Industry
Royal & SunAlliance Canada’s 2005 combined operating ratio (COR) is the best in history, at 94.8%. Overall, the Royal & SunAlliance Group delivered a strong year-end result with a COR of 93.8% for ongoing businesses, compared to 93.8% in 2004. The Group operating result is CD$1.5 billion (698 million), up CD$968 million (440 million) on […]
March 31, 2006
1 min read
Risk
Ellen J. Moore, president and CEO of Chubb Insurance Company of Canada, is among the winners of the 2006 McGill Management Achievement Awards. At a February ceremony held in Montral, Moore joined Auditor General of Canada Sheila Fraser, Cirque du Soleil President Daniel Lamarre and Pratt & Whitney CEO Alain Bellemare as a recipient of […]
7 min read
Home
Member firms of the national adjusting service Canadian Adjusters Network (CAN) attended the client/partner reception at Toronto’s Design Exchange on Feb. 16. CAN is made up of nine independently owned adjusting firms across Canada; through CAN, they serve their particular jurisdiction, while at the same time sharing their expertise and knowledge with other members nationally. […]
4 min read
TD Bank Financial Group has joined a chorus of voices in the banking industry seeking changes to the Bank Act.In a recent address to TD Bank Financial group’s annual meeting in Vancouver, TD Bank Financial Group president and CEO Ed Clark said TD Bank merely seeks to be able to provide information and not sell […]
By Canadian Underwriter | March 31, 2006
2 min read
St. Paul Travelers (NYSE:STA) announced it’s the first insurance company to offer identity theft coverage for commercial businesses in Canada. The Identity Fraud Expense Coverage Master Policy is available to financial institutions, commercial businesses and business associations and their customers, employees or members. It’s the same coverage currently available to businesses in the United States. […]
The board of directors of Transatlantic Reinsurance Company, a subsidiary of Transatlantic Holdings, Inc. (NYSE: TRH), recently elected four new officers. Timothy O’Connor will become the vice president in Chicago, John Byrne will become the assistant vice president in Sydney, Samson Chiu will become the assistant vice president in Hong Kong, Mark Jackaman will become […]
Approximately 1,000 CGI employees primarily from the Company’s Montral and Toronto locations, will lose their jobs this year as a result of the lower than expected business from Bell Canada.CGI reports that more than half of the job cuts are related to the low BCE work volumes and adds that the remaining losses stem from […]
3 min read
Swiss Re has introduced a new dimension to the conventional combined ratio, called the “economic combined ratio” [ECR].According to Swiss Re, the ECR presents the following advantages when compared to the conventional combined ratio: The ECR isolates the underwriting results of a certain year (accident-year view), avoiding mingling with reserve additions or releases for prior […]
By Canadian Underwriter | March 30, 2006
Claims
The U.S. property and casualty insurance industry will report a deterioration in profitability for 2005, Fitch rating agency predicts.”While operating performance was on a record-setting pace in the first half of the year, insurers encountered unfavorable surprises in the form of unprecedented natural catastrophe losses in the second half,” Fitch says in a report on […]
Commercial
Commercial vehicle crashes are most commonly caused by the behavior of drivers, according to the Large Truck Crash Causation Study.The study, commissioned by the Federal Motor Carrier Safety Administration and conducted with the National Highway Safety Administration, indicates that drivers involved in truck crashes were 10 times more likely to be the cause of those […]
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