Industry
Desjardins Financial Security posted a net income of CD$69.2 million for the second quarter 2006 compared with CD$74.2 million for continuing operations in 2005, when results benefited from a reversal of allowance for impaired loans. In the Q2, the net income was CD$38.7 million compared with CD$42.4 million in 2005, a drop of CD$3.7 million […]
By Canadian Underwriter | August 28, 2006
2 min read
Risk
The Spencer Educational Foundation, Inc. recently introduced a new scholarship fund totaling US$100,000. The Risk and Insurance Management Society, Inc. (RIMS)’s Atlanta Chapter donated the funds for the new scholarship, called the “RIMS Atlanta Chapter Scholarship.” RIMS says that all monies received from the RIMS Atlanta Chapter will be used to award undergraduate scholarships of […]
1 min read
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 and is expected to be completed […]
By Canadian Underwriter | August 24, 2006
Under a new agreement made with New York Attorney General Eliot Spitzer and New York Superintendent of Insurance Howard Mills, broker Marsh Inc. is legally viable to accept contingent commissions on arrangements where it serves as either the managing general agent or underwriting manager.Marsh documented this new deal in a recent Securities and Exchange Commission […]
Claims
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 , […]
By Canadian Underwriter | August 23, 2006
The total U.S. premium ceded to alien reinsurers was US$62.1 billion and ceded recoverables totaled US$123.9 billion in 2005, which represents a 16.9% increase in premiums and 16.2% growth in recoverables since 2004, according to a recent report from the Reinsurance Association of America (RAA). The report “Alien Reinsurance in the U.S. Market: 2005 Data” […]
Crawford & Company, an independent provider of claims management solutions, has been busy in August, acquiring Broadspire Services, a third-party administrator of casualty claims and medical management services, from Platinum Equity, as well as SLS, a liability adjusting and claims handling company.Crawford acquired Broadspire Services, a privately-held corporation, for US$150 million. “The acquisition is anticipated […]
By Canadian Underwriter | August 22, 2006
Kingsway Financial Services Inc. recently contracted with the ChoicePoint company Insurity in order to deploy a new suite of products and services for insurance processing called Insurance Decisions. This new product will provide rating, quoting, underwriting, issuance, billing, reinsurance, claims administration, management-reporting and bureau-reporting services for Kingsway. In addition, Kingsway says its staff will access […]
The U.S. property and casualty industry reported a US$5-billion underwriting loss and a combined ratio of 100.9% in 2005, according to a recent study by rating agency A.M. Best.The result represents a US$10.5-billion reversal from 2004’s underwriting profit, and a deterioration of 2.4 points from the industry’s 2004 combined ratio of 98.5%. “The underwriting loss […]
By Canadian Underwriter | August 21, 2006
Lockton, Inc. today announced has reached a definitive agreement to purchase Alexander Forbes International Risk Services, which is the international brokerage operation of Alexander Forbes Ltd., the world’s ninth largest insurance broker.The $170 million (GBP 90.2 million) transaction will make Lockton the largest independent,privately owned global insurance broker.The combined business will have more than $600 […]
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