Industry
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 […]
By Canadian Underwriter | March 3, 2006
1 min read
Claims
The 2005 class of Bermuda reinsurance start-ups will face much tougher market conditions, is writing less diverse property risks, and is more reliant on short-term, high return investment money than their predecessor Bermuda start-ups in 2001, according to a special report by the Fitch ratings service.In its special report on the “Bermuda class of 2005,” […]
2 min read
The Socit de l’assurance automobile du Qubec (SAAQ) is holding public hearings on a proposal to increase its public auto insurance contributions as of 2007.”This document contains an analysis of the financial situation of the Fonds d’assurance automobile du Qubec conducted by SAAQ’s staff and members of the Board of Directors,” the SAAQ’s consultation document […]
Risk
The Quarter Century Club has set a date for its 47th Annual Reception. On Wed. May 3, 2006, the 47th annual event featuring “The Roasting of Bob Gouchy,” will be held at the Hilton International Toronto in the Governor Geneal Suite. New members, “Independent or Staff 25 Years Claims Service the Only Requirement,” are encouraged […]
3 min read
Swiss Re reported a drop in net income to CHF1.5 billion (CDN$1.3 billion) in 2005 from CHF2.5 billion (CDN$2.17 billion) in 2004.In 2005, Swiss Re digested CHF3 billion (CDN$2.61 billion) in large natural catastrophe claims, up from CHF1.2 billion (CDN$1.04 billion) in 2004.The combined ratio for Swiss Re’s entire non-life business was 108.7%, the company […]
By Canadian Underwriter | March 2, 2006
Citing a disproportionate number of Ontario youths who are involved in fatal car collisions, Royal & SunAlliance is offering premium discounts for graduates of a program that uses a simulator to teach defensive driving techniques. Road safety statistics show 225 people died in the GTA as a result of traffic collisions last year, according to […]
GE Insurance Solutions companies (NYSE: GE) secured nearly US$1.5 billion of property and casualty reinsurance business in the recently completed Jan. 1 renewal season. The GE Insurance Solutions team recently added 62 new reinsurance treaty clients and US$149 million in new business premiums, a 14% increase in new business over the 2005 renewal season. The […]
Having received Federal Government approval, AXA Canada recently closed the acquisition of The Citadel, General Assurance Company. The agreement, entered into with Winterthur Group, involves a consideration of approximately Cdn$310 million.The new entity will include more than 2,000 employees and a distribution network of 1,400 brokers throughout Canada and AXA Canada says this is in […]
Fitch Ratings is implementing new ratings standards for the Global Reinsurance Sector that will add greater transparency to ratings. This new methodology released in the special report ‘Insurance Industry: Global Notching Methodology,’ is being implemented concurrently for the majority of international insurance sectors and follows the Dec. 14, 2005 publication of both an exposure draft […]
By Canadian Underwriter | March 1, 2006
Optimum General Inc. (TSX: OGI.SV.A) is reporting a net income of CDN$5.5 million for the fiscal year ended Dec. 31, 2005, compared to a net income of CDN$3.6 million for the previous year.For the fourth quarter, net income was CDN$1.7 million, compared to a net income of CDN$383,000 for the same period in 2004. The […]
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