Industry
Regional broker network consolidator Alpine Insurance & Financial Inc. has acquired Benefit Insurance Ltd., a Calgary-based brokerage. The terms of the deal have not been disclosed.Benefit Insurance will become the fifth branch-office of the Alpine network, and serve as the company’s future head-office. Alpine operates from five Alberta locations of Canmore, Edmonton, Lethbridge and Red […]
By Canadian Underwriter | May 26, 2005
1 min read
Risk
A compensation survey of the Canadian and U.S. risk management profession conducted jointly by the Risk and Insurance Management Society Inc. (RIMS) and Mercer Human Resource Consulting suggests that the total cash earnings of risk managers rose by between 10%-25% over the past year. The only employment position in risk management where salary earnings growth […]
Canadian property and casualty insurers lifted net income for the first quarter of this year by 16% to $683.5 million compared with the $589.6 million reported for the same period in 2004, according to industry financial data collected by the Office of the Superintendent of Financial Services (OSFI). The OSFI data indicates that insurers’ net […]
2 min read
In Ontario, 59 per cent of individuals with auto insurance are unsure how insurers are calculating their rates and may therefore be unintentionally paying higher premiums, according to a recent President’s Choice Financial/Ispos Reid Survey.In addition, 64 per cent with auto insurance exhibit interest in researching alternative insurers based on price and product comparison. However, […]
By Canadian Underwriter | May 25, 2005
In a recent move against the non-traditional insurance sector, Connecticut Attorney General Richard Blumenthal has subpoenaed insurance companies regarding their involvement in finite reinsurance transactions. The Hartford Financial Services Group Inc. disclosed to a Hartford Courant reporter that it received a subpoena on Tuesday May 24, requesting information indicating possible use or sale of finite […]
Over 100 Colorado policyholders have received offers totaling $12.7 million from Marsh & McLennan Companies Inc. as part of Marsh’s agreement with New York Attorney General Eliot Spitzer to create a $850 million restitution fund, according to a statement recently released by Colorado Insurance Commissioner David Rivera.”Even sophisticated consumers of insurance products can become victims […]
Claims
AIR Worldwide Corporation (AIR) and Accurate Environmental Forecasting Inc. (AEF) are offering a new risk model that estimates hurricane losses based on climate forecasts. This new model uses AIR’s loss modeling technology and AEF’s ability to forecast climate’s impact on hurricane risk to identify locations where hurricane activity is most likely to deviate from the […]
Desjardins Financial Security (DFS) has posted net earnings of $40.6 million for the first quarter ending on March 31, 2005. This is an increase of 55.2% compared to 2004 Q1 results 2004, which had reached $26.2 million. The portion of the earnings allocated to its shareholder, Desjardins Group, amounted to $38.5 million, up $15.5 million […]
By Canadian Underwriter | May 24, 2005
i-flex solutions, a provider of technology solutions to the global financial services industry has entered into a strategic alliance with Castek Software Inc., a Toronto based provider of insurance systems for the global Property & Casualty (P&C) insurance industry. As part of the alliance, i-flex has established an equity financing arrangement with Castek that allows […]
The Executive Committee of the Board of Directors of the General Insurance OmbudService (GIO) recently announced the appointment of Glenn Williamson as the first Executive Director of GIO, effective May 2nd, 2005. Williamson’s role will be to manage GIO’s strategic operations and enhance GIO’s profile with federal and provincial governments, key stakeholders, consumers and related […]
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