Industry
A.M. Best Co. has maintained a stable outlook for the personal lines segment in 2008, despite the moderate deterioration of results in 2007.The deterioration in 2007 results reflects increasing loss-costs trends as well as competitive market conditions, an A.M. Best statement says. “A.M. Best anticipates these trends will continue in 2008, with additional modest declines […]
By Canadian Underwriter | February 26, 2008
1 min read
Claims
The Insurance Brokers Association of Ontario (IBAO) has announced it is renewing its sponsorship agreement with professional golfer Richard Scott from Kingsville, Ont. “Richard has represented us well and we’re proud to be associated with his success,” Randy Carroll, CEO of IBAO, said in a release. “In our first year in sponsoring him last year, […]
By Canadian Underwriter | February 25, 2008
2 min read
Studies show that 20% of Canadians have been victims of identity theft, ING Insurance reports in a release. And it may be costing Canadian consumers, banks and businesses more than $2 billion annually, the company reports. Recent studies show that 59 per cent of Canadians believe public education is the most important tool in fighting […]
The Co-operators Group Ltd. and Montreal-based institutional investment management firm Addenda Capital Inc. (TSX: ADV) have announced that Addenda will amalgamate with a subsidiary of The Co-operators (Newco).The transaction, which values Addenda’s equity at approximately Cdn$306.5 million, will be implemented by way of a statutory amalgamation under the Companies Act (Quebec) and is subject to […]
The Munich Re Group in 2007 achieved a profit of 3.9 billion [Cdn$5.76 billion], surpassing its projected target of between 3.5 billion and 3.8 billion [Cdn$5.17 billion and Cdn$5.61 billion], the company announced. The reinsurer also noted a 20.2% return on risk-adjusted capital [RORAC], markedly exceeding its long-term target of 15%.”We are well above our […]
**CORRECTION**This news item contains amendments that replace incorrect information appearing in a previous post. Northbridge Financial Corporation (TSX: NB) reported 2007 profits of Cdn$295 million, a 76.6% increase from 2006’s net income of Cdn$167.1 million.Underwriting profit for 2007 increased to Cdn$84.3 million, compared to Cdn$23.5 million in 2006, a company release says.The company’s combined ratio […]
By Canadian Underwriter | February 22, 2008
FM Global reported a 26% growth in net income (to US$928 million) in 2007, the largest such growth in the company’s history.The company also posted a combined ratio of 73.4%, which was better than forecast, the company reported, “due to the absence of large insured natural disaster losses and much better than composite projections for […]
Canada has appointed an expert panel to help look at ways to improve securities regulation in Canada, including an examination of whether the country should establish one common securities regulator for the entire country.”I am asking the panel to develop a model common securities act to create a Canadian advantage in global capital markets,” said […]
The Insurance Corporation of British Columbia (ICBC) invested roughly Cdn$8.9 million in funding for safety improvements to roads in B.C. as part of its Road Improvement Program.The program works in partnership with municipalities and the provincial government to make roads safer. “Road improvements are recognized worldwide as one of the most effective ways to improve […]
Traditional forms of terrorism in Asia are being superseded by area-specific threats such as criminal gangs with political agendas, and businesses need to respond to these, Lloyd’s of London says in a recent report, ‘Terrorism in Asia: What does it mean for business.’The report was done in collaboration with the Institute of International Strategic Studies […]
By Canadian Underwriter | February 21, 2008
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