Industry
Willis Group Holdings Ltd (NYSE: WSH) first quarter 2006 revenues increased slightly to US$671 million from the US$669 million for the same in 2005. Willis Group says the effect of foreign currency translation decreased reported revenues by 5% and net disposal of operations reduced reported revenues by %. Joe Plumeri, chairman and CEO, says that […]
By Canadian Underwriter | May 4, 2006
3 min read
Motorists with previous impaired driving convictions are still a problem on Saskatchewan’s roads. Although convicted, many will drive without a proper license and insurance. Mothers Against Drunk Driving (MADD Canada) says these types of drivers are more likely to get into a crash and, to add to the problem, they do not have insurance coverage […]
2 min read
Claims
RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported US$195.7 million in 2006 first-quarter operating income, compared to US$54.5 million in the first quarter of 2005.Net premiums earned for the first quarter of 2006 were US$351.7 million, compared to US$301.5 million for the same quarter of 2005. Net premiums earned include US$213.4 million in net premiums earned […]
Kingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) reported its net operating income in 2006 1Q increased 11% to US$30 million, compared to US$27 million in 2005 Q1.Underwriting profit during this year’s first quarter set a Q1 record of US$16.4 million, Kingsway noted in a press release.At the same time, the company’s overall net income decreased to […]
1 min read
When it comes to implementing business process management (BPM) in North American insurance companies, business leaders need to become more involved in the process, a May 2005 Gartner survey suggests. Right now, “the IT organization continues to play a visionary role” in the implementation of BPM solutions within the North American market, according to Kimberley […]
By Canadian Underwriter | May 3, 2006
Risk
The New York subsidiary of Hub International Limited (NYSE:HBG)(TSX:HBG), Hub International Northeast (HUB Northeast), has acquired the assets of Hirsch Wolf & Co., LLC, a Brooklyn-based property and casualty insurance brokerage with special expertise in the healthcare industry. Terms of the transaction were not disclosed. Hirsch Wolf will add approximately US$7 million to HUB Northeast’s […]
Marsh & McLennan Companies, Inc. (MMC) reported its consolidated revenues in 2006 1Q were US$3 billion a 1% decline from 2005 1Q. Overall net income in 2006 1Q was US$416 million, compared with US$134 million in 2005. “A number of noteworthy items affected first quarter results in both 2006 and 2005,” Marsh noted in a […]
ICBC has reported net income of CD$85 million for 2006 1Q, compared to CD$93 million for the same period last year.”Increases in the amount ICBC is paying out to customers with injury claims have continued into the new year,” ICBC president and CEO Paul Taylor said. “Unfortunately, in the past few months, this has been […]
Guy Carpenter & Company, Inc., a global risk and reinsurance specialist, and a part of the Marsh & McLennan Companies (NYSE: MMC), is launching an Electronic Claims File (ECF) initiative for reinsurers in the London market.Guy Carpenter has been involved with the development, testing and implementation of the ECF pilot project with select Lloyd’s managing […]
By Canadian Underwriter | May 2, 2006
Following its recent acquisition of Allianz, ING Canada is seeking further opportunities to expand, ING Canada president and CEO Claude Dussault told an annual general meeting of the company’s shareholders recently.”With the acquisition of Allianz, ING Canada solidified its leading share of the property and casualty market,” Dussault said in the text of a speech […]
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