Segment
Brokers
Brokers and MPI agree on new compensation model
September 29, 2008 by Canadian UnderwriterIndependent brokers and Manitoba Public Insurance (MPI) have entered into an accord for a new compensation model that will support a more convenient renewal process and new product offerings for customers in the future.The plan includes the following features: The…
CSIO to switch service providers, industry urged to change IP addresses on Nov. 21
September 24, 2008 by Canadian UnderwriterThe Centre of the Study of Insurance Operations (CSIO) will switch service providers for its upload/download system, CSIOnet, on Friday, Nov. 21, 2008.All insurance brokers, companies and vendors that use the network must change their IP address setting on that…
Where the parties stand on cross-pillar mergers
September 16, 2008 by Canadian UnderwriterRemoving a de facto ban on allowing cross-pillar mergers between banks and insurance companies is “not a priority” for the Conservative Party of Canada.The Liberal Party of Canada says it would analyze the possibility of such mergers on an individual…
Safety Group, Jones DesLauriers team up to create “mega-trucking insurance brokerage”
September 12, 2008 by Canadian UnderwriterThe Safety Group offices in Ontario and Alberta have merged with Jones DesLauriers Insurance Management Inc. (JDIMI), creating what JDIMI calls “Canada’s first mega-trucking insurance brokerage the largest privately-held trucking insurance firm in the nation.” Jones DesLauriers Insurance Management Inc.…
IBAC, TIC jointly working to simplify tax process for commercial clients
September 8, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) and the Toronto Insurance Conference (TIC) have proposed a model ‘Export List’ to make life simpler for brokers’ clients when they apply for an exemption from the excise tax on unlicenced insurance.Clients of…
Facilities Association asks Ontario regulator to include cost of capital in rate-setting process
September 8, 2008 by Canadian UnderwriterOntario bumped up rates for its private passenger auto insurance by 2% at last filing, but the rate change did not include a “cost of capital” provision that Facilities Association wants the provincial regulator to include.In a report to the…
What’s New: In Brief (August 27, 2008)
August 27, 2008 by Canadian UnderwriterA.M. Best Co. has left unchanged its financial strength rating of B++ (Good) for the Hermitage Insurance Group and its lead member, Hermitage Insurance Company (Hermitage) (White Plains, NY), following the announcement that CastlePoint Holdings, LTD (Bermuda) [NASDAQ: CPHL] has…
Aon to acquire Benfield
August 22, 2008 by Canadian UnderwriterAon Corporation has announced it will acquire Benfield Group Limited. Under the agreement, Aon will acquire Benfield for 3.50 (Cdn$6.79) per share in cash and assume 91 million (Cdn$176.43 million) of Benfield net debt, representing an enterprise value of approximately…
What’s New: In Brief (August 12, 2008)
August 12, 2008 by Canadian UnderwriterXL Insurance has launched an aviation insurance team for the Canadian market. Tony Trost, Canadian aviation manager, who will report to Rod Mearing, XL Insurance’s international aviation manager, will lead the team. Before joining XL Insurance, Trost served as senior…
Rely on earnings for profit rather than investments, Guy Carp cautions
August 12, 2008 by Canadian UnderwriterAsset-driven losses and market volatility are putting increasing pressure on carrier earnings, with profitability increasingly reliant on technical earnings rather than investment gains, Guy Carpenter & Company LLC published in its recent report, Bag Profits Early: Investment Gains under Pressure.“With…
MMC’s 2008 Q2 profit falls US$112 million
August 6, 2008 by Canadian UnderwriterMarsh & McLennan Companies Inc. (MMC) reported a profit of US$65 million for 2008 Q2, a decrease from 2007 Q2’s US$177 million.For the first six months of the year, MMC’s net loss was US$145 million, reflecting a goodwill impairment charge…
What’s New: In Brief (August 01, 2008)
August 1, 2008 by Canadian UnderwriterAon Corporation (NYSE: AOC)’s 2008 Q2 profit increased 372%, to US$1.1 billion, compared to US$240 million over the same period last year.“Our second-quarter results reflect a 25% increase in adjusted earnings per share from continuing operations, highlighted by 2% organic…