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What’s New: In brief (May 31, 2005)

May 31, 2005 by Canadian Underwriter

Peel Regional Police participation in Canada’s Road Safety Week traffic campaign resulted in the issuance of 2,100 provincial offence notices (traffic tickets), 109 license suspensions, and 19 criminal charges of impaired driving related offences. The national campaign, which ended on…

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Royal Bank’s second quarter 2005 results bolstered by insurance operations

May 30, 2005 by Canadian Underwriter

Royal Bank of Canada (RY on TSX & NYSE) recently reported that an increase in total revenues of $226 million, or 5% from a year ago, largely reflects the higher volumes generated by its insurance operations, including the Canadian operations…

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Experts say oil production is set to decline

May 30, 2005 by Canadian Underwriter

Experts in the petroleum and oil sector predict the world’s oil production will peak and begin to decline as early as this year, according to the Associated Press (AP). Princeton University geologist Kenneth S. Deffeyes told AP that he anticipates…

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Agents and brokers want insurers to provide fast service with a human touch

May 30, 2005 by Canadian Underwriter

Electronic links and tool upgrades are increasingly important to agents and brokers who view fast turnaround on submissions and speedy quotes and claims services as prime services provided by an insurer, according to a recent survey conducted by A.M. Best.…

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What’s New: In brief (May 30, 2005)

May 30, 2005 by Canadian Underwriter

Long Island Business News, a leading regional business journal, recently recognized Roslyn Spiegel, senior vice president of Hub International Northeast, as one of Long Island’s “Top 50 Most Influential Women in Business.” This list is comprised of elite female professionals…

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ICBC awarded $2.93 million in lawsuit

May 29, 2005 by Canadian Underwriter

The Insurance Corporation of British Columbia (ICBC) has recently been awarded approximately $2.93 million in damages as a result of 12 fraudulent insurance claims, which occurred in Lower Mainland in the late 1990s. Each of the 12 defendants has been…

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AIG shares rise regardless of lawsuit

May 29, 2005 by Canadian Underwriter

Recent market activity indicates American International Group (AIG) shares are on the rise, only one day after New York Attorney General Eliot Spitzer sued the company.Gaining another $1.02 (1.8%), AIG’s shares recently added 3% leading the Company to reach its…

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Robert Lockhart resigns from Hilb Rogal

May 29, 2005 by Canadian Underwriter

In response to recent scandals surrounding the procurement of improper payments to steer accounts to insurers, the former president and chief operating officer of Hilb Rogal & Hobbs Robert Lockhart has resigned. Hilb Rogal, the seventh-largest U.S. insurance broker, dropped…

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Alpine acquires Calgary-based brokerage

May 26, 2005 by Canadian Underwriter

Regional broker network consolidator Alpine Insurance & Financial Inc. has acquired Benefit Insurance Ltd., a Calgary-based brokerage. The terms of the deal have not been disclosed.Benefit Insurance will become the fifth branch-office of the Alpine network, and serve as the…

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Risk management compensation rises

May 26, 2005 by Canadian Underwriter

A compensation survey of the Canadian and U.S. risk management profession conducted jointly by the Risk and Insurance Management Society Inc. (RIMS) and Mercer Human Resource Consulting suggests that the total cash earnings of risk managers rose by between 10%-25%…

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Insurers post healthy underwriting gain for 1-Q (May 26, 2005)

May 26, 2005 by Canadian Underwriter

Canadian property and casualty insurers lifted net income for the first quarter of this year by 16% to $683.5 million compared with the $589.6 million reported for the same period in 2004, according to industry financial data collected by the…

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Marsh & McLennan pay Colorado Policyholders $12.7 Million

May 25, 2005 by Canadian Underwriter

Over 100 Colorado policyholders have received offers totaling $12.7 million from Marsh & McLennan Companies Inc. as part of Marsh’s agreement with New York Attorney General Eliot Spitzer to create a $850 million restitution fund, according to a statement recently…