Canadian Underwriter

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News InsuranceMergers and Aqcuisitions

Ontario brokers complying with disclosure, says RIBO

November 13, 2006 by Canadian Underwriter

Ontario’s brokers are in “virtually 100% compliance” with a RIBO requirement to produce disclosure statements during routine spot checks by the industry’s self-regulating body. In a recent speech at RIBO’s annual general meeting in Toronto, RIBO’s immediate past president, Toots

News Insurance

Optimum General reports stellar 2006 Q3 claims ratio

November 10, 2006 by Canadian Underwriter

Optimum General Inc. (TSX: OGI.A) has reported a 2006 Q3 profit of Cdn$1.45 million, compared to a net income of Cdn$1.35 million for the same period last year. Optimum General is a Canadian company that underwrites property and casualty insurance

News Insurance

Western Financial Group’s 2006 Q3 profit up 37.9%

November 9, 2006 by Canadian Underwriter

Western Financial Group has announced its revenue for the first nine months of 2006 increased 22.7% — from Cdn$45.6 million in 2005 Q3 to Cdn$56 million in 2006 Q3.In addition, the company’s profits went to Cdn$1.486 million in 2006 Q3

News Insurance

ING Canada adjusts Aeroplan program

November 9, 2006 by Canadian Underwriter

ING Canada’s “Protect & Collect” Aeroplan program is still “flying high,” the company says, although the 500 “bonus” air miles originally offered to customers as part of the program have been eliminated to address RIBO concerns.Launched in early September, ING’s

News Insurance

C.D. Howe study questions ban on bank branches selling insurance

November 7, 2006 by Canadian Underwriter

Weighing in on the Bank Act review debate, the C.D. Howe Institute has just released a study that questions the current prohibition on banks selling most kinds of insurance in their branches.“A few years ago, the case for the prohibition

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (November 07, 2006)

November 7, 2006 by Canadian Underwriter

The Toronto Insurance Women’s Association (TIWA) has announced it will be hosting its February 2007 Wine and Cheese event at the Metro Toronto Convention Centre in Toronto.The event will take place on Feb. 15, 2007, from 5 p.m. to 8

News InsuranceMergers and Aqcuisitions

RIBO warns brokers of Aeroplan “inducement”

November 6, 2006 by Canadian Underwriter

In compliance with a recent ruling by the Registered Insurance Brokers of Ontario (RIBO), ING Canada is eliminating wording in its Aeroplan marketing materials that RIBO has determined to be an “inducement.” ING Canada recently introduced an Aeroplan program that

News InsuranceMergers and Aqcuisitions

Aon 2006 Q3 profit down; organic revenue growth up

November 2, 2006 by Canadian Underwriter

Aon Corporation (NYSE: AOC) has reported a 2006 Q3 net income of US$106 million, compared to $122 million during the same period last year.The company’s risk and insurance brokerage services revenue increased 5%, to US$1.3 billion, with organic revenue growth

News Insurance

Marsh 2006 Q3 profits skyrocket

November 1, 2006 by Canadian Underwriter

Marsh & McLennan Companies, Inc. (MMC) has reported its 2006 Q3 consolidated net income more than doubled, from US$69 million last year to US$176 million in 2006. In addition, consolidated revenues for 2006 Q3 stood at US$2.9 billion, an increase

News InsuranceMergers and Aqcuisitions

New Brunswick seeks changes to auto insurance; appoints negotiator

November 1, 2006 by Canadian Underwriter

The Government of New Brunswick is negotiating with the province’s insurance industry to seek “the elimination of existing [auto insurance-related] territories and the elimination of discrimination based on gender when evaluating consumer risk,” according to a recent press release.The government

News InsuranceMergers and Aqcuisitions

Western Financial acquires part ownership in Manitoba broker HED

October 31, 2006 by Canadian Underwriter

Western Financial Group has acquired a 25% initial interest in Hayhurst Elias Dudek Inc. (HED), the largest independent insurance broker/administrator in Manitoba.HED is one of the largest independently owned insurance brokers in Canada, with approximately 190 employees nationwide. HED’s head

News Insurance

CCIR to conduct “implementation review” of disclosure principles

October 30, 2006 by Canadian Underwriter

The Canadian Council of Insurance Regulators (CCIR) has approved a work plan to review the implementation of three disclosure principles recommended by its Industry Practices Review Committee priority of the client’s interest, disclosure of potential conflicts of interest and product