Canadian Underwriter

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News InsuranceMergers and Aqcuisitions

AXA Canada acquires The Citadel for $310 million

November 30, 2005 by Canadian Underwriter

Winterthur Group is selling Winterthur Canada Financial Corporation and its wholly owned subsidiary, The Citadel General Assurance Company, to AXA Canada Inc. a wholly-owned subsidiary of AXA S.A. – for approximately Cdn$310 million.The sale of its Toronto-based operations completes Winterthur’s

News InsuranceMergers and Aqcuisitions

IBABC calls for credit-scoring restrictions

November 29, 2005 by Canadian Underwriter

The Insurance Brokers Association of B.C. (IBABC) will urge the B.C. provincial government to include restrictions on credit scoring in the next Insurance Act, contrary to what Canadian Underwriter recently posted on its News Daily Web site, according to Chuck

News Insurance

Markel International opens Canadian branch in Toronto

November 28, 2005 by Canadian Underwriter

Markel International, the international property and casualty insurer, has announced the first official day of trading for its Canadian branch, MINT Canadian Specialty Underwriters (MCSU), located in Toronto.Markel Corporation markets and underwrites specialty insurance products and programs for a variety

News Climate ChangeInsuranceMergers and Aqcuisitions

Marsh report outlines post-Katrina world

November 25, 2005 by Canadian Underwriter

Hurricanes Katrina and Rita were “insurance-market-changing” events that many US insurers say will return property insurance rates to their 2003 levels, according to a white paper released by Marsh & McLennan Cos.“Catastrophe rate increases are ranging from 10% to more

News Insurance

FSA warn brokers of potential fee disclosure

November 25, 2005 by Canadian Underwriter

The Financial Services Authority (FSA) recently announced it may force insurance brokers to disclose the fees they get from insurers unless they significantly improve the way they manage their conflicts of interest.The FSA sent a letter to chief executives quoting

News Insurance

Integro buys up Lloyd’s broker

November 24, 2005 by Canadian Underwriter

Integro Ltd. has expanded into the London, England marketplace, acquiring Humphreys Haggas Sutton & Co. Ltd (HHS).HHS is a Lloyd’s broker founded in 1994 by its three principals, Toby Humphreys, Simon Haggas and John Sutton. Integro has received regulatory approval

News Insurance

Willis to grow in Latin America

November 24, 2005 by Canadian Underwriter

Willis (NYSE: WSH) recently engaged in two acquisitions and will continue making purchases in its strategic move to boost its regional business.Most recently, Willis reached agreements to buy Peruvian broker JH Asesores y Corredores de Seguros (JHA) and Brazilian benefits

News Insurance

Guilty plea heard in Yukon insurance scam

November 24, 2005 by Canadian Underwriter

A Whitehorse woman who operated the Yukon-based insurance agency Territorial Insurance Solutions is facing dozens of fraud charges after leaving Yukon customers who purchased insurance through Territorial without any valid coverage.Joanne Walker recently stated she will be pleading guilty to

News Insurance

Risk management for small, non-profit operations: task force

November 23, 2005 by Canadian Underwriter

Making risk management strategies available to small businesses and volunteer-based operations in Atlantic Canada should help improve the availability and affordability of insurance in the area, a task force has recommended.Established in February 2005, the Atlantic Task Force on Insurance

News Insurance

CoVirt adds 20 insurance agency distributors to team

November 22, 2005 by Canadian Underwriter

Total integrated solution advisor and client manager for brokerages CoVirt Inc. (Canada) recently initiated the production of 20 independently owned insurance agency Equinox Marketing Centers that work through Equinox to sell products for insurance company partners. Tim Fitzpatrick, President of

News Insurance

Lloyd’s issues “warning” about Marine Risks Ltd.

November 18, 2005 by Canadian Underwriter

Lloyd’s Underwriters in Canada has issued a press release “alerting brokers and policyholders that neither Marine Risks Limited of Toronto and Miami nor its representative Iain Duncan are approved coverholders or registered open market correspondents and that they have no

News Insurance

Insurance availability report to be released Nov. 23

November 18, 2005 by Canadian Underwriter

The Atlantic Task Force on Insurance Availability and Affordability has announced it will release its final report Nov. 23 at a news conference in Halifax.Established early this year, the task force has a mandate to develop recommendations to increase insurance