News

Weekly News Round Up from Canadian Insurance Top Broker

Posted on Jan 19, 2012

Swiss Re appoints new CEO; FCT launches title insurance site; Chartis announces new geographical framework.

Global and national update

Chartis has aligned its geographic structure to enhance execution of the company’s commercial and consumer strategies and to add greater focus on its growth economies initiatives. Under this framework, Chartis will be organized under three major geographic areas: the Americas, Asia and EMEA (Europe, Middle East and Africa).

The International Insurance Society (IIS) has announced Ikuo Uno, executive advisor to the board and former chairman, Nippon Life, as the 2012 Insurance Hall of Fame winner. Uno will be inducted at the gala dinner during the IIS 48th Annual Seminar at the Sofitel Rio Copacabana Hotel in Rio de Janeiro, Brazil, June 17 – 20, 2012.

Further growth is anticipated for India’s insurance market, although achieving profitability continues to remain a struggle for many insurers, according to A.M. Best. Since the market was liberalized in 2000, total insurance premiums have increased strongly, driven primarily by the life market. To read more on this story, click here.

Company news

Swiss Re has appointed Michel M. Lies as its new group CEO. Lies currently serves as chairman global partnerships at Swiss Re and will assume his new role February 1, 2012.

Manitoba Public Insurance (MPI) reports stable financial growth with net income of $36.9 million for the nine months ended November 30, 2011 compared to net income of $89.4 million for the same period last year. This includes net income of $11.3 million (2010 – net income of $72.5 million) from the basic insurance line of business.

FCT is launching a website dedicated to commercial title insurance, a product that can reduce or eliminate the need for various title and off-title searches saving time, and helping commercial deals close more quickly and smoothly for all parties. The site will enhance the experience for all FCT customers – lenders, lawyers, real estate brokers, and property owners by providing timely and up-to-date product information and case studies.

In the three years since its debut, more than 12,000 insurance agents in more than 400 agencies have adopted Applied Systems Epic, an agency management software.

Ratings 

A.M. Best Co. has revised the outlook to stable from negative and affirmed the financial strength rating of A (Excellent) and issuer credit rating of “a” to Lawyers’ Professional Indemnity Company (LAWPRO), (Toronto, Canada). The rating actions reflect LAWPRO’s strong capitalization, commanding market profile, as well as its favorable operating and improved underwriting performance.

 http://www.citopbroker.com/news/weekly-news-roundup-january-12-19-2012-3197

January 19, 2012