Corporation of British Columbia (ICBC) reported a profit of Cdn$437 million for the first nine months of 2008, 15% lower than for the same period last year of Cdn$513 million.”This decrease is largely the result of a decline in investment income, which stood at Cdn$360 million year-to-date for the third quarter of 2008, […]
By Canadian Underwriter | November 13, 2008
Insurance Bureau of Canada (IBC) is warning that the Canadian insurance industry may be the target of a national telephone fraud scam.The caller claims to be from the policyholder’s insurance company and demands the immediate payment, by credit card, of an outstanding amount on the client’s premium, an IBC release says. The caller then threatens […]
After buying up shares in Kingsway Financial Services, a New York-based money management firm, The Stilwell Group, has served a requisition for a special shareholders meeting to replace two of Kingsway’s current board of directors, president and CEO Shaun W. Jackson and F. Michael Walsh, with two of its own chosen board members.As of press […]
A.M. Best has affirmed the financial strength ratings of ‘A’ for the Canadian property and casualty subsidiaries of American International Group, although the ratings have still been assigned a negative outlook.This concludes a review with negative implications. “A.M. Best’s removal of the ratings from under review reflects the protracted time frame necessary for an orderly […]
ING Canada Inc. appears ready to play ‘Let’s Make a Deal,’ telling Reuters’ news service that it is in a good financial position to expand its business through an acquisition.”From an operating point of view and an ability to integrate, we could acquire pretty much any company in the Canadian property and casualty insurance marketplace,” […]
By Canadian Underwriter | November 12, 2008
The insurance industry and regulators should use the current global financial crisis to drive a constructive evolution of regulatory guidance, according to Ernst & Young’s Global Insurance Center. Although the insurance industry faces fewer urgent liquidity challenges than banks do, their valuation of assets has been affected; many insurance companies have witnessed the depletion of […]
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