Canadian Underwriter

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News Insurance

Aon sells Swett & Crawford (November 17, 2005)

November 17, 2005 by Canadian Underwriter

Aon Corporation (NYSE: AOC) has sold its U.S.-based wholesale broking operation, Swett & Crawford, to an investor group including Hicks, Muse, Tate & Furst Inc. and Banc of America Capital Investors.Terms of the sale were not disclosed.In a press release,

News InsuranceMergers and Aqcuisitions

Canadian regulators hint at “harmonizing” disclosure practices (November 16, 2005)

November 16, 2005 by Canadian Underwriter

Insurance industry association codes that outline best practices for disclosing income and potential conflicts of interest may not go far enough, as suggested in a November 2005 report by the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance

News Insurance

Improving data quality key to risk management: AIM study

November 11, 2005 by Canadian Underwriter

Improving data quality is regarded as a key issue for risk management and regulatory requirements including Basel II, the Markets in Financial Instruments Directive (MiFID), and Sarbanes-Oxley are driving investments in IT, according to a 2005 AIM Global Data and

News InsuranceMergers and Aqcuisitions

WFG reports gains, despite “challenging” auto environment

November 10, 2005 by Canadian Underwriter

Western Financial Group today announced its net income increased 67.5% — to $3.6 million during the first nine months ending Sept. 30, 2005.The company’s business units include WFG Agency Network, the fourth largest property and casualty insurance broker in Canada

News InsuranceMergers and Aqcuisitions

ING Canada reports increased third-quarter income (November 10, 2005)

November 10, 2005 by Canadian Underwriter

Buoyed by strong underwriting results and solid investment income, ING Canada Inc. (TSX: IIC.LV) is reporting a net income of $202.8 million for the quarter ended September 30, 2005.That’s a 24% increase over the $163.6 million the company reported during

News Insurance

Investigations changing insurance buyers-brokers’ relationship: study

November 4, 2005 by Canadian Underwriter

Commercial insurance buyers are changing brokers, and company risk managers are more actively participating in the placement process and verifying broker information in the wake of regulatory investigations facing the insurance industry, an Advisen Ltd. study has found. In a

News Insurance

Willis reports 3Q net income of $49 million

November 3, 2005 by Canadian Underwriter

Willis Group Holdings Limited (NYSE: WSH) recently reported a decline in net profits for the 3Q of 2005, in comparison to results announced in the third quarter of 2004.The Company ‘s net income for the 3Q in 2005 was $49

News Insurance

Marsh’s third-quarter net income triples

November 1, 2005 by Canadian Underwriter

Marsh & McLennan Companies, Inc. (MMC) reported its net income in the third quarter tripled from $21 million to $65 million.“Marsh’s parent company, MMC, continued in the quarter to make progress and take the steps which will make it a

News InsuranceMergers and Aqcuisitions

RBC Insurance opens new office in Hamilton

October 21, 2005 by Canadian Underwriter

Buoyed by what it calls a warm reception to its new insurance office in Toronto, RBC Insurance is opening a second Canadian retail insurance office located right next to RBC Royal Bank’s branch in the Centre Mall Branch of the

News InsuranceMergers and Aqcuisitions

ICBC campaign targets drunk driving in B.C.

October 19, 2005 by Canadian Underwriter

Impaired driving remains a leading factor contributing to fatal accidents in B.C., ICBC says in advance of its October Zero Crash Month awareness program.“Police-reported incidents indicate alcohol was a contributing factor in over 23% of all fatal crashes in 2004,

News Insurance

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