Industry
E-L Financial Corporation Limited, parent company of the Dominion of Canada General Insurance Company, has reported a 74% decrease in 2007 Q3 profits over the same period last year.The company posted a net income of Cdn$20.3 million for 2007 Q3, compared to its 2006 Q3 profit of Cdn$77.7 million.On a year-to-date basis, E-L Financial earned […]
By Canadian Underwriter | November 15, 2007
1 min read
Optimum Group Inc., a privately owned international financial group, and Optimum General Inc., a Canadian property and casualty underwriter, have announced an acquisition by way of an amalgamation. Optimum General will be a wholly-owned subsidiary of Optimum Group and the related parties of Optimum Group. “The decision to take Optimum General private is an initiative […]
Risk
Even though government regulators and corporate stakeholders are demanding that companies do more to address and mitigate enterprise-wide risks, only 10% of companies in the Americas and Europe have fully integrated an enterprise risk management (ERM) strategy into their practices, according a survey of global ERM practices by Aon Global Risk Consulting (AGRC).The ERM practice […]
2 min read
Claims
The Insurance Bureau of Canada (IBC) is calling on Canadian municipal, provincial and federal governments to improve urban infrastructure so as to mitigate property damage caused by storms in an age of climate change.The Insurance Bureau of Canada will insist in the months to come that governments launch an extensive effort to rebuild the basic […]
By Canadian Underwriter | November 14, 2007
Shortly after Johnson Inc. announced its acquisition of Kingston, Ont.-based brokerage Thomson Jemmett Vogelzang (TJV), both the Dominion of Canada General Insurance Company and Aviva Canada Inc. have cancelled all broker contracts with the company.George Cooke, president and CEO of Dominion, says he was absolutely shocked and very disappointed when he heard that TJV had […]
Canadian insurers are asking industry regulators to consider switching from a system of filing auto insurance rate changes and then waiting for regulatory approval to a more flexible system that would allow insurers to charge their proposed rate changes immediately upon filing them with the regulator.I believe it is entirely realistic to have every jurisdiction […]
Operation Red Nose, a free service that keeps impaired drivers off the road, will be available in three Nova Scotia communities this year: Sydney, Truro and Halifax. This service, which allows holiday revelers to opportunity to make a call and have their car and themselves drive home safely on Friday and Saturday nights, has been […]
As TRIA teeters on the brink of expiration at years end, AIR Worldwide Corporation has launched its updated U.S. terrorism model.The release of the new model incorporates the results of two years of research into the effects of a conventional bomb blast in complex urban environments, an AIR release says.Because urban density can have a […]
By Canadian Underwriter | November 13, 2007
Marsh & McLennan Companies, Inc. (MMC) reported a 2007 Q3 profit of US$1.9 billion, compared to US$176 million during the same period last year.Marsh reported being happy with revenues generated by its consulting businesses. MMC’s consulting segment revenue grew 14% to US$1.2 billion in the third quarter on a reported basis, and 9% on an […]
A post-remembrance day windstorm has served as a reminder that the British Columbia winter storm season is underway, and residents should be prepared for future severe storms, the Insurance Bureau of Canada (IBC) warns. Roughly 90,000 B.C. Hydro customers were without power on Nov. 12, after the first windstorm of the season first made waves […]
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