Risk
Aon Corp.’s outlook has been revised from negative to stable, according to Standard & Poor’s Rating Service, which has also affirmed its ‘BBB+/A-2’ counterparty credit rating on Aon. S&P credit analyst Steven Ader says the outlook on Aon has been revised because predictions indicate that the Copmpany will "continue to be successful in implementing its […]
By Canadian Underwriter | August 11, 2005
2 min read
Industry
The December acquisition of Allianz Canada has bolstered ING Canada Inc.’s second quarter profits by 30% to reach $223.6 million, or $1.67 a share compared to $172.4 million or $1.84 per share the same time last year.The Company’s second quarter revenue rose 23.4% to $1.11 billion. The purchase of the Canadian company from Munich’s Allianz […]
1 min read
Claims
A new policy bestows airport personnel with the power to turn suspicious travelers away and ban from all them from all Canadian flights without explanation, according to Transportation Minister Jean Lapierre.An anti-terrorism plan will also be initiated according to Lapierre and he elaborates that this plan will develop a secret no-fly list that will be […]
By Canadian Underwriter | August 10, 2005
A recent wild fire ravaging an Okanagan sagebrush field just a few 100 metres away from Oliver city, B.C., has forced many residents to flea their homes. The fire quickly grew to 500 hectares before air tankers began to fight the flames.Most recently, the fire covered approximately 60 hectares.The fire is now moving up a […]
Domestic premiums growth is slowing while commercial market conditions show evidence of improved growth, according to a recent report from A.M. Best Co. Net written premiums in U.S. captives increased by a mere 3.6% to $9.2 billion, a slight decrease from the 4.7% premium growth in 2003, but a marked reduction from 2002 when growth […]
By Canadian Underwriter | August 9, 2005
AXIS Capital Holdings Limited (NYSE: AXS) recently implemented an agreement with JPMorgan Partners a private equity affiliate of JPMorgan Chase & Co. and related entities to buy approximately 7.8 million of AXIS Capital’s common shares in a block trade. These shares to be sold do not include 3.8 million shares owned by J.P. Morgan Capital, […]
A Government of Alberta investigation at the site of the recent CN train derailment near Wabamun has uncovered evidence that a hazardous chemical might have leaked into Lake Wabamun. As a precaution, area residents are being told to avoid using water from the lake or wells surrounding the lake until further notice. “Our investigation has […]
An international takeover of Alberta’s oil sands is at hand according to recent statements by Bank of Montreal strategists. The U.S. Securities and Exchange Commission is deciding whether to update the original 1970 rules on measuring oil reserves. Under current rules, large portions of any oil sands project’s assets cannot be booked as reserves. Applying […]
By Canadian Underwriter | August 8, 2005
A Canadian National tank car that recently derailed causing toxic chemicals to spill into the Cheakamus River.The possible cause of the derailment may be a faulty section of track, according to Canadian National officials. The damaged track was removed for analysis by CN so that information could be retrieved internally prior to being sent to […]
The Consumers’ Association of Canada recently called on Insurance Corporation of British Columbia (ICBC) to make further cuts to auto insurance rates for BC drivers.”ICBC again announced record profits,” Bruce Cran, president of the association, says. “By the end of this year ICBC will be sitting onmore than a billion dollars.”ICBC recently reported a net […]
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