News
What’s New: In Brief (March 22, 2007)
March 22, 2007 by Canadian UnderwriterTIC 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…
Report finds high levels of insurance sector merger and aquisitions activity
March 22, 2007 by Canadian UnderwriterA 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 amends merger agreement with Apax, Morgan Stanley
March 22, 2007 by Canadian UnderwriterHub 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…
Willis chairman pushes for global principles-based regulations
March 22, 2007 by Canadian UnderwriterJoe 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…
B.C. Insurance Council raises license fees, changes reporting requirements
March 21, 2007 by Canadian UnderwriterThe 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…
What’s New: In Brief (March 21, 2007)
March 21, 2007 by Canadian UnderwriterAudatex 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…
What’s New: In Brief (March 21, 2007)
March 21, 2007 by Canadian UnderwriterB.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 teams up with ThinkFirst
March 21, 2007 by Canadian UnderwriterAviva 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 Nino weakens, portending more 2007 storms
March 20, 2007 by Canadian UnderwriterEl 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…
Canadian insurance industry posts “very strong” results in 2006
March 20, 2007 by Canadian UnderwriterOverall, 2006 has been a very strong year financially for the Canadian property and casualty industry, the Insurance Bureau of Canada observed at the Swiss Re Canadian Insurance Outlook Breakfast in Toronto.If there was only one cloud in the silver…
Industry should improve communication to prevent intervention
March 20, 2007 by Canadian UnderwriterIn order for insurers and reinsurers to avoid government intervention and pressure from regulators, they need to improve communication with both insureds and government bodies, says Pierre Ozendo, chairman and CEO, Swiss Re America Corportation.Ozendo told journalists in a meeting…
What’s New: In Brief (March 20, 2007)
March 20, 2007 by Canadian UnderwriterGore Mutual Insurance Company has increased its investment in The Insurance Brokers Association of Canadas Broker Identity Program (BIP) for 2007. Gore Mutuals decision to become a full partner of IBAC is the result of our commitment to brokers, Kevin…