Industry
24/7 Customer, a provider of outsourced contact centers to Global 1000 companies, has launched a new 1,800-seat facility in Chennai, India, as a part of its continued partnership with Aviva, the world’s fifth largest insurance company.”The state-of-art facility is spread over an area of 200,000 square feet,” 24/7 Customer announced in a release. ” 24/7 […]
By Canadian Underwriter | March 10, 2006
2 min read
Buoyed by the value of its investments, the Canadian property and casualty industry’s total assets increased from CDN$61.094 billion in Q4 2004 to CDN$64.208 billion in Q4 2005.According to information collected by Canada’s Superintendent of Financial Institutions, Canada’s P&C Q4 investment assets grew from $36.3 billion in 2004 to $40.5 billion in 2005. The growth […]
1 min read
Following a recent report of strong quarterly and annual results by Royal & SunAlliance, Moody’s Investors Service has changed the outlook on the European ratings of the Royal & Sun Alliance Group to positive from stable. Ratings affected are the Baa1 insurance financial strength rating (“IFSR”) of Royal & Sun Alliance Insurance plc and the […]
Risk
D&O insurers and risk managers take note: Canada’s version of the U.S. Sarbanes-Oxley Act has arrived.The Canadian Securities Administrators (CSA) recently announced proposals that would require all publicly-traded companies in all Canadian jurisdictions to report on the effectiveness of their internal controls over financial reporting, starting as early as Dec. 31, 2007.”All members of the […]
Home
Shortly after Royal Bank CEO Gordon Nixon decried the “absurdity” of Canada’s Bank Act, referring to the act’s provisions that prevent banks from retailing insurance within their local branches, National Bank of Canada president and CEO Ral Raymond told his shareholders the act’s restrictions are “anachronistic and unjustified.” “The regulatory framework imposes serious limits on […]
By Canadian Underwriter | March 9, 2006
Royal & SunAlliance in Canada has reported that its 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 CDN$1.5 billion (698 million), up CDN$968 […]
Claims
Gallagher Re has signed a licensing agreement with risk modeler EQECAT Inc. to renew the use of part of the WORLDCAT enterprise catastrophe management software suite, to better manage client portfolio exposures to these perils. The programs renewed include EQECAT’s USWind, USQuake and US WinterStorm models.Rick Clinton, EQECT president says that its risk-modeling platform provides […]
Catlin Group Ltd. has raised approximately $70 million from a share placing indicating strong business performance despite a decrease in profits of 84% due to last year’s catastrophic hurricane season. Pretax profits for 2005 dropped to $27.7 million from $173.9 million last year. However, Catlin reports that total sales rose to $1.28 billion in 2005 […]
Ellen J. Moore, the president and CEO of Chubb Insurance Company of Canada, has received a 2006 McGill Management Achievement Award.Now in its 26th year, the award recognizes Canadian business leaders who have made outstanding contributions to their industries and communities. “This year’s recipients demonstrate not only obvious business success, but also qualities of entrepreneurship, […]
By Canadian Underwriter | March 8, 2006
ICBC reported a net income of CDN$198 million for the year ended December 2005, compared to its restated 2004 net income of CDN$373 million.”Last year was a challenging year for ICBC,” ICBC president and CEO Paul Taylor said. “Net income is about half of what it was in 2004 due to a significant increase in […]
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