Segment
Brokers
Domestic insurers key to survival of independent broker channel
November 20, 2008 by Canadian UnderwriterBrokers must maintain a balanced portfolio and resist relying too heavily on European-based insurers, warned Colin Simpson, senior vice president and chief strategy officer of Kingsway Financial Services.Simpson spoke at the Insurance Institute of Ontario’s ‘At the Forefront’ breakfast in…
What’s New: In Brief (November 18, 2008)
November 18, 2008 by Canadian UnderwriterBlake Craig, president of J. Leroy Gallant Insurance Limited, has been named president of the Insurance Brokers Association of Prince Edward Island.Craig succeeds the association’s past president, Karen Doiron, who currently serves on the board of directors for the Insurance…
CCIR misses opportunity to license incidental sellers of insurance: IBAC
November 17, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) says the Canadian Council of Insurance Regulators (CCIR) has “missed an opportunity” to implement a new licensing regime for sellers of incidental insurance products.The national insurance market conduct regulator has just released its…
Brokers losing competition with directs in advertising spending
November 17, 2008 by Canadian UnderwriterIn terms of total revenue dollars, the amount independent brokers are investing in advertising is roughly half of that needed in order to compete with direct writers, said Randy Carroll, president and CEO of the Insurance Brokers Association of Ontario.…
What’s New: In Brief (November 11, 2008)
November 11, 2008 by Canadian UnderwriterCompu-quote has teamed-up with E2Value to release a new insurance-to-value (ITV) tool, ezITV.Compu-Quote previously worked with MSB to provide brokers with the insurance-to-value (ITV) tool RCT EvaluRater. But recently MSB announced that, as of Dec. 31, 2008, it would discontinue…
Willis Group reports drop in Q3 earnings
November 7, 2008 by Canadian UnderwriterWillis Group Holdings Limited (NYSE: WSH) reported a net income of US$36 million, compared with US$67 million a year ago.The results were impacted by financing and integration costs totalling US$10 million, associated with the acquisition of Hilb Rogal & Hobbs…
Ontario broker regulator issues advisory on record-keeping after banks go electronic
October 31, 2008 by Canadian UnderwriterRIBO has issued a bulletin advising Ontario brokers that they still need to maintain financial records for both trust and general accounts, even though the banking industry has moved into the paperless world of electronic record-keeping.“It has come to our…
Court of Appeal deems restrictive covenant ‘overboard’
October 30, 2008 by Canadian UnderwriterOntario’s Court of Appeal has determined that a restrictive covenant in a brokerage’s employment contract was unenforceable and ‘overboard,’ overturning a ruling to the contrary by the Ontario Superior Court.In Staebler Company Ltd. v. Allan, Tim Allan and Jeff Kienapple…
Financial crisis should spell the end of the soft market, CEO predicts
October 27, 2008 by Canadian UnderwriterConsumers are facing a global fiscal crisis featuring a severity of the type that only their grandparents have seen, and the current reigning soft market should be the first casualty, insurance brokers heard at the 88th annual convention of the…
Leverage Boomers as coaches for new hires in workplace
October 27, 2008 by Canadian UnderwriterAttraction and retention of the millennial generation should not be the focus of employers, but rather maximizing the potential all of the workers from different generations including Boomers and getting them to work together is the key to successful strategies.Max…
Insurers should think more like judges when drafting insurance contracts
October 27, 2008 by Canadian UnderwriterInsurers and brokers need to think more like judges when they read or draft insurance policy contracts, because judges will ultimately determine whether or not policy coverage exists in a claim situation, a litigator told brokers attending an education session…
IBC board may revisit distribution issue in its mandate
October 24, 2008 by Canadian UnderwriterThe Insurance Bureau of Canada’s board of directors will discuss whether the IBC’s mandate should be revised to include a discussion about distribution issues, Jean Francois Blais, president and CEO of Axa Canada said.Blais was a member of the CEO…