Canadian Underwriter


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SEC subpoenas documents from Fairfax

September 7, 2005 by Canadian Underwriter

Fairfax Financial Holdings Limited (TSX:FFH.SV)(NYSE:FFH) has received a subpoena from the U.S. Securities and Exchange Commission (SEC), requesting documents regarding nontraditional insurance/reinsurance transactions made or products offered by entities of the Fairfax group.Fairfax says it is cooperating with the SEC

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Hub Announces Fold-In Acquisition Of Innovators Insurance Agencies

September 1, 2005 by Canadian Underwriter

Hub International Limited (NYSE/TSX: HBG) today announced the fold-in acquisition of The Innovators Insurance Agencies Ltd. (Innovators) by its regional hub, Hub International Barton Limited (HUB Barton), which services British Columbia, Canada. Innovators operates primarily in the Kootenay Region of

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Canada focus of Willis strategy

August 30, 2005 by Canadian Underwriter

Global insurance broker Willis Group Holdings (NYSE: WSH) recently announced plans to deliver on its Client Advocate Model across Canada and thus increase market share and revenues in this region. In lieu of this plan Willis will relocate its regional

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Aon and Willis lead the broker comeback

August 18, 2005 by Canadian Underwriter

In the wake of recent investigations into contingency commissions and bid rigging initiated by New York Attorney General Eliot Spitzer, brokers Aon Corp. and Willis Group Holdings Ltd. have managed to successfully restructure their business practice and successfully pull themselves

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Marsh & McLenan Cos settles antitrust violation

August 16, 2005 by Canadian Underwriter

Marsh & McLennan Cos. Inc. (MMC) recently came to a settlement with the District of Columbia Attorney General Robert J. Spagnoletti regarding investigations into potential antitrust violation.These antitrust investigation, looked into whether Marsh had been part of the bid-rigging scandals.Under

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Former Marsh executive under investigation

August 15, 2005 by Canadian Underwriter

Another former Marsh Inc. executive, William Gilman, is being investigated regarding his role in the Company’s bid-rigging scandal, according to the Wall Street Journal.Former managing and executive director of marketing at Marsh’s Global Broking unit, Gilman is currently being investigated

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More guilty pleas added to Spitzer’s roster

August 4, 2005 by Canadian Underwriter

Four more guilty pleas have recently been added to the roster of charges relating to the Spitzer’s bid rigging investigations.The most recent please come from three former Marsh & McLennan brokers. In addition, a former Zurich Financial underwriter divulged his

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Marsh & McLennan profits drop

August 3, 2005 by Canadian Underwriter

Marsh & McLennan Companies Inc. earnings have recently been lowered in its insurance services and investment management divisions. In addition, the Company’s restructuring charges have reduced the second-quarter profit to 57%.In the April to June period, the Company’s net income

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RBC sidesteps legislation, opens insurance office

July 12, 2005 by Canadian Underwriter

The Royal Bank’s RBC Insurance subsidiary recently opened its first retail office evading the federal Bank Act’s ban on the sale of insurance at bank branches.The new office is located in Scarborough, ON and is located directly beside a Royal

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Brokerage clients told to stave signing agreement

July 4, 2005 by Canadian Underwriter

Marsh & McLennan Cos. Inc. clients were recently advised by Massachusetts Attorney General Thomas F. Reilly to wait until they accept restitution from the Marsh & McLennan in accordance with its $850 million settlement with New York Attorney General Eliot

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Former insurance broker fined for fraud

June 17, 2005 by Canadian Underwriter

Toronto Police – 54 Division – recently arrested a former insurance broker for fraud investigations.Panayiotis (Peter) Bariamis, 57, of Toronto, is charged withfraud over $5,000, forgery and 16 counts of uttering forged documents.The police alleged that approximately 400 people were

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What’s New: In brief (June 13, 2005)

June 13, 2005 by Canadian Underwriter

OneBeacon Insurance Group, a unit within the White Mountains Insurance Group Ltd., has been subpoenaed by Connecticut officials investigating the industry for collusion with insurance brokers. OneBeacon received a subpoena from Attorney General Richard Blumenthal seeking information on conduct with