Industry
Brokers cite dedication, hard work for carrying the day in the profession's most difficult challenge, the 2005-07 Bank Act review
By Robert J. Kimball, Chairman, Insurance Brokers Association of Canada | September 30, 2006
3 min read
Aviva plc is reporting “record half-year results” during the first six months of 2006, with “strong performance across all businesses and geographies.” Worlwide, the company’s operating profit increased 27%, to 1.699 billion (CD$3.62 billion). Canadian operations accounted for 85 million (CD$181 million) out of the Aviva International Group’s total six-month, 2006 operating profit of 311 […]
September 30, 2006
1 min read
Royal & SunAlliance Canada reported a 2006 first-half combined operating ratio (COR) of 91.3%, a three-point improvement over prior year, reflecting what the company calls “a strong growth in both the commercial and personal businesses.” The company reported an underwriting result of CD$52 million, up 50% over last year. Net written premiums, CD$661 million, were […]
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ING Canada Inc. (TSX: IIC) reported net income of CD$205.9 million for the three months ended June 30, 2006 – down CD$17.7 million, or 7.9%, from the record results achieved during 2005 Q2. Revenues for 2006 Q2 amounted to CD$1.097 billion, compared to CD$1.112 billion last year. “ING Canada had another quarter of strong performance,” […]
Risk
A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit rating (ICR) of “aa” of Swiss Reinsurance Company (Swiss Re) (Switzerland) and its rated subsidiaries, following the company’s completed acquisition of GE Insurance Solutions. The ratings have been removed from under review, where they were placed on Nov.18 […]
Allianz Group increased its operating profit in 2006 Q2 by 19%, to EUR2.8 billion (CD$3.96 billion), and its net income increased by 64%, to EUR2.3 billion (CD$3.25 billion). “Allianz Group has continued to proceed its course of profitable growth during the second quarter of 2006, ” the company announced in a press release. “The results […]
Claims
Supply shortages, low catastrophe losses and buoyant investment income resulted in record first-half profits of US$4.5 billion for Bermuda’s reinsurers, according to the latest Benfield Bermuda Quarterly report. Modest catastrophe losses held the average combined ratio to 89.2%, little changed from the 89.3% for the first six months of 2005, Benfield said. “Reserve strengthening of […]
Desjardins Financial Security posted a net income of CD$69.2 million for 2006 Q2, compared with CD$74.2 million for continuing operations in 2005, when results benefited from a reversal of allowance for impaired loans. In 2006 Q2, the net income was CD$38.7 million, compared with CD$42.4 million in 2005 – a drop of CD$3.7 million over […]
BB&T Corporation (NYSE: BBT), a principal subsidiary of Branch Banking and Trust Company, has agreed to buy insurance premium finance company AFCO Credit Corporation and its Canadian affiliate, CAFO Inc., from Mellon Financial Corporation (NYSE: MEL). Terms of the transaction were not disclosed. The agreement is subject to regulatory approval; it is expected to be […]
2 min read
CARSTAR Automotive Canada has opened a new location in Nova Scotia. CARSTAR announced it has welcomed MacKay’s CARSTAR Collision to its network of collision repair centres. The new location joined a network of more than 110 CARSTAR locations in 10 provinces across the country. Franchise owner Tim MacKay has been operating a successful collision repair […]
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