Canadian Underwriter

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Brokers


News Insurance

Broker revenues dropping even before Spitzer probe: study

December 15, 2004 by Canadian Underwriter

A new study reveals “organic” revenues were dropping for the world’s largest brokers even before the impact of the U.S. compensation probe was felt.The study, by Pennsylvania-based WFG Capital Advisors LP, finds that the eight largest brokerages saw organic revenue

News Insurance

Terrorism insurance take-up rates hold steady: Marsh

December 15, 2004 by Canadian Underwriter

In its “Marketwatch” review of property terrorism insurance amongst commercial buyers, broker Marsh finds rates holding steady in the third quarter of 2004.The survey of 754 companies finds take-up rates holding in the mid-40% range the rate was 44% in

News Climate ChangeInsurance

What’s new: In brief (December 14, 2004)

December 14, 2004 by Canadian Underwriter

Standard & Poor’s says its ratings on insurers involved in the second World Trade Center coverage trial will not be impacted by the verdict. Although the jury found that the September 11, 2001 terrorist attacks were “two occurrences” for the

News InsuranceMergers and Aqcuisitions

What’s new: In brief (December 12, 2004)

December 12, 2004 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has made some organizational changes at its insurance divisions, including merging all auto insurance related functions into the Auto Insurance Division, including dispute resolution. A new executive director function has been created to

News InsuranceMergers and Aqcuisitions

What’s new: In brief (December 08, 2004)

December 8, 2004 by Canadian Underwriter

The Association of Designated Assessment Centres (ADAC) has come out against proposed changes which would eliminate DACs in Ontario. In a statement Wednesday, ADAC says, “Premier Dalton McGuinty’s government is quietly trying to take away the independent “referee” who decides

News Insurance

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

December 7, 2004 by Canadian Underwriter

The Council of Insurance Agents & Brokers (CIAB) has added its endorsement to the draft model regulations around broker compensation proposed by the National Association of Insurance Commissioners (NAIC). The CIAB says, however, it wants to see uniform regulations in

News Insurance

Aon sells Endurance stake; clarifies views on broker compensation

December 6, 2004 by Canadian Underwriter

Broker Aon has sold much of its stake in Bermuda-based Endurance Specialty Holdings Ltd.In a press release, Aon says it has sold basically all of its equity investment in Endurance for US$320.5 million. This included the sale of 9.8 million

News Insurance

Lloyd’s flexibility showing in 2004/5: Benfield

December 2, 2004 by Canadian Underwriter

The financial strength of Lloyd’s, as well as its flexibility, have been evident since 9/11, according to a new report on the London market by reinsurance broker Benfield Group.Lloyd’s maintains a strong competitive position with the significant increase in market

News Insurance

What’s new: In brief (December 02, 2004)

December 2, 2004 by Canadian Underwriter

AIG has been served with a lawsuit alleging violations of U.S. pension plan legislation for the devaluation of the company’s stock as a result of the recent broker compensation scandals. New York law firm Wolf Popper LLP has filed the

News Insurance

U.S. regulators release draft broker compensation rules

December 2, 2004 by Canadian Underwriter

Insurers are generally reacting positively to proposed model regulations around broker compensation.The Property-Casualty Insurers Association of America (PCI) says the National Association of Insurance Commissioners’ (NAIC) model regulation of broker compensation makes sense in principle. The new regulations would require

News Insurance

What’s new: In brief (December 01, 2004)

December 1, 2004 by Canadian Underwriter

The Property & Casualty Insurance Compensation Corp. (PACICC) has joined together with other financial services insolvency groups to launch a new website for consumers. The site, www.financeprotection.ca, includes information on PACICC, as well as compensation plans for savings, investments and

News InsuranceMergers and Aqcuisitions

Industry putting $2 million towards winning public confidence

December 1, 2004 by Canadian Underwriter

Canadian p&c insurers have earmarked $2 million to invest in strategies to win back public confidence following recent years of consumer backlash against the industry, says the outgoing chair of the Insurance Bureau of Canada (IBC).State Farm Insurance Cos. senior