Segment
Brokers
CCIR to conduct “implementation review” of disclosure principles
October 30, 2006 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) has approved a work plan to review the implementation of three disclosure principles recommended by its Industry Practices Review Committee priority of the client’s interest, disclosure of potential conflicts of interest and product…
Hub International reports increased revenue in 2006
October 27, 2006 by Canadian UnderwriterHub International Limited (NYSE: HBG) (TSX: HBG) has announced strong improvement in both revenue and key expense ratios for the three months and nine months ended Sept. 30, 2006.Revenue increased 29%, to US$126.5 million in 2006 Q3, compared to the…
Prime Minister says Bank Act position fulfills campaign promise
October 19, 2006 by Canadian UnderwriterCanadian Prime Minister Stephen Harper positioned his government’s support for independent brokers in the recent Bank Act review issue as a simple matter of fulfilling a campaign promise.He made his remarks during a speech to more than 1,500 people attending…
IBAO excludes insurer-owned brokerages from voting membership
October 19, 2006 by Canadian UnderwriterInsurance brokerages controlled by “financial institutions” such as insurance companies, credit unions, trust companies or banks have now been excluded from voting membership in the Insurance Brokers Association of Ontario (IBAO), according to a bylaw the association passed at its…
Insurance lobby secures changes to Bill 18 in Ontario (vicarious liability)
October 17, 2006 by Canadian UnderwriterAnswering the lobby of several insurance groups and associations, the Financial Services Commission of Ontario (FSCO) has announced it is amending the Ontario Automobile Policy (OAP 1) and a number of related forms as a result of Bill 18, which…
Western Financial buys two southern Alberta brokerages
October 13, 2006 by Canadian UnderwriterWestern Financial Group has recently completed the acquisition of two insurance brokerages in Southern Alberta Thomsen Fisher Agencies and Willow Creek Agencies.Thomsen Fisher Agencies is located in Alberta’s seventh-largest city, Medicine Hat, Alberta. Willow Creek Agencies is based in Claresholm,…
Prime Minister Stephen Harper to address IBAO Convention
October 6, 2006 by Canadian UnderwriterPrime Minister Stephen Harper has confirmed his acceptance to address members at the Insurance Brokers Association of Ontario (IBAO)’s 86th annual convention, to be held at the Brock Plaza Hotel in Niagara Falls on Oct. 18-20.Harper will be speaking to…
New online tool to aid brokers
October 4, 2006 by Canadian UnderwriterMarkel Insurance Co. of Canada has launched an online endorsement processing service for Markel insurance brokers servicing the Canadian trucking industry. Silvy Wright, president and CEO of Markel explains that mid-term endorsements are a time-consuming endeavor for brokers. “Our answer…
Attorneys General file motion regarding Zurich settlement
September 29, 2006 by Canadian UnderwriterTen state Attorneys General recently filed a motion with the U.S. District Court for New Jersey opposing the National Association of Professional Insurance Agents’ (PIA)’ position regarding the proposed class action settlement against Zurich American Insurance Co, which alleges improper…
Global insurance brokers face future challenges (September 27, 2006)
September 27, 2006 by Canadian UnderwriterInsurance brokers worldwide face challenges as a result of New York Attorney General Eliot Spitzer’s investigation into bid-rigging in the insurance broker industry, according to a recent report published by Standard & Poor’s Rating Services.S&P’s report, entitled “Challenges Still Loom…
What’s New: In Brief (September 25, 2006)
September 25, 2006 by Canadian UnderwriterICBC is planning to drop a car from a 50-foot crane at the PNE fairgrounds in Vancouver to illustrate graphically the damage of a head-on crash between a car moving at 60 km-h and a stationary object.The public event will…
Integro and Indemnis partner up
September 25, 2006 by Canadian UnderwriterIntegro Insurance Brokers has implemented a new business venture with Indemnis Trade Risk Management, which will allow the broker to offer new trade risk management programs to its North American clients. “We are enthusiastic about our firm’s collaboration with Indemnis…