Segment
Brokers
Hub profits up 8% in first quarter
April 29, 2004 by Canadian UnderwriterBroker network Hub International (NYSE/TSX: HBG) posted net income up 8% in the first quarter 2004, to US$9.6 million, compared with US$8.9 million in the first quarter of 2003.This is dispute a US$1.7 million after-tax write-off following the company’s move…
Loyalist completes turnaround for profitable 2003
April 29, 2004 by Canadian UnderwriterAfter successive quarters in the red, and following a restructuring process, The Loyalist Insurance Group (TSX Venture: LOY) has posted a profit for 2003 of $185,000. Although modest, the income comes against a lost of almost $3.9 million for 2002.Results…
Hub brokerage amongst those subpoenaed in New York broker probe (April 28, 2004)
April 28, 2004 by Canadian UnderwriterHub International’s Kaye Insurance Associates Inc. is amongst a group of brokerages who are being asked to provide information to New York Attorney General Eliot Spitzer as part of a probe into contingent commissions.Also receiving subpoenas thus far are Marsh,…
Hub buys Washington construction specialty broker
April 27, 2004 by Canadian UnderwriterHub International Ltd. has established its 11th “hub”, this time in the Pacific Northwest U.S., with the purchase of Seattle, Washington-based Bush, Cotton & Scott, LLC. The brokerage specializes in general insurance and surety bonding for construction firms in Washington,…
Pafco becomes stand-alone company
April 26, 2004 by Canadian UnderwriterFormer Pembridge brand Pafco has received a federal charter to operate as a stand-alone company, although it will continue to target the high-risk or non-standard auto market as before. Pafco has also applied for provincial licenses in Ontario, New Brunswick…
B.C. brokers to offer insurance premium financing vehicle
April 25, 2004 by Canadian UnderwriterThe Insurance Brokers Association of B.C. (IBABC) says its members will offer a new premium financing program to small businesses through a partnership with Scotiabank and technology firm GHR Systems Inc.IBABC executive director says the move is a response to…
CIAB survey shows reduced commercial risk pricing for 1-Q
April 20, 2004 by Canadian UnderwriterThe latest quarterly market index produced by the U.S.-based The Council of Insurance Agents & Brokers (CIAB) suggests that pricing of commercial business either declined or remained flat across the various size segments of the marketplace during the first quarter…
Royal & SunAlliance boost broker contracts in New Brunswick
April 20, 2004 by Canadian UnderwriterRoyal & SunAlliance Canada Group has appointed four new brokerages to its book in northern part of New Brunswick. The insurer says it will look at expanding overall capacity in the province’s auto insurance market based on the product cost-cutting…
N.B. brokers want competitive market
April 13, 2004 by Canadian UnderwriterReacting to the release of New Brunswick’s Select Committee Report on Public Automobile Insurance, the province’s brokers say they want to keep competition for their consumers.The Insurance Brokers Association of New Brunswick (IBANB) is critical of the committee’s report, saying…
CCIR releases “referral agreement” feedback
April 8, 2004 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR), coming off their spring meetings, has released feedback on the January discussion paper on referral agreements. Among the respondents is the Registered Insurance Brokers of Ontario (RIBO), which outlined its policy on referral…
Proposal would see “sole occupation” rules loosened for agents
April 7, 2004 by Canadian UnderwriterIn a discussion paper, the Financial Services Commission of Ontario (FSCO) is looking at loosening the “sole occupation” restriction on general and life agents.The restrictions mean that agents in bigger communities must be full-time agents and not hold other jobs.…
Brokers in demand more than ever: Swiss Re study
April 7, 2004 by Canadian UnderwriterCommercial and reinsurance brokers are facing an increasing demand for their services, in light of the growing complexity of risks, according to the latest Swiss Re sigma study.The study looks at development of the broker market over the past 20…