Industry
Optimum General Inc. (TSX: OGI.A) has reported a 2006 Q3 profit of Cdn$1.45 million, compared to a net income of Cdn$1.35 million for the same period last year. Optimum General is a Canadian company that underwrites property and casualty insurance through three subsidiaries: Optimum West Insurance Company (British Columbia, Alberta, Yukon), Optimum Insurance Company Inc. […]
By Canadian Underwriter | November 10, 2006
1 min read
Scottish Re Group Ltd. (NYSE:SCT) is looking for potential buyers or investors after the French reinsurer SCOR Group said it wasn’t interested in acquiring the life reinsurer, A.M. Best says.”Scottish Re said it is exploring ‘strategic alternatives,’ including a possible sale of the company,” A.M. Best noted in a press release. “Another possibility is a […]
Auto
A recent study by kanetix, a Canadian online insurance marketplace, suggests shoppers are getting online insurance quotes that are about 25% cheaper on average than what they were getting at this same time last year.The study also concluded that auto insurance premiums can vary by over Cdn$900 for the same coverage.Supporting its contention that Ontario […]
2 min read
Royal & SunAlliance Insurance Group plc’s core group has announced net written premiums during the first nine months of 2006 at 4.1 billion (Cdn$8.8 billion), up 2% from the same period in 2005.The company’s combined operating ratio (COR) of 93.1% during the first nine months of 2006 was 0.5 points better than 2005.Profit during the […]
By Canadian Underwriter | November 9, 2006
Western Financial Group has announced its revenue for the first nine months of 2006 increased 22.7% — from Cdn$45.6 million in 2005 Q3 to Cdn$56 million in 2006 Q3.In addition, the company’s profits went to Cdn$1.486 million in 2006 Q3 from Cdn$1.026 million in 2005 Q3, an increase of 37.9%. “We are enjoying performance from […]
Home
ING Canada Inc. (TSX: IIC) has reported a 2006 Q3 profit of Cdn$156.8 million, down Cdn$46 million (or 22.7%) from the Cdn$202.8 million reported in 2005. “The decline from an exceptionally strong third quarter in 2005 reflects lower realized investment gains as well as a reduction in underwriting income driven by lower favorable prior-year claims […]
ING Canada’s “Protect & Collect” Aeroplan program is still “flying high,” the company says, although the 500 “bonus” air miles originally offered to customers as part of the program have been eliminated to address RIBO concerns.Launched in early September, ING’s Protect and Collect program was originally designed to offer 500 “Thank You” bonus miles upon […]
Claims
Auto insurance fraud has been in the news lately, with the recent announcements of court judgments obtained against individuals in B.C. and the bust of an inter-provincial fraud ring by the Insurance Bureau of Canada (IBC).Recently, the IBC congratulated the Ontario Provincial Auto Theft Team on Project Eastbound, resulting in the bust of an inter-provincial […]
By Canadian Underwriter | November 8, 2006
Risk
EGI Financial Holdings Inc. (TSX:EFH) has announced a “very strong performance” in its 2006 Q3 underwriting business, driving a 170% improvement in quarterly earnings per share.In 2006 Q3, EGI Financial continued to show strong growth in its niche products division, the company announced in a press release.”This growth, combined with the addition of the Ontario […]
Despite relatively good times compared to the hurricane disasters of 2005, the global insurance industry nevertheless risks falling off “the edge of a cliff” if it becomes complacent, Lloyd’s director of worldwide markets, Julian James, warned in a speech to the U.S. insurance industry.In a recent speech to the Property Casualty Insurance Conference, James observed […]
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