Canadian Underwriter

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News Insurance

What’s new: In brief (November 07, 2004)

November 7, 2004 by Canadian Underwriter

U.S. insurers are reacting positively to news of the re-election of George W. Bush. Despite the Bush administration’s failure to pass tort reform measures to lighten the burden of class action, asbestos or medical malpractice litigation, the Property-Casualty Insurers Association

News InsuranceMergers and Aqcuisitions

Winterthur, Hub both sell Quebec personal lines operations

November 7, 2004 by Canadian Underwriter

Insurer Winterthur and broker Hub International have both decided to refocus their business in Quebec away from personal lines.Winterthur says it will sell is L’Unique Compagnie d’Assurances Generales to La Capitale Assurances Generales Inc. for $48 million, and focus on

News Insurance

RIBO AGM: U.S. broker allegations “ripple down” to Ontario

November 7, 2004 by Canadian Underwriter

While the past year had seen the situation improve on many fronts for brokers, the events of the past few weeks in the U.S. are now taking their toll on Ontario’s brokers, noted Rod Finlayson, outgoing president of the Registered

News Climate ChangeInsurance

What’s new: In brief (November 04, 2004)

November 4, 2004 by Canadian Underwriter

Bermuda-based ACE Ltd. announces it has fired two employees and suspended three more as a result of internal investigations sparked by the U.S. probe of broker compensation practices. ACE Casualty Risk president Geoffrey Gregory and his staffer Patricia Abrams have

News Climate ChangeInsurance

U.S. reinsurers producing “mixed results”: Benfield

November 3, 2004 by Canadian Underwriter

In its inaugural quarterly analysis of U.S. reinsurers, Benfield Group says first-half 2004 results highlight the wide gulf between the achievers and the under-performers.Based on 13 top reinsurers’ results, Benfield finds underwriting performance and net income. While the average combined

News Insurance

What’s new: In brief (November 03, 2004)

November 3, 2004 by Canadian Underwriter

The “Feed the Minds of Youth” luncheon hosted by the Insurance Institute of Ontario’s (IIO) chapters Wednesday saw more than 150 students participating in the “Take Our Kids to Work” day learn more about the insurance industry from guest speakers

News Insurance

Hub buys Vancouver financial services firm

November 2, 2004 by Canadian Underwriter

The Canadian life and financial services branch of Hub International, Hub Financial Inc., says it will acquire Vancouver-based financial services firm TILCO. "TILCO has been a major client of Toronto-based Hub Financial since Tilly Enriquez founded TILCO in 1993, and

News Insurance

Fitch maintains stable outlook on commercial lines despite Spitzer probe

November 1, 2004 by Canadian Underwriter

Even with the cloud of the investigation into commission practices, rating agency Fitch is maintaining its stable outlook on the U.S. commercial lines p&c sector.Recently, Standard & Poor’s said it was placing a negative outlook on the sector following a

News InsuranceMergers and Aqcuisitions

What’s new: In brief (October 31, 2004)

October 31, 2004 by Canadian Underwriter

The Supreme Court of Canada ruled that directors should not be held liable to creditors for decisions made in good faith prior to a bankruptcy, even if those decisions may have contributed to the company’s demise. In the case, in

News Insurance

Hub earnings down on Talbot acquisition

October 28, 2004 by Canadian Underwriter

As a result of compensation paid in the acquisition of Talbot Financial, Chicago-based Hub International (TSX: HBG) is reporting earnings down for the third quarter and nine months ending September 30, 2004.The brokerage says despite revenue growth, net earnings for

News Insurance

Canadian commission controversy heats up

October 28, 2004 by Canadian Underwriter

Fast on the heels of the U.S. controversy over broker commissions and practices, the situation is heating up in Canada.Thursday, the Canadian Council of Insurance Regulators (CCIR) confirmed it would be working in tandem with the Canadian Insurance Service Regulatory

News Insurance

What’s new: In brief (October 26, 2004)

October 26, 2004 by Canadian Underwriter

The Property-Casualty Insurers Association of America (PCI), says the issue of broker commissions has become confused the long-standing practice of contingent commissions is being lumped in with alleged acts of wrongdoing which are not accepted by the industry. “While those