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London market issues blueprint for achieving contract certainty

April 28, 2005 by Canadian Underwriter

With the deadline for achieving contract certainty standards looming, a blueprint for change has been sent to all brokers and insurers in the London markets, including Lloyd’s.The U.K. Financial Services Authority (FSA) has given insurers until the end of 2006

News Insurance

Hub reports 71% earnings rise in first quarter

April 27, 2005 by Canadian Underwriter

Chicago-based broker network Hub International Ltd. (NYSE, TSX: HBG) says its net earnings rose 71% in the first quarter of 2005 to reach US$16.5 million, or US$0.47 per share. This compares to earnings of US$9.6 million, or US$0.29 per share

News Insurance

Arthur J. Gallagher sets aside US$35 million to deal with investigations

April 27, 2005 by Canadian Underwriter

Broker Arthur J. Gallagher says it has set aside US$35 million to resolve current state investigations into insurance practices.The company made the announcement as part of its first-quarter 2005 results release. In that release, the company states: “The insurance industry

News Insurance

What’s new: In brief (April 27, 2005)

April 27, 2005 by Canadian Underwriter

The Risk and Insurance Management Society (RIMS) has added two new tools to its Quality Improvement Process (QIP). These include the “claims service provider and risk manager partnership tool” and the “safety and loss control service provider and risk manager

News Insurance

European reinsurers show restraint in 2004

April 26, 2005 by Canadian Underwriter

In the face of the worst year on record for natural catastrophes, European reinsurers showed the necessary restraint in top-line growth to produce bottom-line results, according to the latest quarterly report by broker Benfield Group.In “Rewards of Restraint”, Benfield says

News InsuranceMergers and Aqcuisitions

CAC, brokers react to Quebec regulator’s report on practices

April 26, 2005 by Canadian Underwriter

The Consumers Association of Canada (CAC) is hailing a report by Quebec’s insurance regulator, but brokers in the province have a different view.The report, released by the Autorite des Marches Financiers (AMF), says broker practices in the damage insurance sector

News InsuranceMergers and Aqcuisitions

Busy week for Ontario regulator

April 25, 2005 by Canadian Underwriter

Ontario’s insurance regulator had its hands full last week, issuing several “cease and desist orders”.The first came on Wednesday, when insurers Security National and TD General both Meloche Monnex companies – were cited for charging rates for coverages of categories

News InsuranceMergers and Aqcuisitions

Lombard to underwrite pet insurance program

April 25, 2005 by Canadian Underwriter

Lombard General Insurance Co. of Canada will replace Kingsway as underwriter for Pethealth’s “PetCare” insurance program.Lombard has signed an agreement with Oakville, Ontario-based Pethealth’s PetCare Insurance Brokers to underwrite 50% of the program, which offers coverage health care coverage for

News Insurance

U.S. intermediary groups clash over Plumeri speech

April 24, 2005 by Canadian Underwriter

Groups representing brokers and agents in the U.S. have come to blows following a speech at the recent Risk & Insurance Management Society (RIMS) Conference by Willis CEO Joe Plumeri.In the speech, Plumeri said contingent commissions should be abolished for

News Insurance

Brokers report price softening across commercial accounts

April 24, 2005 by Canadian Underwriter

While commercial buyers were reporting price stabilization, brokers are reporting significant softening across accounts in the first quarter of 2005.The results of the Council of Insurance Agents and Brokers (CIAB) contrast with views expressed by risk managers in the RIMS/Advisen

News Insurance

U.S. study shows shrinking broker margins

April 20, 2005 by Canadian Underwriter

A study based on the revenue performance of the top U.S. insurance brokerages suggests that the sector’s earnings growth has been severely impacted by premium rate stabilization, increased competition and the clampdown on contingent commissions that followed in wake of

News Climate ChangeInsurance

Terrorism risk on the rise: Aon

April 20, 2005 by Canadian Underwriter

Terrorism risk is on the rise around the world, with increased exposure seen in many countries, according to the “2005 Terrorism Risk Map” released by Aon.In total, 31 countries have received higher terrorism threat rankings than last year, with 48%