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News Insurance

Investigations changing insurance buyers-brokers’ relationship: study

November 4, 2005 by Canadian Underwriter

Commercial insurance buyers are changing brokers, and company risk managers are more actively participating in the placement process and verifying broker information in the wake of regulatory investigations facing the insurance industry, an Advisen Ltd. study has found. In a

News Insurance

Willis reports 3Q net income of $49 million

November 3, 2005 by Canadian Underwriter

Willis Group Holdings Limited (NYSE: WSH) recently reported a decline in net profits for the 3Q of 2005, in comparison to results announced in the third quarter of 2004.The Company ‘s net income for the 3Q in 2005 was $49

News Insurance

Marsh’s third-quarter net income triples

November 1, 2005 by Canadian Underwriter

Marsh & McLennan Companies, Inc. (MMC) reported its net income in the third quarter tripled from $21 million to $65 million.“Marsh’s parent company, MMC, continued in the quarter to make progress and take the steps which will make it a

News InsuranceMergers and Aqcuisitions

RBC Insurance opens new office in Hamilton

October 21, 2005 by Canadian Underwriter

Buoyed by what it calls a warm reception to its new insurance office in Toronto, RBC Insurance is opening a second Canadian retail insurance office located right next to RBC Royal Bank’s branch in the Centre Mall Branch of the

News InsuranceMergers and Aqcuisitions

ICBC campaign targets drunk driving in B.C.

October 19, 2005 by Canadian Underwriter

Impaired driving remains a leading factor contributing to fatal accidents in B.C., ICBC says in advance of its October Zero Crash Month awareness program.“Police-reported incidents indicate alcohol was a contributing factor in over 23% of all fatal crashes in 2004,

News Insurance

Willis announces revolving credit facility

October 17, 2005 by Canadian Underwriter

Global insurance broker Willis Group Holdings (NYSE: WSH), the global recently entered into a new US$300 million five-year revolving credit facility. Drawdowns under this facility will bear interest at an initial rate of LIBOR plus 45 basis points, subject to

News InsuranceMergers and Aqcuisitions

Third-quarter Ontario auto insurance rates decline

October 17, 2005 by Canadian Underwriter

Ontario private passenger auto insurance approved rates decreased during the third quarter of 2005, the Financial Services Commission of Ontario (FSCO) reports. “The rate changes posted reflect cost saving measures arising from recent reforms to the automobile insurance system, which

News Insurance

Hub International completes acquisition of CEB

October 13, 2005 by Canadian Underwriter

Hub International Limited (NYSE/TSX: HBG) has completed the fold-in acquisition of CEB Business Insurance Services (“CEB”) by the company’s California-based regional group, Hub International of California Insurance Services, Inc.CEB is a retail employee benefits brokerage specializing in serving the benefits

News InsuranceMergers and Aqcuisitions

IBAO warns of auto insurance “hoax”

October 13, 2005 by Canadian Underwriter

The Insurance Brokers Association of Ontario (IBAO) is warning Ontarians about a province-wide automobile insurance hoax.The association notes ads have been circulating throughout the media in dozens of cities across the province advertising automobile insurance. IBAO contends that “these ads

News Insurance

Consumers Association to file complaint against insurance industry

October 7, 2005 by Canadian Underwriter

The Consumers’ Association of Canada says it will be filing an official complaint with the Federal Competition Bureau, alleging anti-competitive and anti-consumer activities by the insurance industry in Canada.“This industry continues to portray conflicts of interest, secret commissions, and steering

News Climate ChangeInsuranceMergers and Aqcuisitions

Katrina losses predicted to exceed 9/11

October 7, 2005 by Canadian Underwriter

Hurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. “Katrina will displace the September 11th terrorist attacks as

News InsuranceMergers and Aqcuisitions

Royal & SunAlliance to buy business of Morgex

October 6, 2005 by Canadian Underwriter

Through its subsidiary, Johnson Inc., Royal & SunAlliance Canada has acquired the commercial rights to the business of Morgex Insurance Group a leading insurance broker in Alberta for C$44.7 million. Royal & SunAlliance says the consideration, payable in cash, is