Risk
The Cooperators General Insurance Company faced some financial challenges early this year, reporting a profit of Cdn$8.2 million in 2007 Q1 compared to a 2006 Q1 profit of Cdn$31.9 million.The first quarter of 2007 posed significant challenges, Kathy Bardswick, president and CEO of The Co-operators, said in a press release issued by the company. Automobile […]
By Canadian Underwriter | April 30, 2007
1 min read
Marsh Inc., a risk and insurance services firm, has launched a new branding campaign, encouraging businesses to focus on the upside of risk.The campaign, created by the New York office of Ogilvy, seeks to disrupt the traditional view of risk as a liability to be avoided, by asking the reader to also consider finding opportunities […]
2 min read
Claims
In a European marriage between banking and insurance, NATIXIS, an investments and projects bank, has partnered with the White Mountains Insurance Group, Ltd., to create Pentelia Capital Management (PCM), an asset management company based in Bermuda.In addition, the two companies have closed PCMs first fund, Pentelia Limited. Pentelia Limited is a highly innovative alternative investment […]
Industry
The Saskatchewan Auto Fund in 2006 enjoyed its second-strongest year on record, posting a Cdn$101-million surplus and contributing to a record-level Cdn$206-million balance in the Rate Stabilization Reserve (RSR). The Saskatchewan Auto Fund is a self-sustaining, compulsory auto program administered by SGI on behalf of the government.The 2006 financial results caused SGI to return an […]
By Canadian Underwriter | April 27, 2007
Loyalist Insurance Group reported revenue of Cdn$2.1 million in 2006, an increase from Cdn$2 million for the year ended Dec. 31, 2005. The company also reported a smaller operating loss of Cdn$50,399 in 2006, compared to the Cdn$266,040 loss it reported in 2005. In July 2006, the company sold a portion of its book of […]
Top-level company executives and risk managers may not always see eye-to-eye when it comes to the risks associated with international expansion, according to the 2007 Chubb International Risk Survey. The survey was conducted jointly in March 2007 by Opinion Research Corporation, a worldwide research firm in Princeton, NJ, and the Chubb Group of Insurance Companies […]
Mooney Insurance Ltd. and Rogers Insurance Ltd. have teamed up to allow both firms to better service existing clients and to realize new business opportunities.The strategic alliance involves a minority equity investment in Red Deer, Alberta-based Mooney by Calgary-based Rogers Insurance, a Rogers release says.I believe this strategic alliance means a great future for our […]
Willis Group reported a net income of US$169 million [approximately Cdn$189 million] for 2007 Q1, as compared to US$140 million [approximately Cdn$156 million].Each business unit contributed to overall organic growth in commissions and fees in the first quarter, with global at 3%, North America at 6% and international at 8%, according to a Willis statement.For […]
By Canadian Underwriter | April 26, 2007
The Canadian Council of Insurance Regulators (CCIR) has prepared a ‘Report on Action on the IPRC Principles by Industry Associations,’ which is anticipated to be posted on the CCIR website. The CCIRs industry practices review committee (IPRC) is conducting a review confirming the extent to which its 2006 recommended principles have been embraced by industry […]
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The Insurance Bureau of Canada (IBC) is urging federal MPs to support Bill C-343, which would make auto theft a separate offence under the Criminal Code and implement mandatory jail times for repeat offenders.According to the IBC auto theft costs Canadians more than $1 billion a year, and the national rate of theft is 56% […]
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