Industry
Nancy Ng has been appointed manager of insurance services at PPG Canada Inc.PPG Industries is a diversified manufacturer that supplies vehicle-related products and services around the world. In addition, PPG’s Lynx Services provides claims management solutions and handles more than 3 million claims annually.With headquarters in Pittsburgh, PPG has 110 manufacturing facilities and equity affiliates […]
By Canadian Underwriter | February 14, 2007
2 min read
Manulife Financial Corporation reported shareholders’ net income of $3.9 billion for 2006, an increase of 21% over the full year 2005. “The strong organic growth across all of our operations is encouraging and contributed to another year of record earnings,” said Dominic D’Alessandro, president and CEO of Manulife Financial. “In both our insurance and wealth […]
Risk
Marsh & McLennan Companies Inc. (MMC) reported a hefty 2006 Q4 profit of US$226 million, an increase of more than 500% over 2005’s final quarter.Full-year consolidated net income was US$990 million, compared with US$404 million in 2005.Risk and insurance services revenues in the fourth quarter increased 4% to US$1.4 billion, or 5% on an underlying […]
1 min read
Hub International Limited has agreed to acquire substantially all of the assets of one of the largest Louisiana-based insurance brokers, Hibernia Insurance Agency, L.L.C., according to a press release.Hibernia Insurance, an $18 million revenue brokerage firm, will become a new regional platform doing business as Hub International Gulf South (HUB Gulf South).”The Hibernia Insurance Agency […]
Claims
Insureds need to quantify their catastrophe risks as accurately as possible first, before considering whether a captive is an appropriate financial tool for managing those risks, according to Kate Westover, the vice president of the Vermont-based alternative risk financing organization, Innovative Captive Srategies. Westover spoke at the Strategy Institute’s ‘Canadian Captive Forum 2007,’ held at […]
By Canadian Underwriter | February 13, 2007
Swiss Re’s non-life insurance portfolio has grown by 14% as a result of renewals of business acquired through the purchase of Insurance Solutions. The increase works out to CHF1.3 billion [approximately CDN$1.215 billion].The January renewal season accounts for 67% of the traditional treaty portfolio of Swiss Re and the former Insurance Solutions. Across the combined […]
IBC’s unique driver distraction simulator, D.U.M.B.Car (Distractions Undermining Motorist Behaviour) will provide a reality check for Canadian at Canadian International AutoShow.Driver distraction has become one of the most serious road safety issues in Canada today. According to a recent poll commissioned by Insurance Bureau of Canada (IBC), 89% of Canadians agree that driver distraction is […]
In order to help insurers understand the frequency and severity of natural catastrophes, Willis Research Network has joined forces with internationally renowned universities in a research program on climate simulations at the NEC Earth Simulator in Yokohama, Japan. The research marks a major step from global modeling towards regional and local impact. It promises to […]
In an analysis piece, A.M. Best says it’s possible “the global insurance market will one day come to recognize 2007 as the ‘Year of the Regulator.'”A.M. Best says recent political events in the United Kingdom and the United States are threatening to interfere with insurance pricing in free-enterprise markets.In Europe, for example, the European Commission, […]
By Canadian Underwriter | February 12, 2007
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Crawford & Company has reported a 2006 Q4 loss of US$1.3 million, compared with a profit of US$6.0 million in 2005 Q4.Net income for the 2006 year was US$15 million, compared with US$12.9 million reported in 2005. The net loss in the 2006 fourth quarter included a charge of $1.9 million, net of related income […]
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