Canadian Underwriter

What’s New: In Brief (August 01, 2007)

August 1, 2007   by Canadian Underwriter

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The Economical Insurance Group is maintaining its investment as a full partner of the Broker Identity Program for 2007, the Insurance Brokers Association of Canada (IBAC) has announced.
By investing in the program, The Economical supports the message being delivered every day to consumers, legislators, government officials, and regulators, IBAC says in a statement.
The goal of the BIP is presenting legislators a brand that represents the value our profession brings Canadian consumers of insurance, IBAC CEO Dan Danyluk says. Brokers appreciate the partnership they have with The Economical.
Noel Walpole, president and CEO of The Economical, says: We are proud that insurance brokers are effective in dealing with legislators and government officials.
One of the greatest benefits to the industry is educating government officials of the importance insurance brokers play in their communities, as well as the value they bring customers of insurance. We are proud to support this campaign.

Aon Corporation (NYSE: AOC) has reported a 24% increase in 2007 Q2 net income, from US$193 million in 2006 Q2 to US$240 million.
All remaining property and casualty (P&C) business was placed into run-off in the fourth quarter 2006, Aon noted in a press release.
In terms of its risk and insurance brokerage services, Aon reported revenue in this segment during 2007 Q2 increased 9% over 2006 Q2.
Also, reinsurance organic revenue increased 4% due primarily to strong growth of facultative placements, the company announced in a press release.
The company further announced that, subsequent to the close 2007 Q2, it is considering strategic options for [selling or spinning off] Combined Insurance Companies of America (CICA) and its subsidiaries.
Based in Chicago, Combined and its subsidiaries, including Sterling Life Insurance Co., provide accident, health and life insurance coverage in the U.S., Canada, Europe, Asia and Australia.

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