Segment
Brokers
Willis expands Toronto group
April 7, 2006 by Canadian UnderwriterWillis Group Holdings, Ltd. (NYSE: WSH) is strengthening its Canadian contingent with the appointment of five new insurance professionals to its Canadian operations. The new Toronto-based employees include Ayesha Navarro, Murray Kammer, Charles Fogden, Matthew Cook, and Douglas Bundock.Formerly senior…
Insurance cheaper on the Internet: study
April 5, 2006 by Canadian UnderwriterCanadian 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…
Hub acquires Citizens Financial Group insurance brokers
April 4, 2006 by Canadian UnderwriterHub 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,…
TD Bank wants to provide insurance information, referrals
March 31, 2006 by Canadian UnderwriterTD 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…
Anthony Clark International closes private placement
March 21, 2006 by Canadian UnderwriterAnthony 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,…
Zurich announces settlement with U.S. regulators
March 20, 2006 by Canadian UnderwriterZurich 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…
Western Life chooses MFX Web-based platform
March 20, 2006 by Canadian UnderwriterMFX, 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…
AIG’s Q4 profits plummet
March 17, 2006 by Canadian UnderwriterAmerican 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…
IBAC partners up with CFIB
March 16, 2006 by Canadian UnderwriterThe 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…
MMC faces more bid-rigging charges
March 15, 2006 by Canadian UnderwriterMarsh & 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…
What’s New: In brief (March 13, 2006)
March 13, 2006 by Canadian UnderwriterWillis 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.…
National Bank of Canada CEO calls Bank Act “anachronistic”
March 9, 2006 by Canadian UnderwriterShortly 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…