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News Earnings / RatingsInsurance

Manitoba brokerages announce merger

September 9, 2009 by Canadian Underwriter

Manitoba-based brokerages Horizon Insurance and Ryan Gateway Insurance Brokers have announced a merger of operations.A release describes the merger as “the coming together of the oldest and the largest local insurance brokers in Manitoba.” Ryan Gateway Insurance Brokers has provided

News Earnings / RatingsInsurance

Western Financial Group acquires Winnipeg-based insurance broker Hayhurst Elias Dudek (HED)

September 9, 2009 by Canadian Underwriter

Western Financial Group has agreed to acquire all issued and outstanding shares of Winnipeg-based Hayhurst Elias Dudek (HED) Inc. and its subsidiaries, including Securican General Insurance Company.The transaction has been approved by all applicable regulatory bodies and is scheduled to

News Insurance

Friends and colleagues of Ciaran Shannon to hold tribute, fundraiser

August 27, 2009 by Canadian Underwriter

Friends and colleagues of the late Ciaran Shannon will hold a tribute evening on Oct. 23, 2009 to raise funds for the education of his children.Shannon came to Canada in 2001 and joined Marsh Canada as a general insurance broker.

News InsuranceMergers and Aqcuisitions

IBAO parnters with SCM in development of ITV software

August 25, 2009 by Canadian Underwriter

The Insurance Brokers Association of Ontario and SCM Risk Management Services have partnered to develop and introduce an insurance-to-value (ITV) software solution for Ontario insurance brokers and their clients.Independent Brokers Resources Inc. (IBRI), a wholly-owned subsidiary of IBAO has committed

News InsuranceMergers and Aqcuisitions

Lack of transparency around credit scoring highlights brokers’ role as consumer advocate: RIBO

August 14, 2009 by Canadian Underwriter

Transparency around the use of credit scoring has placed the role of the broker front and centre in the insurance transaction between insurers and policyholders, the self-regulating body of Ontario’s brokers observes in a quarterly newsletter.“It is often brokers that

News InsuranceMarkets / Coverages

What’s New: In Brief (August 14, 2009)

August 14, 2009 by Canadian Underwriter

The Risk and Insurance Management Society (RIMS) has formed a committee to increase its profile in the standards and practices arena and make it the primary resource in shaping and developing risk management standards.Carol A. Fox, past chair of RIMS

News Insurance

What’s New: In Brief (August 13, 2009)

August 13, 2009 by Canadian Underwriter

The Economical Insurance Group, and Pembridge Insurance Company have committed to maintaining their investment as full partners of the Insurance Brokers Association of Canada (IBAC)’s Broker Identity Program. Gore Mutual has invested as a full partner, as well. The cornerstone

News Insurance

Saskatchewan regulator seeks comment on selling of incidental insurance products

August 13, 2009 by Canadian Underwriter

Saskatchewan’s Financial Services Commission is seeking comment on its proposal to enact a restricted licensing system for the purpose of regulating the selling of incidental insurance products.Saskatchewan’s insurance regulator is proposing to allow the General and Life Insurance Councils of

News InsuranceMarkets / Coverages

Marsh’s 2009 Q2 fortunes linked to writedown related to Kroll

August 5, 2009 by Canadian Underwriter

Marsh & McLennan Companies Inc. (MMC) reported a net loss in 2009 Q2 of US$193 million, compared to a profit of US$65 million in 2008 Q2.Marsh’s quarterly result includes a US$315-million writedown related to Kroll Government Services, a U.S. government

News Insurance

What’s New: In Brief (July 16, 2009)

July 16, 2009 by Canadian Underwriter

Travelers Guarantee Company of Canada is providing broader coverage for directors and officers of Canadian publicly traded companies in one endorsement.Travelers Executive Choice CanadianEdge is for Canadian public companies with a market capitalization of Cdn$1 billion or less.In addition to

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (July 15, 2009)

July 15, 2009 by Canadian Underwriter

Damage insurance companies in Quebec reported net earnings of Cdn$2.5 billion in 2008, a 51.3% drop compared to 2007, according to the 2008 report on insurance released by the Autorité des marchés financiers (AMF). Minister of Finance Raymond Bachand tabled

News Insurance

Sufficient capacity in July 1 renewals

July 2, 2009 by Canadian Underwriter

The July 1, 2009 reinsurance renewals saw sufficient capacity in all areas, according to several broker overviews. This was despite predictions of dramatic rate increases to offset reinsurer losses over the preceding 12 months, according to Willis Re. Consistent with