Industry
EGI Financial Holdings Inc. reported a profit of Cdn$15 million for 2007, a decrease of 11.3% over 2006.For 2007 Q4, the company reported a net income of Cdn$3.7 million, a decrease of 28.3% from 2006 Q4.Underwriting income decreased 31.2% to Cdn$10 million for the year over 2006’s Cdn$14.5 million, an EGI release says. For 2007 […]
By Canadian Underwriter | February 21, 2008
1 min read
Claims
Given the potential for US$2.5 billion in insured losses for wildfires in California alone, last year’s wildfire season ranks as one of the costliest wildfire seasons in recent history, according to a joint report by Risk Management Solutions (RMS) and ImageCat, Inc.RMS’ analysis shows that in the past 10 years of Californian wildfire history, close […]
Armed with an initial capitalization of Cdn$10 million, Executive Risk Insurance Services is developing a new breed of insurance coverage specifically geared towards risks associated with cyber-liability and privacy breaches.In a seminar in Toronto, Executive Risk said its insurance product is being developed to tackle cyber-liability risks not often covered under traditional insurance policies. Traditional […]
2 min read
Willis Re has developed an early warning system for professional liability insurance and reinsurance underwriters, identifying what may be early warning signals for potential securities class-action lawsuits stemming from the sub-prime crisis.Analysts identified the gaps between the senior debt ratings and the credit ratings implied by bond equity and credit default swap pricing of various […]
By Canadian Underwriter | February 20, 2008
ING Canada Inc. reported net income of Cdn$95.8 million for 2007 Q4.This is down from $109.4 million in 2006 Q4, mainly due to lower results from invested assets, the company notes.”Our investment activities continue to generate substantial interest and dividend income, but recent unfavourable capital markets conditions led to a net loss of Cdn$3.3 million […]
How much money are the cyber-slackers “working” at your insurance company or brokerage costing you each year?Would you believe an average annual total of US$93,000, as shown during a presentation at the general meeting of the Toronto Applied Systems Client Network?One U.S. study found that each insurance company or brokerage employee wasted, on average, 1.1 […]
York Fire & Casualty has become Canada’s first insurance carrier to implement true XML real-time inquiry, which it demonstrated at a general meeting of the Toronto Applied Systems Client Network (TASCnet).Using Applied Systems’ WARP technology for real-time transactions, York Fire now communicates directly and immediately with insurance brokers through their broker management systems. The new […]
Canada has a highly sophisticated securities framework that largely addresses the principles of the International Organization of Securities Commissions (IOSCO), according to findings from the International Monetary Fund (IMF) and the World Bank, Autorite des Marches Financiers (AMF) reported. The positive findings, according to AMF, indicate that: Canada’s financial system is mature, sophisticated and well-managed; […]
By Canadian Underwriter | February 19, 2008
The average annual net income of Canada’s most profitable property and casualty insurance brokerages is between Cdn$800,00 and Cdn$1 million, with the average industry profitability equalling 25.3% of total brokerage income, according to a benchmark survey by Vancouver’s Berris Mangan Chartered Accountants.It was also found that small brokerages’ (less than Cdn$500,000) profitability has declined by […]
The Insurance Brokers Association of Canada (IBAC) announced that York Fire and Casualty Insurance Company is continuing its investment as a full partner of the Broker Identity Program for 2008.”York Fire and Casualty is proud to continue as a full partner of the Broker Identity Program,” said Colin Simpson, York Fire and Casualty president and […]
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