Industry
The Federation of Canadian Municipalities is calling on the federal government to create a 20-year plan and to boost funding by $2.5 billion annually to address aging infrastructure across the country.The FCM is proposing the federal government increase its municipal infrastructure investments from $3.25 billion annually to $5.75 billion. That increase would bring spending more […]
By Canadian Underwriter | November 13, 2012
2 min read
A majority of risk professionals report believing cyber security threats are a major risk to their business, and the burden to mitigate those risks is shifting across departments, suggests a recent study sponsored by Zurich. Nearly 87% of the 511 respondents to the survey, which spanned various industries in North America, said they believe cyber […]
French reinsurance firm SCOR SE released Tuesday financial results for the latest period, recording net income of 318 million Euros on gross written premiums of 7.214 billion Euros for the first nine months of 2012. For the three months ending Sept. 30, Paris-based SCOR recorded net income of 112 million Euros on gross written premiums […]
A majority of respondents to a recent insurance industry survey believe the market is hardening across most lines, including commercial auto, property and specialty lines. Insurance software provider FirstBest Systems Inc. conducted a survey over the past few months of 72 professionals in North America with IT and business management responsibilities at various insurers. Most […]
By Canadian Underwriter | November 12, 2012
A.M. Best has affirmed the financial strength rating (FSR) of A++ (Superior), and the issuer credit rating (ICR) of “aa+” (Superior), of the members of The Hartford Steam Boiler Group (HSB) (Hartford, CT). As part of the Group, The Boiler Inspection and Insurance Company of Canada receives recognition for these ratings in Canada. The Boiler Inspection […]
1 min read
American International Group Inc. of New York City, which was bailed out during the financial crisis of 2008 and has since paid back the U.S. government, is using AIG again as its brand for property & casualty insurance. Until Monday, AIG was offering P&C insurance under the Chartis brand. “Other brands in the AIG family, […]
Kingsway Financial Services Inc. of Toronto, which owns several auto insurance firms in the U.S., released Friday its financial results for the three months ending Sept. 30. During the latest quarter, the firm lost $20 million, compared to net income of $6.29 million during the same period in 2011. All figures are in U.S. currency. […]
RIMS recently presented its 2012 Enterprise Risk Management Award of Distinction to the YMCA of Greater Toronto, recognizing its risk intelligence program. Through its risk tools and techniques, the YMCA produced early average results of 25% growth in monthly membership sales at one of its Health, Fitness and Recreation centers, with phased replication and reach […]
Allianz SE of Munich announced Friday its financial results for the third quarter, reporting a 32.8% year-over-year increase in its operating profit, lower claims from natural catastrophes and a slight increase in property and casualty profits. The bottom line this year was nearly five times better than in 2011, when Allianz took a 931-million Euro […]
By Canadian Underwriter | November 9, 2012
3 min read
Applied Systems Inc. announced Thursday the general release of version 12 of The Agency Manager (TAM), its software for insurance brokers and agents. “For Canadian customers, it includes all-new capabilities for writing commercial lines policies,” Applied Systems stated in a press release. “TAM 12 supports the new Canadian eDoc XML standard from The Centre for […]
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