RSA Insurance Group plc (RSA) has acquired 123 Money Limited (123.ie), one of Ireland’s leading and fastest growing direct distributors of personal lines insurance products. 123.ie offers Motor, Home and Pet insurance and, with around 170,000 policyholders, generated premium income of about EUR 60m (CAD$80.9 million) in the year ended March 31, 2010. Following this [...]
On Wednesday, July 28, an Airbus A321 jet crashed near the Pakistan capital of Islamabad. The jet, carrying 152 passengers and crew, was en route from Karachi, Pakistan to Islamabad. All on board were killed. Business Insurance magazine is reporting that Bermuda-based Catlin confirmed that it is the lead underwriter, but the source could not [...]
Lloyd’s of London is known as the specialty insurer, but now it can also add book-writing to its repertoire. The insurer has produced a book that looks at the insurance world through the eyes of children. The new book “How the World REALLY Works: Insurance at Lloyd’s of London” has been created with the help [...]
Home, car and business insurer RSA celebrated its 300th anniversary by fundraising, volunteering and donating various items to local charities. RSA said Canadian employees have raised $241,000, volunteered 5,200 hours and donated 56,000 items to charities in the communities where they live and work. Around the globe, RSA employees raised approximately $1.1 million, volunteered 37,000 [...]
Ontario’s Health Claims for Auto Insurance (HCAI) system is preparing for the upcoming auto insurance reforms. In a bulletin, HCAI said its system will accommodate the new OCFs, the new SABS regulation, and the new Minor Injury Guideline (MIG) intervention codes by the September 1, 2010 implementation date. HCAIinfo (www.hcaiinfo.ca) will be continuously updated throughout [...]
The Financial Services Commission of Ontario (FSCO) has made changes to Ontario Regulation 7/00: Unfair or Deceptive Acts or Practices (UDAP Regulation.) The amended UDAP Regulation takes effect September 1, 2010. The updated regulation addresses issues of affiliated insurers and their distribution methods. FSCO says: "an insurer is considered to be affiliated with another insurer [...]
On June 15, 2010, the Alberta Automobile Insurance Rate Board (AIRB) met to discuss premium setting that would come into effect in November. While the Board is set to release its decision on basic coverage by August 1, both IBC and AIRB’s actuary said they support no change to the mandatory basic auto coverage. However, [...]
Life insurer Foresters is investing $1.5 million to fund 20 playground builds across North America in 2010 to provide opportunities for families to spend quality time together and get to know others in the community. To build the playgrounds, Foresters announced it is partnering with KaBOOM!, a nonprofit organization dedicated to saving play. The initiative [...]
There are some things B.C.’s public auto insurer may wish it hadn’t been caught doing – and one of them could be producing a $1.7-million ad campaign that barely made it to air. The Insurance Corporation of B.C. says the TV, radio and online ad campaign was scrapped almost immediately after its June 2009 launch. [...]
While price is a key motivator in the insurance shopping process and final purchase decision, its impact on new-buyer satisfaction has declined, compared with one year ago, according to the J.D. Power and Associates 2010 U.S. Insurance Shopping Study. The study finds price is the leading reason—cited by 41 percent of shoppers—that insurance shoppers consider [...]
Crawford & Company has announced its financial results for the first quarter ended March 31, 2010. Consolidated Results First quarter 2010 consolidated revenues before reimbursements totaled $236.3 million compared to $236.1 million in the 2009 first quarter. First quarter 2010 net income attributable to Crawford & Company was $3.1 million, unchanged compared to net income [...]
German insurer Allianz SE said it had nearly quadrupled profits in the first quarter of 2010 thanks to growth in its life and health insurance and asset management segments as well as one-off gains. The Munich company reported net income rose to euro1.6 billion (US$2.03 billion) in the first quarter from euro424 million during [...]
Sun Life Financial Inc., Canada’s third-largest life insurance company, is setting up a stand-alone mutual fund company and bringing in a series of new funds in Canada to expand its wealth management services in the country. Sun Life said the move includes adding the investment services of MFS Investment Management, the company’s U.S.-based asset manager, [...]
Insurer Allianz SE said that its first-quarter revenues rose more than 8 per cent but warned that "unusually high” expenses related to natural disasters will weigh on its results. The company said its operating profit was approximately 1.7 billion euros (US$2.2 billion) in the January-March period, compared to 1.4 billion euros last year. Operating earnings [...]
Democratic leaders in the U.S. House of Representatives have sent letters to the chief executives of seven American health insurers, asking them to act preemptively to halt the practice of rescission. Insurers have decided to act early, before the law kicks in, to allow the children of customers to remain on their parents’ insurance until [...]
