Risk
In light of today’s demanding global economy corporate risk managers must begin implementing more sophisticated loss prevention policies and processes, according to a presentation at the recent 2006 Industrial Fire World Conference in Baton Rouge.The speaker, chemical technical specialist for GE Insurance Solutions Gloal asset protection services unit Luis Arango, says that such endeavors will […]
By Canadian Underwriter | April 3, 2006
1 min read
Industry
The negative CreditWatch credit rating of ‘BB’ on Fairfax Financial Holdings Ltd. (FFH) and Crum & Forster Holdings Corp. has been removed and Standard & Poor’s Ratings Services affirmed the ratings of both company’s. S&P’s also removed its ‘BB-‘ counterparty credit rating on TIG Holdings Inc. from CreditWatch negative and affirmed the ratings. In addition, […]
2 min read
Claims
Pethealth Inc. (TSX :PTZ) saw record revenues for both the full 2005 year at CDN$14.4 million, a 28% increase over 2004, and for the fourth quarter at CDN$3.9 million, a 37% increase over 2004.The Company also saw a net loss for the year of CDN$1.89 million ($0.01/share) a 44% improvement from the restated CDN$3.4 million […]
ING Canada (TSX:IIC.LV) recently acquired Grey Power Insurance Brokers Inc. (GPIBI) of Stouffville, ON.With its acquisition of GPIBI, ING Canada now owns four of the eight Grey Power brokerages.The transaction is not expected to immediately impact the staff or operations of GPIBI. Ron Griffiths, a founding principal of GPIBI, will continue to act as president […]
Lloyd’s is apparently in discussions to insure the first “tourist” flights into space in 2008.Virgin is proposing to launch the space flights for tourists from a site in New Mexico, and media reports have indicated that Lloyd’s are among the insurers in talks about providing cover.According to the company’s Web site, Bruno Ritchie, director of […]
Claiming “a new era in online insurance has begun,” RBC Insurance has announced it is the first insurance company in Canada to offer nationwide the ability to get a quote and purchase personal property and auto insurance completely online. “Client interest in doing so is clear,” the company announced in a press release. “Within minutes […]
Catlin Group Ltd. recently raised approximately US$70 million from a share placing, indicating strong business performance despite an 84% decrease in profits due to last year’s catastrophic hurricane season. Pretax profits for 2005 dropped to US$27.7 million from US$173.9 million. However, Catlin reports total sales rose to US$1.28 billion in 2005 from US$1.22 billion the […]
March 31, 2006
Optimum General Inc. (TSX: OGI.SV.A) achieved a net income of CD$5.5 million for the fiscal year ended Dec. 31, 2005, compared to a net income of CD$3.6 million for the previous year. For the fourth quarter (Q4), net income was CD$1.7 million, compared to a net income of CD $383,000 for the same period in […]
The Insurance Brokers Association of Canada (IBAC) and the Canadian Federation of Independent Business (CFIB) have agreed to work together to present a united voice on issues affecting both small businesses and insurance brokerages. “Looking back, both organizations recognize the huge challenges that the last ‘hard market’ placed on small businesses concerning insurance availability and […]
Willis Group Holdings Limited (NYSE: WSH) has acquired New York-based Gueits, Adams & Company. Specializing in jewelers block insurance, Gueits, Adams reports annualized revenues of approximately US$4 million. The terms of the transaction, effective Feb. 1, 2006, have not been disclosed. Joe Plumeri, chairman and CEO of Willis, says the acquisition is part of the […]
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