Risk
Zurich Financial Services profits for 2005 increased by 30% to reach a net income of $3.2 billion (27.11 Swiss francs per share), as compared to a net income of $2.47 billion (20.83 Swiss francs) in 2004, according to the Switzerland-based insurer.This profit increase is a result of a small reserve the Company set aside and […]
By Canadian Underwriter | February 16, 2006
1 min read
Claims
A.M. Best Co. has extended its negative outlook for the US and Bermuda reinsurance markets to 2006 as the ratings agency says it anticipates there will be few, if any, rating upgrades or positive rating outlooks assigned throughout the year. A.M. Best says even though 2005 saw numerous rating downgrades, only a few reinsurers in […]
2 min read
The International Association of Insurance Supervisors (IAIS) established in 1994 to develop international principles and standards for insurance supervision has issued a paper that outlines a work plan and timetable for the development of international supervisory standards on insurance solvency assessment.The paper is entitled Roadmap for a Common Structure and Common Standards for the Assessment […]
Home
ING Canada Inc. (TSX: IIC.LV) reported net income of Cdn$196.9 million for the quarter ended Dec. 31, 2005 up 13.7% from Cdn$173.1 million in the same period of the preceding year. Revenues for the fourth quarter also increased to Cdn$1.1 billion a 10.6% increase from Cdn$1 billion in the corresponding quarter of 2004.For the year […]
Industry
Chubb Insurance Company of Canada has filed a declaratory action in the Ontario Superior Court of Justice in Toronto related to its insurance policies for Nortel Networks Corporation.The action seeks a determination by the court regarding the insurance coverage available for certain securities class-action lawsuits filed against Nortel in the United States.The action asks a […]
By Canadian Underwriter | February 15, 2006
Cisco Systems has launched a study into the impact of networking technologies on small to medium enterprise (SME) productivity in the United States, Canada, the United Kingdom and Australia.The study is focused on the impact networking technologies have on outcomes such as reduced operating costs, improved customer satisfaction and competitive advantage.Representatives of SME companies (companies […]
Parts Direct, the wholly owned subsidiary of AutoWorks International Ltd., has fully designed, developed, and tested its PartScan software so that it is now available for ‘live’ installation and network systems integration with insurance company clients. Testing of the software was implemented in order to ensure efficient functionality at the automobile repair facility and wholesale […]
Fitch Ratings recently upgraded FM Global’s financial strength from ‘AA-‘ to ‘AA,’ a “Very Strong” rating. Heightened confidence in FM Global’s underwriting performance, surplus growth, and engineering expertise and ability to mitigate and absorb volatility prompted Fitch to assign the commercial and industrial property insurer a “Stable” rating outlook. According to Fitch, FM Global’s favorable […]
Steven Wise, Chairman and CEO of the KRG Children’s Charities, presented a $500,000 cheque to SickKids hospital at the 17th Annual KRG Children’s Charities Gala, held in February at the historic Carlu in downtown Toronto. Wise presented the cheque to Wanda Schoonheyt, director of the burns, plastic surgery and craniofacial program at SickKids, and Dr. […]
By Canadian Underwriter | February 14, 2006
Allstate claims adjusters released a cautionary press release on Valentine’s Day, listing some of the most common reasons why that diamond you just bought, gave or received may not be forever.According to claims professionals at Allstate, who handle thousands of jewelry-related claims each year, the following are among the top reasons why diamonds are often […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
