Risk
Wawanesa Mutual Insurance Company, one of Canada’s largest property and casualty insurers, has been ranked first among property and casualty insurance companies in Canada in terms of capital and surplus, according to ratings A.M. Best Co.A.M. Best says it gave Wawanesa an ‘A+ (Superior)’ rating based on the insurer’s superior level of capitalization, strong operating […]
By Canadian Underwriter | October 4, 2005
1 min read
Claims
Looting in New Orleans in the wake of Hurricane Katrina has cost Jewelers Mutual Insurance Co. nearly $700,000 in claims, the company’s chief operating officer has told A.M. Best’s news service.Jewelers Mutual is based in the U.S. and also operates in Alberta, P.E.I., Saskatchewan, the Northwest Territories and the Yukon. It is the only insurance […]
2 min read
Industry
Canada’s banking industry has issued a response to the Insurance Brokers Association of Canada (IBAC) recent press release, which stated that consumers benefit from choice and competition in the insurance marketplace. The bank response stated that bankers “couldn’t agree more” but added that, “some of the restrictions that currently exist on how Canadians can access […]
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PPG Canada Inc., through CertifiedFirst Network sponsorship, is supporting the Holy Trinity Catholic High School in Simcoe, ON in the annual Baja 1000 Race. This will be the second consecutive year that PPG has, in support of the CertifiedFirst Network, funded students who will gain valuable real-world experience by building their own vehicle for the […]
3 min read
Teachers’ Private Capital the private investment arm of the Ontario Teachers’ Pension Plan will purchase Canadian p&c insurer GCAN Insurance Company for an undisclosed amount from Torquest Partners Inc., Newport Capital Insurance LP, CIBC Capital Partners, a division of Canadian Imperial Bank of Commerce and management.The transaction is expected to close in early October and […]
By Canadian Underwriter | October 3, 2005
The Insurance Brokers Association of Canada (IBAC) says it is “optimistic” the federal government won’t allow local bank branches to advertise insurance products after learning that Finance Minister Ralph Goodale is putting off a final decision about bank mergers.Goodale recently postponed a discussion of changing the Bank Act to allow bank mergers. “I do not […]
Purchasers of Directors’ & Officers (“D&O”) Liability insurance continue to reap meaningful gains in both premium rates and coverage although these profits are somewhat reduced from earlier this year, according to recent responses to the Willis Index for the third quarter 2005. Recent responses to the Willis Index a quarterly survey of over 90% of […]
Chicago-based Hub International Limited (NYSE/TSX:HBG) has completed its purchase of Personal Lines Insurance Brokerage Inc. (PLI) from The Chubb Corporation.The acquisition expands Hub’s position in personal insurance across most of the United States and grows personal lines to nearly 20% of Hub’s consolidated revenue.In 2004, PLI generated approximately $27 million in revenue, while Hub’s personal […]
Catastrophe related losses have in part caused Standard & Poor’s to place reinsurers Swiss Re, Transatlantic Re, IPCRe, PXRE and Renaissance Re on CreditWatch with negative implications while Montpelier Reinsurance Ltd. carries a negative outlook. U.K.-based Lloyd’s insurance market is also on CreditWatch with negative implications whereas the Endurance group and Arch Capital group Ltd. […]
September 30, 2005
Aon Corporation (NYSE: AOC) recently signed a definitive agreement to sell Swett & Crawford, its U.S.-based wholesale broking operation, to an investor group including Hicks, Muse, Tate & Furst Inc. (HMTF), Banc of America Capital Investors and Emerald Capital. A number of key Swett & Crawford employees have made a long-term professional commitment to the […]
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