Industry
Zycomp Systems Limited, a B.C.-based developer of computer management systems for Canadian insurance brokerages, has formed a partnership with Brovada Technologies Inc. to make Nexisys available to all Power Broker users. Zycomp’s Power Broker product is currently installed in 1,250 office locations, representing in excess of 1,000 brokerages located in every province across Canada.Nexisys is […]
By Canadian Underwriter | April 27, 2006
1 min read
Online pledging and registration for this year’s ING Ottawa Marathon is now available.The marathon challenges brokers, employees and industry members to form teams and run or walk in an event and collect pledges for cancer research.Events include a 2K, 5K, 10K, 21.2K (half marathon) and 42.2K (full marathon). Last year, the ING Ottawa Marathon raised […]
By Canadian Underwriter | April 26, 2006
CGI Group Inc., an IT and business process service firm, has reported second quarter net earnings of US$14.1 million, or 4 cents a share on revenues of US$866.8 million.Included in the quarter’s results were pre-tax restructuring costs related to specific items of US$31.3 million, or 6 cents a share, the company reported in a press […]
2 min read
The Financial Services Commission of Ontario (FSCO) has created a new Web portal to help consumers identify and protect themselves against insurance and other financial scams.The new, ‘Beware of Potential Consumer Scams’ pages on the FSCO Web site alerts consumers and pension plan members to potential scams. “By providing this service, consumers are in a […]
Claims
Suncor Energy Inc. has settled business interruption insurance claims related to a January 2005 fire at the company’s oil sands facilities for a total amount of CD$980 million (US$830), the company has announced in a press release.Of this total, approximately CD$385 million (US$330 million) will be recorded in income when first quarter results are released […]
It’s official: The European Commission has cleared Swiss Re’s acquisition of GE Insurance Solutions.In a statement, the commission “concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.”Swiss Re supplies traditional reinsurance services, both life and non-life reinsurance, on a worldwide basis. It […]
The Chubb Corporation [NYSE: CB] has reported a 2006 1Q net income of US$672 million, compared to US$470 million in IQ 2005.The 2006 1Q combined loss and expense ratio improved to 82.9% in 2006 from 89.4% in 2005. “This was by far the best combined ratio and most profitable quarter in Chubb’s history, as all […]
By Canadian Underwriter | April 25, 2006
Risk
Three Canadians will serve on the Risk and Insurance Management Society, Inc. (RIMS)’s board of directors in 2006-07.Two Canadians newly voted onto the RIMS board of directors include: Joseph A. Restoule (RIMS Secretary and board director). Roule is a senior risk consultant for the NOVA Chemicals Corporation, and is a member of the RIMS Southern […]
The Insurance Brokers Association of Ontario (IBAO) is calling on its membership to lobby against provincial legislative changes that would allow credit unions to retail insurance in their branch networks.”The livelihood of insurance brokers is being threatened by Ontario’s credit unions,” the IBAO says in a recent e-mail to its membership. “On April 8, 2006, […]
PartnerRe Ltd.’s 1Q 2006 results compare favorably with those of the 1Q 2005 results, thanks to a relative absence of large losses during the 2006 first quarter, the reinsurer reported recently.Last year, Partner Re (NYSE: PRE) suffered losses as a result of the Suncor explosion in Calgary and US$63 million in losses when Winterstorm Erwin […]
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