Canadian Underwriter

What’s new: In brief (May 18, 2004)

May 18, 2004   by Canadian Underwriter

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Two Illinois trials are keeping broker contingent commissions in the spotlight in the U.S., the Wall Street Journal reports. WSJ says the two cases, one involving a local government and another a fair organizer, highlight that the issue of contingent commissions goes beyond large account commercial clients to small businesses which may be less aware of how the payments work.

Fairfax Financial Holdings Ltd. confirms it has reduced its stake in Northbridge Financial the spin-off of Fairfax’s Canadian subsidiaries netting $146 million in the process. The sell-off of six million Northbridge shares effectively reduces Fairfax’s stake in the company from 71% to 59%. Northbridge did not receive any proceeds from the sale, Fairfax confirms.

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