Industry
Munich Re Group has posted profit exceeding 3.3 billion (roughly Cdn$4.5 billion) in the first nine months of 2007. In the third quarter, we again posted excellent results, and are now harvesting the fruits of our strict profit orientation, John Schneider, CFO of Munich Re, said in a release. In 2007 Q3, the company posted […]
By Canadian Underwriter | November 8, 2007
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EGI Financial Holdings Inc. (TSX: EFH) has reported a profit of Cdn$4.5 million for 2007 Q3, marking an 18.7% decrease over last years Q3.The company reported a combined ratio of 88.5% and Cnd$42.3 million in direct written premiums, a 45.1% increase over the same period of time last year. Net written premiums increased from 2006 […]
Claims
Climatologists are warning that the recent wildfires in California may be a result of climate change and a taste of things to come, reports Lloyds.Models are suggesting the North American west coast is experiencing longer-term precipitation patterns several wet years in a row, followed by several that are drier than normal, Ronald Neilson, a professor […]
By Canadian Underwriter | November 7, 2007
ING Canada has reported a Cdn$64-million decrease in its 2007 Q3 profits. This year, the company reported a 2007 Q3 net income of Cdn$92 million, down from Cdn$156.8 million over the same period last year. For the first nine months of the year, INGs net income was Cdn$412.6 million, down from the Cdn$548.7 million the […]
Resolve Corporation, a Mississauga-based business processing outsourcing firm, and Health Claims for Auto Insurance (HCAI) Processing have entered into a three-year partnership that will see Resolve manage the transcription of paper forms for Ontarios new electronic system for processing auto insurance health claims.Ontario government regulations will require the provinces health care facilities to submit certain […]
Risk
CNA Financial Corporation has restructured its property and casualty operations so that field operations will be led from two regional centres Field Operations East and Field Operations West. Steve Stonehouse will lead the West and Dennis Barger will lead the East. The newly structured operations will help increase CNAs visibility in the market, leverage the […]
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Swiss Reinsurance Company has reported a 5% decrease in its 2007 Q3 profits over last year and has announced its plan to reduce its capacity.Swiss Re is prepared to reallocate capital across business lines or return it to shareholders through a share buy-back programme and dividends, a release says. The company reported a profit of […]
By Canadian Underwriter | November 6, 2007
For the first time since the U.S. Sarbanes-Oxley Act [SOX] went into effect in 2002, a growing number of internal audit departments are returning to business as usual, according to a new survey by Protiviti Inc.Protiviti is a provider of independent risk consulting and internal audit services. Its survey was conducted from October 2006 through […]
Insurance industry payrolls in the United States increased by 1,500 in the month of October, to a new high of 2.367 million, reports A.M. Best Company.Citing research from the U.S. Bureau of Labour Statistics, A.M. Best reported that average weekly earnings for the industrys non-supervisory positions rose from US$799.62 to US$850.39 during the period between […]
By Canadian Underwriter | November 5, 2007
Echelon General Insurance Company has renovated its place in cyberspace and launched a newly redesigned Web site.Key features of the new site include easy navigation tools, information about the companys latest personal lines offerings (for example, new product offerings in Alberta and Ontario include collector vehicle insurance and recreational vehicle insurance) and a new resource […]
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