Industry
Fairfax Financial Holdings Limited has restated audited financial statements in 2005 and parts of 2006 to correct a U.S. GAAP accounting error.Also, it announced the acquisition of additional shares in Torstar Corporation, the parent company of the Toronto Star.Fairfax is a financial services holding company. Through its subsidiaries, it is engaged in property and casualty […]
By Canadian Underwriter | November 15, 2006
2 min read
The Insurance Bureau of Canada is teaming up with Ontario Safety League to give partygoers a free ride this holiday season.At a news conference held in Toronto, IBC announced it is sponsoring Operation Red Nose (ORN) in seven Ontario communities and other communities in Alberta and the Atlantic provinces. The popular program offers a volunteer […]
CGI Group Inc. (TSX: GIB.A; NYSE: GIB) has reported 2006 revenue of Cdn$3.48 billion.”This is Cdn$208 million lower than fiscal 2005, driven by the negative impact of a strengthening Canadian dollar (Cdn$106.4 million) as well as lower BCE work volumes (Cdn$114.7 million),” the company said in an online statement.”Overall, 2006 was a year of repositioning […]
By Canadian Underwriter | November 14, 2006
Home
Property and casualty insurance claims containing some element of fraud cost Canadians between $200 million and $300 million in 2005, according to statistics released at a Toronto roundtable exploring fraud in Canada”Industry statistics estimate that of the Cdn$20 billion paid out last year in property and casualty insurance claims, 20% to 30% contained some element […]
Risk
Hub International Limited (NYSE: HBG) (TSX: HBG) has appointed John P. Graham, 41, to the position of vice-president and CFO.Graham replaces Dennis J. Pauls, who has been named president and CEO of Hub Ontario, the company’s regional hub headquartered in Toronto.Graham brings nearly 20 years of public company and public accounting experience to Hub International. […]
Claims
Canada’s ‘Designed…for safer living program,’ the result of a partnership between the Institute for Catastrophic Loss Reduction (ICLR) and the Canadian insurance industry, has completed Canada’s first safer living home in Prince Edward Island.Funded by The Co-Operators, the home is designed and constructed to withstand wind speeds of 200 km-h. The house is located in […]
According to a Towers Perrin survey of 75 senior finance and risk management executives in the United States including some from publicly traded companies with revenues greater than US$1 billion 85% of those surveyed think their firms’ emphasis on risk management will increase over the next five years.”Increased regulatory and investor attention, the possibility of […]
By Canadian Underwriter | November 13, 2006
An A.M. Best survey suggests growth in 2005 slowed down for rated, non-U.S. captives. The A.M. Best study looked at 30 captives — some U.S.-owned, others not — domiciled in various foreign territories, although the majority of the study’s members were domiciled in Bermuda and the Cayman Islands.All of the group’s members are described as […]
Guy Carpenter & Company, Inc., a global risk and reinsurance specialist, has completed a $US200-million catastrophe bond that represents the industry’s first publicly-rated collateralized debt obligation of natural catastrophe risk.Guy Carpenter, part of the Marsh & McLennan Companies (NYSE: MMC), advised the Catlin Group Limited (LSE: CGL) on the multi-territory, multi-peril catastrophe bond transaction.Perils covered […]
1 min read
Alberta’s Automobile Insurance Rate Board (AIRB) recently held a series of consultation meetings to “discuss an acceptable cost of capital and profit margin for auto insurers.”These consultations will be a factor during the AIRB’s annual review of compulsory insurance premiums, the AIRB noted in a press release.The AIRB sets premiums for mandatory auto insurance coverage […]
By Canadian Underwriter | November 10, 2006
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