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News InsuranceMergers and Aqcuisitions

Insurance cheaper on the Internet: study

April 5, 2006 by Canadian Underwriter

Canadian Direct Insurance, a company in B.C. and Alberta that sells insurance by telephone, says it has conducted a market survey that suggests Alberta drivers could reduce their auto insurance premiums by up to 40% a year by buying over

News Insurance

Hub acquires Citizens Financial Group insurance brokers

April 4, 2006 by Canadian Underwriter

Hub International Limited (NYSE:HBG)(TSX:HBG) has closed its acquisition of three insurance brokerages of Citizens Financial Group, Inc. (“CFG”). Hub also entered into a previously announced strategic alliance with CFG as part of the transaction. As a result of the alliance,

News Insurance

TD Bank wants to provide insurance information, referrals

March 31, 2006 by Canadian Underwriter

TD Bank Financial Group has joined a chorus of voices in the banking industry seeking changes to the Bank Act.In a recent address to TD Bank Financial group’s annual meeting in Vancouver, TD Bank Financial Group president and CEO Ed

News Insurance

Anthony Clark International closes private placement

March 21, 2006 by Canadian Underwriter

Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has closed the CD$126,000.00 private placement of the Company at a price of CD$0.60 per unit. The private placement proceeds will be added to the Company’s working capital.Pursuant to the private placement,

News Insurance

Zurich announces settlement with U.S. regulators

March 20, 2006 by Canadian Underwriter

Zurich American Insurance Company and its subsidiaries (ZAIC) have reached settlements totaling US$171.1 million with nine U.S. state attorneys general and one insurance commissioner, Zurich Financial Services Group (Zurich) has announced.The settlements relate to U.S. industry-wide investigations into broker compensation

News Insurance

Western Life chooses MFX Web-based platform

March 20, 2006 by Canadian Underwriter

MFX, a provider of technology and IT outsourcing solutions, has announced the Western Life Assurance Company in Alberta is using its WriteNow Web-based policy-writing platform for Western Life’s suite of ‘@pprove’ online, term life products.MFX developed WriteNow to provide agents

News Insurance

AIG’s Q4 profits plummet

March 17, 2006 by Canadian Underwriter

American International Group (AIG) quarterly profits dropped 72% as a result of over US$2 billion in charges for regulatory settlements and increased reserves. In addition to these financially damaging the losses related to last year’s U.S. hurricanes also hurt AIG’s

News Insurance

IBAC partners up with CFIB

March 16, 2006 by Canadian Underwriter

The Insurance Brokers Association of Canada (IBAC) and the Canadian Federation of Independent Business (CFIB) have agreed to work together to present a united voice on issues affecting both small businesses and insurance brokerages.“Looking back, both organizations recognize the huge

News Insurance

MMC faces more bid-rigging charges

March 15, 2006 by Canadian Underwriter

Marsh & McLennan Companies, Inc., is facing charges of bid-rigging in a civil lawsuit recently filed by Florida’s Attorney General Charile Crist. In the suit, Crist alleges that Marsh & McLenan illegally manipulated insurance markets to obtain improper commissions and

News Insurance

What’s New: In brief (March 13, 2006)

March 13, 2006 by Canadian Underwriter

Willis Group Holdings (NYSE: WSH) has appointed of three new members to the Canadian Advisory Board of Willis Canada Inc. Robert Hogan, D. Udo Nixdorf, and Bernard R. Wilson will join Willis Canada as senior members and advisors. Hogan, LL.M.

News Insurance

National Bank of Canada CEO calls Bank Act “anachronistic”

March 9, 2006 by Canadian Underwriter

Shortly after Royal Bank CEO Gordon Nixon decried the “absurdity” of Canada’s Bank Act, referring to the act’s provisions that prevent banks from retailing insurance within their local branches, National Bank of Canada president and CEO Ral Raymond told his

News InsuranceMergers and Aqcuisitions

Royal Bank CEO turns up heat in Bank Act issue

March 7, 2006 by Canadian Underwriter

Royal Bank President and CEO Gordon Nixon said recently that a Canadian law preventing banks from retailing insurance “does not make any sense.”“Canada is the only developed country in the world that prohibits consumers and small business owners from buying