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ING Canada promotes car seat safety through compensation

May 26, 2006 by Canadian Underwriter

ING Canada and belairdirect are promoting car seat safety by offering to compensate auto policyholders for any child safety restraint system installed in a vehicle that is involved in an accident, even if the car seat was not damaged on

News Climate ChangeInsurance

Business must adapt to seasons of change

May 24, 2006 by Canadian Underwriter

The energy insurance market has proven its resilience despite the large losses of 2005, according to the Energy Market Review published by Willis Group Holdings (NYSE:WSH). However, the report notes that with numerous changes and challenges affecting the industry, it

News Insurance

New York seeks extradition of Canadian charged with insurance fraud

May 24, 2006 by Canadian Underwriter

The United States Attorney for the Southern District of New York has announced the arrest on May 5, 2006, in Canada of Ian Stuart, following the investigation of a massive, $7-million insurance fraud scheme.Stuart, also known as “John Harris” and

News Insurance

Flaherty personally supports status quo re: Bank Act

May 16, 2006 by Canadian Underwriter

Canadian Finance Minister Jim Flaherty has reaffirmed his personal commitment to the Conservative Party’s platform to “maintain the current regulations governing insurance marketing by the chartered banks.”Currently the Bank Act does not allow banks to retail insurance products or distribute

News Insurance

Hub International offers common shares in US

May 12, 2006 by Canadian Underwriter

Hub International Limited (TSX:HBG) will offer 4,000,000 common shares in a public offering in the United States. Hub International will also grant the underwriters an over-allotment option to purchase up to 600,000 additional common shares. Stephens Inc. and Wachovia Securities

News Insurance

Sun Life supports current Bank Act legislation

May 10, 2006 by Canadian Underwriter

The existing legislation limiting Canada’s banks marketing of insurance products should be upheld by the federal government, according to chief executive of Sun Life Financial Inc. Donald Stewart.During Sun Life Financial’s recent annual meeting, Stewart commended the new Conservative government’s

News Insurance

What’s New: In brief (May 09, 2006)

May 9, 2006 by Canadian Underwriter

MFX recently entered into a three-year contract to manage all IT infrastructure and operations for the Matlen Silver Group, an integrated business and technology solutions provider headquartered in Somerset, New Jersey. Under the terms of the contract, Matlen Silver’s IT

News InsuranceMergers and Aqcuisitions

CCIR endorses disclosure principles

May 8, 2006 by Canadian Underwriter

The Canadian Council of Insurance Regulators (CCIR) has accepted, subject to agreement from the Canadian Insurance Services Regulatory Organizations (CISRO), the recommendations made in a Feb. 13, 2006, joint CCIR and CISRO paper entitled Managing Conflicts of Interest: A Consultation

News Insurance

Aon net income drops

May 5, 2006 by Canadian Underwriter

The first quarter 2006 net income for broker Aon Corporation (NYSE: AOC) has dropped slightly to US$198 million (US$0.57 per share) from its reported 2005 net income of US$200 million (US$0.59 per share). The net income fell as a result

News Insurance

Odyssey Re appoints Peter Bennett to board

May 5, 2006 by Canadian Underwriter

Odyssey Re Holdings Corp. (NYSE: ORH) has elected Peter M. Bennett to serve on its board of directors. Mr. Bennett has more than 40 years of experience in the insurance industry. He was president of Canadian International Reinsurance Brokers from

News Insurance

Willis reports US$671 million Q1 2006 results

May 4, 2006 by Canadian Underwriter

Willis Group Holdings Ltd (NYSE: WSH) first quarter 2006 revenues increased slightly to US$671 million from the US$669 million for the same in 2005. Willis Group says the effect of foreign currency translation decreased reported revenues by 5% and net

News Insurance

Marsh reports 1% decrease in 2006 1Q revenues

May 3, 2006 by Canadian Underwriter

Marsh & McLennan Companies, Inc. (MMC) reported its consolidated revenues in 2006 1Q were US$3 billion a 1% decline from 2005 1Q. Overall net income in 2006 1Q was US$416 million, compared with US$134 million in 2005. “A number of