Managing the cycle, containing operating costs and improving efficiency and increasing regulatory burden were the three largest concerns weighing on the minds of Lloyds underwriters, according to the companys third annual survey.In total, 116 underwriters from a large number of…
The Canadian Bar Association (CBA) has asked the New Brunswick government to re-think the $2,500 cap on minor and soft-tissue injuries following a recent decision in the Court of Queens Bench that upheld the cap, the Chronicle Herald reported.The bar…
What difference the year makes: Bermudian reinsurers posted a collective profit of US$11.6 billion in 2006, compared to a US$2.1 billion loss in 2005.2006 was a record year for the Bermudian reinsurance market, with companies reporting bumper earnings and bulging…
TIC Travel Insurance Coordinators Ltd. raised almost Cdn$17,000 for charity this past holiday season as a result of the companys decision to donate to charity on behalf of customers rather than spending money on holiday gifts.Three charities benefited from the…
A U.S. report recently released by Celent found that of the merger and acquisition (M&A) activity in 2006 in the service sector, nearly 20% of those were in the insurance IT and services sector.Driven by an influx of private equity,…
Hub International Limited (NYSE:HBG) (TSX:HBG)(“Hub”), a North American insurance broker, has amended the agreement by which it will be acquired by Apax Partners (“Apax”) and Morgan Stanley Principal Investments (“MSPI”).According to Hub, the change in the agreement calls for, among…
Joe Plumeri, chairman and CEO of Willis Group Holdings (NYSE: WSH), the global insurance broker, stressed the importance of embracing a principles-based rather than a rules-based approach not just to regulation, but to running the entire industry at the UKs…
The Insurance Council of British Columbia, which licenses the provinces insurance brokers and sales agents, is increasing its application fees for a first licence, licence renewal and licence reapplication to $125, effective June 1, 2007.Fees for transfer, reinstatement and amendment…
Audatex announced the appointment of Rick Tuuri as associate vice president of industry relations. Tuuri will serve as a central point of contact for all industry-related opportunities in North America, working with his counterparts around the globe. A 28-year veteran…
B.C.s stormy winter of 2007 is expected to result in more than 17,000 claims, according to a press release by the Insurance Bureau of Canada (IBC).In total, IBC said the provinces insurers expect to pay more than Cdn$135 million to…
Aviva Canada Inc. has announced a sponsorship of ThinkFirst Foundation of Canada and has launched a new campaign to prevent spinal cord and brain injuries in children.ThinkFirst and Aviva Insurance Safety for Canadas Kids is the centrepiece of Avivas commitment…
El Nio which moderated storm activity last year has dissipated, thereby increasing the likelihood of 2007 being an active season, according to Tropical Storm Risk (TSR), a consortium of experts on seasonal climate forecasting led by the Benfield UCL Hazard…