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IFRIMA releases position paper regarding the role of a broker

May 19, 2005 by Canadian Underwriter

A brokers role may vary greatly from company to company, according to a position paper released today by the International Federation of Risk and Insurance Management Associations (IFRIMA).IFRIMA believes that the current business model established by brokers and insurers does…

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XL adds dedicated coverage for independent directors to its product roster

May 19, 2005 by Canadian Underwriter

In response to consumer requests for specialized liability products, XL Insurance (Bermuda) Ltd., a subsidiary of XL Capital Ltd. (NYSE:XL), today announced the extension of its XL Professional Lines portfolio. The Company is adding dedicated coverage for independent directors of…

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What’s New: In brief (May 19, 2005)

May 19, 2005 by Canadian Underwriter

In a bid to expand services in Southern U.S., Hub International Ltd. opened a new office in New Orleans. Hub International Gulf South’s office of producers formerly members of Marsh & McLennan will provide Louisiana and nearby states with a…

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Kingsway announces public offering of preferred units of an investment trust

May 18, 2005 by Canadian Underwriter

Kingsway Financial Services Inc. filed a preliminary prospectus for a proposed public offering of preferred units of an investment trust. The trust will only be qualified by securities regulatory authorities in Canada and will be sold by both Scotia Capital…

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Canada faring well despite overall decline North American life insurance activity

May 18, 2005 by Canadian Underwriter

The first four months of 2005 have seen consecutive declines application activity of individually underwritten life insurance in North America. April applications, according to the MIB Group Inc., mark the “third strike” and a decline of 5.0% year-over-year. Year-to-date application…

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Insurance industry recognized through new ICLR project

May 18, 2005 by Canadian Underwriter

Today, at the Institute for Catastrophic Loss Reduction (ICLR) annual general meeting, discussions reflected on a new program that exemplifies the role of the insurance industry and property preservation. The program, Designed… for safer living, was created to improve disaster…

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Chief risk officer position, a universal mainstay

May 17, 2005 by Canadian Underwriter

Chief risk officers (CROs) are multiplying in the financial services sector and expected to grow exponentially in other industries. According to a recent survey of 137 global risk managers conducted by the Economist Intelligence Unit (EIU), mounting regulatory pressures and…

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Atlantic to incur high hurricane season

May 17, 2005 by Canadian Underwriter

An above-normal hurricane season is expected to supervene last year’s record season, according to National Oceanic and Atmospheric Administration (NOAA) hurricane forecasters. Predictions for the 2005 Atlantic hurricane season indicate 12 to 15 tropical storms, seven to nine of which…

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IBAO appoints chief operating officer

May 17, 2005 by Canadian Underwriter

The Insurance Brokers Association of Ontario (IBAO) appointed Randy Carroll as its chief operating officer. Effective May 1, Carroll began directing the daily operations at IBAO. Preparing for this transition from his three-year tenure as director of operations for the…

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What’s new: In brief (May 17, 2005)

May 17, 2005 by Canadian Underwriter

Women in Insurance Cancer Crusade (WICC) Ontario Chapter announced that sponsors and golf registrations are filling-up quickly for its 6th Annual Golf Tournament to be held on Monday, July 18 at the Angus Glen Golf Club in Markham, ON. Currently,…

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U.S. homeowners under-insured against hurricane losses

May 16, 2005 by Canadian Underwriter

With more than 68 million people living in hurricane-prone areas of the U.S., many homeowners are inadequately insured, warns the Insurance Information Institute (III) as the 2005 hurricane season is set to begin in June. Last year, the eastern seaboard…

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Hub acquires Seattle-based specialty brokerage

May 16, 2005 by Canadian Underwriter

Broker network consolidator Hub International Ltd. (TSX: HBG) has purchased Seattle-based Tash Lyle & Jones for an undisclosed sum. Tash Lyle specializes in employee benefits insurance.Hub says Tash Lyle will be integrated into the broker network’s Bush, Cotton & Scott…