Claims
ICBC has reported net income of CD$85 million for 2006 1Q, compared to CD$93 million for the same period last year.”Increases in the amount ICBC is paying out to customers with injury claims have continued into the new year,” ICBC president and CEO Paul Taylor said. “Unfortunately, in the past few months, this has been […]
By Canadian Underwriter | May 3, 2006
2 min read
Following its recent acquisition of Allianz, ING Canada is seeking further opportunities to expand, ING Canada president and CEO Claude Dussault told an annual general meeting of the company’s shareholders recently.”With the acquisition of Allianz, ING Canada solidified its leading share of the property and casualty market,” Dussault said in the text of a speech […]
By Canadian Underwriter | May 2, 2006
Odyssey Re Holdings Corp. (NYSE: ORH) has reported investment and net income increases for 2006 1Q, as well as a significant improvement in its combined operating ratio (COR) over the same period last year.Odyssey Re reported net income available to common shareholders of US$149.7 million for 2006 1Q, compared to US$33.7 million over 2005 Q1.The […]
By Canadian Underwriter | May 1, 2006
ICBC is starting a public awareness campaign in May 2006 to raise awareness of collisions involving motorcycles.According to the ICBC, in 2004, about 1,250 people were injured and 43 were killed in motorcycle-related crashes. Many fatalities are the result of drivers failing to see motorcyclists when turning in intersections, an ICBC press release states.”We want […]
1 min read
The Honourable Order of the Blue Goose International, Ontario Pond held its 6th annual Scotch Nosing in April at the Ontario Club. Over 160 noses attended, including an esteemed panel of judges. Throughout the evening, guests sampled some of Scotland’s finest single malts and enjoyed the expertise and humorous delivery of Ed Patrick, one of […]
April 30, 2006
Stone Point Capital LLC recently placed a binding offer through the new company Paris Re Holdings Ltd. to acquire AXA Re from AXA SA. AXA received the offer of US$14.2 million from Stone Capital for the entire share capital of AXA Re. Other lead investors in the deal, facilitated through the Stone Capital sponsored acquisition […]
Suncor Energy Inc. has settled business interruption insurance claims related to a January 2005 fire at the company’s oil sands facilities for a total amount of CD$980 million (US$830), the company has announced in a press release.Of this total, approximately CD$385 million (US$330 million) will be recorded in income when first quarter results are released […]
By Canadian Underwriter | April 26, 2006
The Chubb Corporation [NYSE: CB] has reported a 2006 1Q net income of US$672 million, compared to US$470 million in IQ 2005.The 2006 1Q combined loss and expense ratio improved to 82.9% in 2006 from 89.4% in 2005. “This was by far the best combined ratio and most profitable quarter in Chubb’s history, as all […]
By Canadian Underwriter | April 25, 2006
PartnerRe Ltd.’s 1Q 2006 results compare favorably with those of the 1Q 2005 results, thanks to a relative absence of large losses during the 2006 first quarter, the reinsurer reported recently.Last year, Partner Re (NYSE: PRE) suffered losses as a result of the Suncor explosion in Calgary and US$63 million in losses when Winterstorm Erwin […]
Even though property and general liability insurance rates increased in the first quarter of 2006, all indications point to a continuing soft commercial insurance market according to the RIMS Benchmark Survey, a comprehensive survey of current policy renewal prices as reported by corporate risk managers.In keeping with soft market conditions that have prevailed over the […]
By Canadian Underwriter | April 24, 2006
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