Industry
Hub International Limited (TSX: HBG) announced that it has entered into an agreement to be acquired by funds advised by Apax Partners and Morgan Stanley Principal Investments, through an arrangement agreement and related plan of arrangement. Under the terms of the arrangement Hub is valued at approximately US$1.8 billion [approximately Cdn$2.1 billion], which includes approximately […]
By Canadian Underwriter | February 26, 2007
1 min read
Claims
Thanks to donor countries such as Canada, the World Bank is expected to be able to offer catastrophe risk insurance to 18 Caribbean countries in time for the 2007 hurricane season.Associated Press has reported officials from Caribbean nations are meeting in Washington on Feb. 26, 2007, to discuss the World Bank’s new Catastrophe Risk Insurance […]
2 min read
Fairfax Financial Holdings (TSX: FFH) announced profits of US$159 million [approximately Cdn$184 million] for 2006 Q4, and US$227.5 million [approximately Cdn$264 million] for the year.The combined ratios of Fairfaxs insurance and reinsurance operations were 88.4% and 95.5% for the Q4 and 2006 year, respectively, compared to 112.7% and 107.7% for the Q4 and 2005 year […]
By Canadian Underwriter | February 23, 2007
Risk
Woodhouse Contracting Ltd. has joined a strategic partnership with Edenvale Restoration, uniting two of the largest independent companies in the Canadian disaster restoration industry.Edenvale, with headquarters in Abbotsford, B.C., operates in the British Columbia Lower Mainland with operation branches in Burnaby, Chilliwack and Surrey.Woodhouse, with headquarters in Kitchener, Ontario, operates in southern Ontario with operating […]
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AXA reported a profit of 4 billion [approximately Cdn$6.1 billion] throughout 2006, an increase of 20% over 2005. Property and casualty earnings increased 7% to 1.5 billion [approximately Cdn$2.3 million], driven by a 4% increase in revenues together with a 0.8 point improvement of the combined ratio, states an AXA news release.Through organic growth and […]
A new report by Celent research services, Dont Sell Unicorns, suggests there is often a failure to communicate during the technology purchasing process between the insurance software vendors and insurance IT buyers.The study presents a set of key principles drawn from the experiences of Celents insurer clients. It also incorporates the experiences of Celents own […]
Portage la Prairie Mutual Insurance Company has increased its investment in the 2007 Broker Identity Program (BIP), established in 1989 by the Insurance Brokers Association of Canada (IBAC).The BIP program is a branding campaign for over 30,000 insurance brokers. Twenty leading insurance companies supported the program in 2006.While no figures were released, Portage Mutuals investment […]
By Canadian Underwriter | February 22, 2007
Allianz reported a 60% increase in net profits throughout 2006 from just under 4.4 billion [approximately Cdn$6.7 billion]. For property and casualty business, 2006 saw a 1.4% improvement in the combined ratio, from 94.3% in 2005 to 92.9% in 2006.Once again in 2006 our focus was on a rigorous underwriting policy as well as on […]
EGI Financial Holdings Inc. (TSX:EFH) announced a 2006 Q4 profit of $5.2 million an increase of 70% over its 2005 Q4 profit of $3.1 million.The improvement was primarily attributable to the year-over-year improvement in the combined ratio, as well as the increase in investment income in 2006, the company reported.The companys 2006 Q4 combined ratio […]
The Association of British Insurers estimated that insured damage caused by winter windstorm Kyrill could reach 350 million [approximately Cdn$795 million] in the United Kingdom, reports A.M. Best.Kyrill, a powerful winter Atlantic windstorm, hit the southern shores of the UK on Jan. 18, before moving on to the Netherlands, Germany, parts of the Czech Republic […]
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