Industry
Increasingly, over the past eight to 10 years, thieves have been breaking into cars for their airbags, according to Robert Tremblay, manager of industry issues at the Insurance Bureau of Canada (IBC).Depending on the type and make of a car auto safety airbags can cost upwards of CD$2,500 per unit, which may be motivating thieves […]
By Canadian Underwriter | August 18, 2006
1 min read
Allianz Group increased its operating profit in 2006 Q2 by 19%, to EUR2.8 billion, and its net income increased by 64%, to EUR2.3 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 significantly exceed market expectations.”Net income […]
By Canadian Underwriter | August 17, 2006
Risk
Commercial insurance premiums either remained flat or decreased slightly in the second quarter of this year compared to the prior year, according to the RIMS Benchmark Survey. In the second quarter, Directors and Officers (D&O) premiums dropped 3.5%, the largest decrease of any line of business tracked by the Survey. The study indicates that the […]
2 min read
ISO, a provider of risk management products, has acquired the assets of Xactware, Inc., a provider of estimation software and services for the property insurance, remodeling and restoration industries. Terms of the deal were not disclosed.ISO is a privately held company with more than 230 employees. It will continue to operate as a stand-alone entity […]
By Canadian Underwriter | August 16, 2006
Property casualty insurers are expected to experience overall industry underwriting profit in 2006, matching the results of 2004, according a recent report from Conning Research and Consulting, Inc. The Conning Research says its forecast report, entitled “Property-Casualty Forecast & Analysis by Line of Insurance, 2005-2008,” reports on 2005 preliminary results for the industry and forecasts […]
By Canadian Underwriter | August 15, 2006
Claims
The U.S. property/casualty insurance industry “exceeded all expectations in 2005,” Fitch Ratings says in a recent report, “demonstrating considerable resiliency by reporting record net income for the second consecutive year despite enduring the highest insured catastrophe losses in recorded history.” Fitch goes on to say it “believes that if catastrophe losses return closer to historical […]
The global reinsurance industry is still struggling to manage its catastrophe exposure even almost a year after hurricanes Katrina, Rita and Wilma struck, according to a recent report from A.M. Best Co.The 2006 global reinsurance report called “Reinsurers Humbled, But Most Not Broken, By Hurricane Losses,” says the U.S. hurricanes caused reinsurers across the globe […]
By Canadian Underwriter | August 14, 2006
Great American Insurance Group’s Executive Liability Division has opened a new branch office in Toronto.The office will be manned by Michael Shore, CRM, and Oren Schemool, MBA, both of whom were educated in Canada, who will specialize in underwriting directors’ and officers’ liability, employment practices liability, fiduciary liability and other professional liability insurance products for […]
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 up […]
By Canadian Underwriter | August 11, 2006
Willis Group Holdings (NYSE: WSH), the global insurance broker, continues to strengthen its presence in key geographic markets across North America with a senior appointment in its Canadian operations. The Company recently welcomed Calgary-based Cees van der Slikke as the new senior vice-president and natural resources practice leader for Willis Canada.Previously Canadian Energy Practice leader […]
By Canadian Underwriter | August 10, 2006
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