Claims
State Farm Mutual Automobile Insurance Company is paying a total of US$1.25 billion in dividends to its mutual auto insurance policyholders in 46 states, the District of Columbia and the Canadian province of New Brunswick.In New Brunswick, the dividend will total $3.1 million. The size of each policyholders dividend will vary significantly by jurisdiction, but […]
By Canadian Underwriter | March 5, 2007
1 min read
Industry
ING Insurance Company of Canada and Policy Works Inc. have developed an integrated solution for exchanging commercial lines data. Data exchange has been common in personal lines insurance for some time, ING Insurance notes in a press release. But the development of this integration between ING Insurance and Policy Works marks the first significant stride […]
2 min read
Auto
Manitoba Public Insurance (MPI) has lowered auto insurance rates for three-quarters of the provinces vehicle owners in 2007.In addition, it is offering a 10% rebate on premiums paid during the 2005-06 year.The rates taking effect today are 2.6% lower overall than rates in 2006-07, marking the eighth year out of the last nine in which […]
By Canadian Underwriter | March 2, 2007
The American International Group, Inc. (AIG) reported a net income of US$14.05 billion [approximately Cdn$16.54 billion] for 2006 and a net income of US$3.44 billion [approximately Cdn$4.05 billion] for 2006 Q4.Comparatively, AIG reported 2005 profits of US$10.48 billion [approximately Cdn$12.33 billion], and US$376 million [approximately Cdn$44.37 million] for 2005 Q4.2006 was a remarkable year beginning […]
The Hamilton Bulldogs have teamed up with the Hamilton Hornets Rugby Football Club to host Sean Corner Benefit Night on Friday, Mar. 30 when the Bulldogs host the Grand Rapids Griffins at Copps Coliseum. Corner has been a 6-year member of the Hamilton Hornets, when he suffered a spinal cord injury during a rugby game […]
Swiss Re delivered record earnings in 2006, announcing a 98% increase in profits to CHF4.6 billion [Cdn$4.4 billion].Swiss Re CEO Jacques Aigrain said in 2006 Swiss Re achieved a record result, based on disciplined underwriting in property and casualty, consistent returns from life and health and a rising contribution from our financial services business.Property and […]
Risk
FM Global reported a profit of US$737 million [approximately Cdn$864 million] in 2006, an increase from 2005s profit of US$635 million [approximately Cdn$744 million].According to an FM Global press release, the companys combined ratio was 75.3% and the client retention rate was 93% for the year 2006.Among its 2006 highlights, company officials listed the offering […]
By Canadian Underwriter | March 1, 2007
Aviva plc announced a 3.2 billion [approximately Cdn$7.3 billion] profit for the year 2006, marking a 12% increase over 2005.The company also reported a strong general insurance result with a combined operating ratio of 94% – ahead of the meet or beat commitment of 98% that was set as a goal, a company release says.Sales […]
Australian financial services provider Macquarie Group (Macquarie) has acquired Insurance Pay Canada Inc. (Insurance Pay), a Canadian premium finance company.Insurance Pay works exclusively with independent brokers to provide insurance premium financing to commercial customers who prefer to pay their premiums over the course of the year. Headquartered in Toronto, Insurance Pay provides clients with short-term […]
A.M. Best Co.s 2007 outlook for the global reinsurance sector is stable, changing from a negative outlook originally assigned nearly two years ago.This outlook revision implies that the majority of 2007 reinsurer rating actions are likely to be affirmations with stable outlooks and only a modest amount of anticipated rating or outlook changes, A.M. Best […]
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