Segment
Brokers
New organization representing independent brokers is established in Quebec
March 24, 2009 by Canadian UnderwriterA new broker organization in Quebec dedicated to advancing the particular concerns of independent brokers, La Fédération des Courtiers d’Assurance indépendants du Québec (FCAIQ), is sounding the call to recruit potential members.“In view of the fact that the status of…
Global broker-led acquisitions to outpace private equity buyouts, S&P’s report says
March 11, 2009 by Canadian UnderwriterThanks in part to a fundamental shift in the debt market, the era of private equity-leveraged buyouts in the insurance broker sector is over, and a new era of broker-led acquisitions has begun, Standard & Poor’s says in a new…
Capacity levels for energy risks increased by 5%: Willis
March 4, 2009 by Canadian UnderwriterCapacity levels for energy risks have increased by approximately 5%, based on little or no withdrawals from the energy insurance market in January 2009, the latest Energy Market Review from Willis has found.“With capacity levels up at the start of…
IBAO launches new program for aspiring brokers
March 4, 2009 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has launched the Future Leaders Program. It was developed specifically to address the competencies needed by aspiring brokerage owners/leaders based on direct input from the Young Broker Council members, successful broker principals and…
What’s New: In Brief (March 03, 2009)
March 3, 2009 by Canadian UnderwriterIn a move intended to make Saskatchewan roads safer, SGI has increased by 400% the financial penalty for Criminal Code driving-related offences resulting in injury or death. The policy change to the Safe Driver Recognition program raises the financial penalty…
IBAO launches new monthly magazine, The Ontario Broker
March 2, 2009 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) will be launching a new monthly publication, The Ontario Broker, in April. The new publication will replace the IBAO News and will be a full-colour, 16-page magazine.The magazine will focus on important issues…
Aon report outlines challenges in providing cyber liability cover for educational institutions
February 27, 2009 by Canadian UnderwriterDeveloping insurance solutions for cyber liability in educational settings is challenging because the exchange of information in such settings is expected to be accessible and yet secure and private, an Aon Professional Risk Services White Paper notes. “An overriding challenge…
ING Insurance Company of Canada becomes Intact Insurance Company
February 23, 2009 by Canadian UnderwriterING Insurance Company of Canada has become Intact Insurance Company. Last week, institutional and retail investors acquired ING Groep’s ownership interest in ING Canada in a Cdn$2.2-billion private placement and secondary offering. The deal transformed the subsidiary into an independent,…
Brokers should heed FSCO reminder: RIBO
February 13, 2009 by Canadian UnderwriterOntario’s broker regulator has issued a bulletin to the province’s brokers, saying that although the rules prohibiting credit scoring for the purpose of underwriting insurance are primarily aimed at insurance companies, the issue nevertheless affects the day-to-day business activities of…
What’s New: In Brief (February 06, 2009)
February 6, 2009 by Canadian UnderwriterAon Corporation (NYSE: AOC) saw its 2008 Q4 net income decrease 95%, down to US$10 million, compared to US$207 million for the prior-year quarter.The company said the drop was “primarily due to an expected [US]$116 million after-tax loss on the…
IBABC encouraged by federal budget
January 28, 2009 by Canadian UnderwriterThe federal budget, handed down on Jan. 27, 2009, showed signs of promise for B.C.’s major industries, and in turn the province’s insurance industry, said the Insurance Brokers Association of B.C. (IBABC).“From an insurance broker’s perspective, the increased small business…
KRG Insurance Brokers Inc. merges with Roger R. James Insurance Brokers Ltd. (January 26, 2009)
January 26, 2009 by Canadian UnderwriterRoger R. James Insurance Brokers Ltd. and KRG Insurance Brokers Inc. have merged to become one of Canada’s largest independent brokers.The financial terms of the merger were not disclosed. Established in 1976, RRJ Insurance Group is a multi-line office with…