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Popularity of reinsurance modelling increases

September 19, 2006 by Canadian Underwriter

Companies attempting to optimize their reinsurance programs are turning to reinsurance modeling more and more, A.M. Best reports.The ratings agency notes Raju Bohra, a senior vice president at Willis Re Inc., made the observation at the 111th National Association of

News InsuranceMergers and Aqcuisitions

AFN partners with CINUP to serve First Nations’ P&C needs

September 15, 2006 by Canadian Underwriter

AFN Insurance Brokers Inc. (AFN) has partnered with CINUP, a division of the Rice Financial Group Inc. (a subsidiary of Jovian Capital Corporation (JVN:TSX-V)) to offer a convenient one-stop insurance solution to serve the distinct needs of Canada’s First Nations

News Insurance

Marsh to eliminate 750 staff positions

September 15, 2006 by Canadian Underwriter

Marsh & McLennan Companies, Inc. (MMC) is planning to save about US$350 million by 2008, in part through the reduction or attrition of 750 staff positions.“Beginning a year ago, we initiated an effort to rationalize MMC’s IT infrastructure, institutionalize firm-wide

News InsuranceMergers and Aqcuisitions

Norwich Union to cut 4,000 jobs in U.K.

September 14, 2006 by Canadian Underwriter

Following a review of its businesses, Norwich Union, a subsidiary of Aviva and the U.K.’s largest insurer, is poised to reduce its U.K. workforce by 4,000 prior to the end of 2007.“Approximately half of [the workforce reductions] are anticipated to

News InsuranceMergers and Aqcuisitions

Dominion includes fraud insurance in homeowners’ package

September 14, 2006 by Canadian Underwriter

The Dominion of Canada General Insurance Company (“The Dominion”) is now automatically including up to $25,000 of identity fraud expense coverage in its and Chieftain’s homeowners, tenants and condominium policies, subject to a $250 deductible.The Dominion announced it is not

News Insurance

Oxygen Holdings introduces reinsurance broker

September 13, 2006 by Canadian Underwriter

Oxygen Holdings P.L.C. recently introduced a reinsurance broker, Oxygen Re that will serve buyers of non-marine, marine and aviation treaty reinsurance and retrocessional covers.In addition, London-based Oxygen Holdings says it will introduce third-party capital in various forms to support underwriting.The

News Insurance

Aon to accept contingent compensation

September 8, 2006 by Canadian Underwriter

Aon Corp. is the newest of a number of brokers who have the go-ahead to accept profit-based commissions from insurers under the terms that the broker is acting as the insurers managing general agent or underwriting manager.The agreement, reached with

News InsuranceMergers and Aqcuisitions

What’s New: In brief (September 07, 2006)

September 7, 2006 by Canadian Underwriter

In a survey conducted by US-based Flasphler Research Group, Hannover Re came out as the best overall reinsurer for the second time in succession. In addition the survey says the company’s standing showed further appreciable improvement in the assessment of

News Insurance

What’s New: In brief (September 01, 2006)

September 1, 2006 by Canadian Underwriter

Willis Group Holdings Ltd. recently reached an agreement with New York Attorney General Eliot Spitzer and New York Superintendent of Insurance Howard Mills that will allow the broker to accept extra profit-based commissions from insurers when it acts as a

News Insurance

Marsh embraces contingent commissions

August 24, 2006 by Canadian Underwriter

Under a new agreement made with New York Attorney General Eliot Spitzer and New York Superintendent of Insurance Howard Mills, broker Marsh Inc. is legally viable to accept contingent commissions on arrangements where it serves as either the managing general

News Insurance

Crawford & Company busy on M&A front

August 22, 2006 by Canadian Underwriter

Crawford & Company, an independent provider of claims management solutions, has been busy in August, acquiring Broadspire Services, a third-party administrator of casualty claims and medical management services, from Platinum Equity, as well as SLS, a liability adjusting and claims

News Insurance

Lockton purchases international insurance broker

August 21, 2006 by Canadian Underwriter

Lockton, Inc. today announced has reached a definitive agreement to purchase Alexander Forbes International Risk Services, which is the international brokerage operation of Alexander Forbes Ltd., the world’s ninth largest insurance broker.The $170 million (GBP 90.2 million) transaction will make