Segment
Brokers
What’s New: In Brief (November 26, 2007)
November 26, 2007 by Canadian UnderwriterWork is now underway to extend the Autorite des marches financiers (AMF) and Financial Services Commission of Ontario (FSCO) Company Complaint Reporting System to other provinces, according to the Canadian Council of Insurance (CCIR) fall meeting highlights. Interested regulators have…
What’s New: In Brief (November 19, 2007)
November 19, 2007 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) is supplying 4,000 magenta blankets featuring the BIP logo to patrols across Canada, part of a new partnership with the Canadian Ski Patrol System (CSPS). The BIP logo – or the logo promoting…
Dominion, Aviva cancel broker contracts with Thomson Jemmett Vogelzang
November 14, 2007 by Canadian UnderwriterShortly after Johnson Inc. announced its acquisition of Kingston, Ont.-based brokerage Thomson Jemmett Vogelzang (TJV), both the Dominion of Canada General Insurance Company and Aviva Canada Inc. have cancelled all broker contracts with the company.George Cooke, president and CEO of…
MMC reports 2007 Q3 profits up, but insurance broking results “unacceptable”
November 13, 2007 by Canadian UnderwriterMarsh & McLennan Companies, Inc. (MMC) reported a 2007 Q3 profit of US$1.9 billion, compared to US$176 million during the same period last year.Marsh reported being happy with revenues generated by its consulting businesses. MMC’s consulting segment revenue grew 14%…
Benfield buys insurance business from Beaufort Group in Canada
November 13, 2007 by Canadian UnderwriterBenfield Corporate Risk has acquired the businesses of Beaufort International Insurance Inc. (BIII) and Beaufort Insurance Services Inc. (BISI), from Beaufort Group in Canada. The terms of the acquisition were not disclosed.Based in Calgary, Alberta, BIII and BISI provide specialist…
Beware of European insurers, Canadian brokers are warned
November 12, 2007 by Canadian UnderwriterThe Canadian independent broker channel might be swallowed up quickly if hungry European insurers turn their eyes toward the Canadian insurance market, Colin Simpson, president and CEO of York Fire and Casualty Insurance, warned delegates at the York Fire Third…
What’s New: In Brief (November 12, 2007)
November 12, 2007 by Canadian UnderwriterSpot checks by the Registered Insurance Brokers Association (RIBO) regarding the degree to which Ontario brokers are in compliance with insurance regulators new marketplace principles have resulted in a Good Housekeeping seal of approval.The Canadian Council of Insurance Regulators (CCIR)…
Pharmaceutical insurers migrating north
November 12, 2007 by Canadian UnderwriterPharmaceutical insurers underwriting huge liabilities and risks in the United States are migrating to a much-friendlier climate in Canada, according to a report by A.M. Best. Canadas feature attraction is that its legal environment is much more predictable than that…
Johnson Inc. acquires Kingston-area insurance brokerage
November 1, 2007 by Canadian UnderwriterJohnson Inc. whose parent company, The Johnson Corporation, is an autonomous member of Royal & SunAlliance has acquired Kingston-based brokerage Thomson Jemmet Vogelzang (The Insurance Centre Inc.).Thomson Jemmet Vogelzang (The Insurance Centre Inc.) is the result of an amalgamation in…
Aon announces restructuring plan
November 1, 2007 by Canadian UnderwriterAon Corporation has announced a global restructuring plan with projected savings of US$240 million by 2010 that includes the elimination of 2,700 positions and the outsourcing of 1,100 positions.The announcement came on the heels of the companys 2007 Q3 results,…
Insurers better at underwriting and claims than policy administration, Willis finds
October 31, 2007 by Canadian UnderwriterInsurers performed best in underwriting and claims, while the poorest performance was in the area of policy administration, according to a Willis Group Holdings Limited survey.The survey of more than 2,700 Willis employees also found that specialist carriers are perceived…
Alberta to discontinue industry-wide adjustment of auto insurance grid rates
October 26, 2007 by Canadian UnderwriterAlberta is planning to scrap its industry-wide adjustment of grid prices in its auto insurance product, according to Dennis Gartner, the assistant deputy minister of pensions, insurance and financial institutions of Alberta.The industry-wide adjustment applies to the provinces grid prices…