Industry
Canadian organizations may be concerned about a future pandemic outbreak, but they aren’t prepared for one, according to the findings of a Conference Board of Canada survey. The survey was released to coincide with the launch of a new Pandemic Preparedness Working Group. Almost 80% of the 75 organizations responding to the survey are concerned […]
July 31, 2006
1 min read
Auto
Ontario’s Graduated Driver License Law appears to result in lower death and injury rates for teen drivers, with the median age being 16-years old, according to a study by the AAA Foundation for Traffic Safety. Death and injury crashes for 16-year-old drivers were 20% lower in jurisdictions which place restrictions on nighttime driving and number […]
2 min read
Risk
Tropical Storm Risk (TSR) anticipates Atlantic basin and U.S. landfall hurricane activity will be 40% above the long-term (1950-2005) norm in 2006. The TSR prediction includes: * A 74% probability of an above-normal Atlantic hurricane season, a 22% probability of a near-normal season and only a 4% chance of a below-normal season. * An expectation […]
Swiss Reinsurance Co. has acquired GE Insurance Solutions for US$7.4 billion. Swiss Re expects to finish integrating GE into the fold about 18 months following the June 2006 acquisition. The deal means Swiss Re would surpass Munich Re to become the world’s largest resinsurer. Swiss Re announced plans to purchase GE Insurance Solutions on Nov. […]
Royal & SunAlliance has announced plans to reduce costs – including 1,500 layoffs (1,350 of them in the U.K. and Scandanavian regions) – and a future strategy of double-digit growth in its international division, including Latin America and Canada. Part of Royal’s growth strategy includes acquiring the personal lines business of Shillington Insurance Brokers, an […]
AXA has agreed to buy Winterthur from the Credit Suisse Group for CHF 12.3 billion (US$9.98 billion), to be paid in cash. In addition, AXA will refinance CHF 1.6 billion (US$1.3 billion) of Winterthur’s outstanding debt, of which CHF 1.1 billion (US$893,000) of internal loans is to be redeemed to Credit Suisse Group at closing. […]
MFX, a provider of technology and IT outsourcing solutions, has signed an exclusive deal with Toronto-based Munich Reinsurance Company of Canada (MROC) to implement, manage, and enhance MROC’s current corporate primary insurance processing system used by MROC and insurers in the American Re group. The 50-state property and casualty system combines Web-based policy administration with […]
By Canadian Underwriter | July 31, 2006
Claims
Co-operators General Insurance Company has reported a 2006 Q2 consolidated after-tax net income of CD$49.6 million, compared to the CD$32.4 million profit for the same period in 2005.Gross written premium in the second quarter increased 4.3%, to CD$602.8 million, compared to CD$577.9 million in the second quarter of 2005, the company reported in a press […]
Strong internal growth, acquisition revenue and operational discipline combined to drive a 32% increase in 2006 Q2 revenue and a 286% increase in net earnings from continuing operations for Hub International Limited (NYSE:HBG) (TSX:HBG), the company announced.Second quarter revenue increased 32% to US$146 million from US$111 million in the same period of 2005. “In Canada, […]
By Canadian Underwriter | July 28, 2006
Fairfax Financial Holdings Limited (TSX and NYSE:FFH) announced 2006 Q2 earnings of US$223.6 million, and has decided on the commutation of its Swiss Re cover worth US$1 billion.In a press release, the company also said it will issue a restatement of its earnings, based on an analysis of its 2001 figures.The combined ratio (COR) of […]
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