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IFRIMA releases position paper regarding the role of a broker

May 19, 2005 by Canadian Underwriter

A brokers role may vary greatly from company to company, according to a position paper released today by the International Federation of Risk and Insurance Management Associations (IFRIMA).IFRIMA believes that the current business model established by brokers and insurers does

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IBAO appoints chief operating officer

May 17, 2005 by Canadian Underwriter

The Insurance Brokers Association of Ontario (IBAO) appointed Randy Carroll as its chief operating officer. Effective May 1, Carroll began directing the daily operations at IBAO. Preparing for this transition from his three-year tenure as director of operations for the

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Hub acquires Seattle-based specialty brokerage

May 16, 2005 by Canadian Underwriter

Broker network consolidator Hub International Ltd. (TSX: HBG) has purchased Seattle-based Tash Lyle & Jones for an undisclosed sum. Tash Lyle specializes in employee benefits insurance.Hub says Tash Lyle will be integrated into the broker network’s Bush, Cotton & Scott

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Western Financial sees strong 1-Q earnings

May 15, 2005 by Canadian Underwriter

Western Financial Group (TSX: WES) lifted net income for the first quarter of this year by 80% to $1.1 million from the $587,000 disclosed for the same period in 2004. Earnings for the latest reporting period clocked in at 4c

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Hub gains approval for equity incentive plan

May 12, 2005 by Canadian Underwriter

Hub International Ltd. (TSX: HBG) has gained shareholder approval for its 2005 equity incentive plan (EIP) and the election of new board director. Hub says that the new EIP does not increase the number of equity awards that the company

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IBAM appoints new president at AGM

May 11, 2005 by Canadian Underwriter

The Insurance Brokers Association of Manitoba (IBAM) has appointed Tony Taronno, managing partner of Winnipeg-based Horizon Tuxedo, as its president for the 2005/6 annual term. Taronno takes over the helm from George Miller who will now assume the role of

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Western Financial acquires minority stake in B.C. broker

May 10, 2005 by Canadian Underwriter

Financial services group and broker network consolidator Western Financial Group (TSX: WES) has acquired a minority shareholding in Falkins Insurance Group, a major brokerage network operating from 10 locations in British Columbia’s southeastern region. The terms of the deal have

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Ontario insureds left without insurance

May 10, 2005 by Canadian Underwriter

Approximately 400 insureds who purchased home, auto or commercial insurance from York Commonwealth Direct Insurance Co. do not have coverage at the moment, says a Registered Insurance Brokers of Ontario (RIBO) statement. The broker self-regulating body says it has begun

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Guy Carpenter offers comp disclosure on facultative placements

May 9, 2005 by Canadian Underwriter

Reinsurance brokerage group Guy Carpenter & Co. Inc. says it will now offer disclosure on compensation arrangements applying to the placement of facultative business globally. The brokerage introduced its "Global Disclosure Doctrine" in December of last year, which outlines the

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The industry’s poor public image remains top issue: IIO

May 8, 2005 by Canadian Underwriter

The intense regulatory scrutiny and plummeting consumer confidence that has dogged the property and casualty insurance industry since the onset of the most recent hard market were brought on by the collective actions of insurers, says Ellen Moore, president of

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Study shows new growth in specialty third-party managed programs

May 5, 2005 by Canadian Underwriter

A survey of the U.S. general insurance marketplace by specialty reinsurance brokerage Guy Carpenter & Co. Inc. points to renewed growth in specialty risk program business handled by third-party program administrators. In addition to rising demand by insurers for this

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Hub acquires U.S. specialty reinsurance brokerage

May 4, 2005 by Canadian Underwriter

Broker network consolidator, Hub International Ltd. (TSX: HBG), has acquired Los Angeles-based THB Intermediaries Inc. (THB) in a combined cash and stock deal. The value and terms of the purchase have not been disclosed.THB operates as a specialty reinsurance brokerage