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Willis announces revolving credit facility

October 17, 2005 by Canadian Underwriter

Global insurance broker Willis Group Holdings (NYSE: WSH), the global recently entered into a new US$300 million five-year revolving credit facility. Drawdowns under this facility will bear interest at an initial rate of LIBOR plus 45 basis points, subject to

News InsuranceMergers and Aqcuisitions

Third-quarter Ontario auto insurance rates decline

October 17, 2005 by Canadian Underwriter

Ontario private passenger auto insurance approved rates decreased during the third quarter of 2005, the Financial Services Commission of Ontario (FSCO) reports. “The rate changes posted reflect cost saving measures arising from recent reforms to the automobile insurance system, which

News Insurance

Hub International completes acquisition of CEB

October 13, 2005 by Canadian Underwriter

Hub International Limited (NYSE/TSX: HBG) has completed the fold-in acquisition of CEB Business Insurance Services (“CEB”) by the company’s California-based regional group, Hub International of California Insurance Services, Inc.CEB is a retail employee benefits brokerage specializing in serving the benefits

News InsuranceMergers and Aqcuisitions

IBAO warns of auto insurance “hoax”

October 13, 2005 by Canadian Underwriter

The Insurance Brokers Association of Ontario (IBAO) is warning Ontarians about a province-wide automobile insurance hoax.The association notes ads have been circulating throughout the media in dozens of cities across the province advertising automobile insurance. IBAO contends that “these ads

News Insurance

Consumers Association to file complaint against insurance industry

October 7, 2005 by Canadian Underwriter

The Consumers’ Association of Canada says it will be filing an official complaint with the Federal Competition Bureau, alleging anti-competitive and anti-consumer activities by the insurance industry in Canada.“This industry continues to portray conflicts of interest, secret commissions, and steering

News Climate ChangeInsuranceMergers and Aqcuisitions

Katrina losses predicted to exceed 9/11

October 7, 2005 by Canadian Underwriter

Hurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. “Katrina will displace the September 11th terrorist attacks as

News InsuranceMergers and Aqcuisitions

Royal & SunAlliance to buy business of Morgex

October 6, 2005 by Canadian Underwriter

Through its subsidiary, Johnson Inc., Royal & SunAlliance Canada has acquired the commercial rights to the business of Morgex Insurance Group a leading insurance broker in Alberta for C$44.7 million. Royal & SunAlliance says the consideration, payable in cash, is

News InsuranceMergers and Aqcuisitions

P&C industry in U.S. sees net income rise 29%

October 5, 2005 by Canadian Underwriter

The U.S. property and casualty insurance industry’s after-tax net income rose 29.1% over last year from $23.9 billion in the first half of 2004 to a record-setting $30.9 billion in the first half of 2005.The Insurance Services Office (ISO) and

News InsuranceMergers and Aqcuisitions

Poll finds loose objects, cell phones driving distractions

October 5, 2005 by Canadian Underwriter

Attempting to retrieve loose objects in a car is slightly more of a distraction for car drivers than using cell phones, according to a recent poll conducted by www.InsuranceHotline.com.The poll identifies the Top 3 driving distractions as “loose objects in

News InsuranceMergers and Aqcuisitions

A.M. Best gives Wawanesa Mutual top marks

October 4, 2005 by Canadian Underwriter

Wawanesa Mutual Insurance Company, one of Canada’s largest property and casualty insurers, has been ranked first among property and casualty insurance companies in Canada in terms of capital and surplus, according to ratings A.M. Best Co.A.M. Best says it gave

News Climate ChangeInsurance

Jewelery insurer says Katrina looting costs $700,000

October 4, 2005 by Canadian Underwriter

Looting in New Orleans in the wake of Hurricane Katrina has cost Jewelers Mutual Insurance Co. nearly $700,000 in claims, the company’s chief operating officer has told A.M. Best’s news service.Jewelers Mutual is based in the U.S. and also operates

News Insurance

CBA responds to IBAC’s Bank Act statement

October 4, 2005 by Canadian Underwriter

Canada’s banking industry has issued a response to the Insurance Brokers Association of Canada (IBAC) recent press release, which stated that consumers benefit from choice and competition in the insurance marketplace. The bank response stated that bankers “couldn’t agree more”