Industry
Willis Group Holdings Ltd. (NYSE: WSH), a global insurance broker, reported its 2005 fourth quarter revenues decreased 4% to US$562 million, dropping from the US$588 million reported for the same period last year. Net income for the 2005 fourth quarter was US$60 million, compared with US$108 million a year ago. The company said the effect […]
February 28, 2006
1 min read
The Insurance Institute of Ontario’s 107th Convocation and Awards Night acknowledged the achievements of nearly 400 CIP and FCIP graduates on Jan. 26, 2006, at the Metro Toronto Convention Centre. More than 1,300 guests cheered on the most recent graduates at the annual event, which highlighted special guest speaker CBC News anchor Peter Mansbridge. Multiple […]
5 min read
Kingsway Financial Services Inc. (TSE:KFS) reported that its 2005 fourth quarter net income increased 16% over its 2004 fourth quarter results – from Cdn$36.3 million in 2004 to Cdn$42.1 million in 2005 – despite lower premium volumes in 2005. Overall, Kingsway’s net income in 2005 increased 24% — up to a record Cdn$163.1 million, over […]
2 min read
Risk
Zurich Financial Services’ profits increased 30% in 2005, according to the Switzerland-based insurer. “This profit increase is a result of a small reserve the company set aside and from gains it achieved in its life business,” the company announced in a release. Overall, Zurich reported a 2005 net income of US$3.2 billion. This compares to […]
Chubb Insurance Co. of Canada has filed a declaratory action in the Ontario Superior Court of Justice in Toronto related to its insurance policies for Nortel Networks Co. Chubb seeks a determination by the court regarding the insurance coverage available for certain securities class-action lawsuits filed against Nortel in the U.S. The action asks a […]
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Aon Co. (NYSE: AOC) has reported a net income of US$224 million during the fourth quarter of 2005, compared to US$81 million over the same period in 2004. Fourth-quarter 2005 net income from continuing operations increased 97% – up to US$144 million, compared to US$73 million a year ago. The company’s 2005 net income of […]
American International Group Inc. (AIG) has agreed to pay more than US$1.6 billion in restitution and penalties, and to adopt a series of business practice reforms in order to settle civil fraud charges with state and federal regulators, according to New York Attorney General, the New York Insurance Department, the Securities and Exchange Commission (SEC) […]
Don Ungaro, past president of the Insurance Brokers Association of B.C., passed away at the age of 46 on Feb. 6, 2006 in a tragic swimming incident while on vacation in the Dominican Republic. Ungaro, an accomplished member of the industry, had recently sold his business – Ungaro and Sons Insurance Services, which he owned […]
3 min read
An online insurance marketplace, kanetix, is expanding its online quote service to include Ontario business insurance, the company has announced.”Before we added business insurance to the quote service, insurance shoppers coming to kanetix could get quotes for their personal auto, home, motorcycle, life, critical illness and travel insurance needs,” kanetix co-founder Gregory Ellis says. “With […]
By Canadian Underwriter | February 28, 2006
AXA SA is reporting a growth in underlying earnings of up to 22% in its global property and casualty division, as well as a 24% increase in its overall underlying earnings, for the 2005 fiscal year.”Property and casualty revenues were up 3%, to EUR18.9 billion (CDN$25.6 billion), and the combined ratio improved by 0.8 points […]
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