Canadian Underwriter

Segment
Brokers


News InsuranceMergers and Aqcuisitions

What’s new: In brief (March 31, 2005)

March 31, 2005 by Canadian Underwriter

The Ontario government’s “Consumer Protection Act”, which comes into force on July 30, will require the use of aftermarket parts in auto repairs to be identified in writing to the consumer. In a bulletin to members, Hamilton District Autobody Repair

News Climate ChangeInsurance

What’s new: In brief (March 23, 2005)

March 23, 2005 by Canadian Underwriter

Please note: due to the Easter holiday weekend, Canadian Underwriter’s Breaking News will not be published again until Tuesday, March 29. Marsh co-president Peter F. Garvey has resigned “for personal reasons”, the company announced Wednesday. Garvey had been with Marsh

News Insurance

Pricing to stabilize but deductibles stay where they are: Aon

March 23, 2005 by Canadian Underwriter

Commercial insurance pricing is likely to stabilize, with increased capacity and competition in 2005, but the high deductibles and retentions taken during the recent hard market will likely remain in place. This, according to the annual “Insurance Market Overview” published

News Insurance

Some of most popular film locales are riskiest: study

March 23, 2005 by Canadian Underwriter

Aon has released a “Risk in Global Filmmaking” map which shows 70 countries with “high-risk” status, as compared to 55 last year. Some of the riskiest locations are also the most popular, including Mexico, Thailand, the Philippines and South Africa,

News Insurance

Compensation scandal ups broker workload: Best

March 22, 2005 by Canadian Underwriter

A new survey by A.M. Best finds the current controversy over broker compensation systems is forcing all brokers and agents to do more work, specifically in providing information, answering questions and filling out paperwork.The survey, published by Best’s Review magazine,

News Insurance

What’s new: In brief (March 21, 2005)

March 21, 2005 by Canadian Underwriter

Brokerage Heath Lambert Group says it will now charge a 1% (of premium) flat rate for work carried out on behalf of insurers. The “broker insurer services commission” (BISC) is a response to the industry’s ongoing controversy over broker compensation,

News Insurance

Western Financial achieves earnings boon for 2004

March 21, 2005 by Canadian Underwriter

Financial services group and broker network consolidator Western Financial Group (TSX: WES) saw net income almost double last year to $4.22 million compared with the $2.12 million reported for 2003. This equates to earnings of 18c a share for the

News Insurance

Western Financial enters joint expansion deal

March 17, 2005 by Canadian Underwriter

Financial services group and broker network consolidator Western Financial Group Inc. (TSX: WES) has entered into a joint venture with Harvard Developments Inc. to begin a new expansion of brokerages into major urban centers of western Canada. Although the terms

News Insurance

Ace reveals depth of external investigations into bid rigging allegations

March 17, 2005 by Canadian Underwriter

In a filing recently made with the Securities and Exchange Commission (SEC), Bermuda-based Ace Ltd. disclosed that the company had received 43 subpoenas and legal enquiries relating to its alleged involvement in bid rigging and price fixing of insurance arrangements

News Climate ChangeInsurance

Tsunami losses likely to be US$2.5-$4 billion: Guy Carpenter

March 14, 2005 by Canadian Underwriter

In a report on the December 26, 2004 Indian Ocean tsunami, reinsurance broker Guy Carpenter & Co. Inc. says insured losses from the disaster should reach US$2.5-$4 billion, plus US$1 billion in life & health losses.In “Tsunami: Indian Ocean Event

News Climate ChangeInsurance

2004 “a year of freakish weather”: Aon

March 13, 2005 by Canadian Underwriter

2004 will stand out as one of the most active years for violent weather events, according to Aon’s “2004 Global Climate and Catastrophe Report”.The report, produced by Aon Re Global and Aon’s Impact Forecasting subsidiary, chronicles a year of “freakish

News Insurance

What’s new: In brief (March 10, 2005)

March 10, 2005 by Canadian Underwriter

Moody’s has raised the outlook on Aon Corp. to “stable” from “negative” on the back of the broker’s announcement of a US$190 million settlement with five agencies in three states for alleged conflicts of interest. Moody’s says the settlement represents