Segment
Brokers
Connecticut state launches antitrust lawsuit against reinsurers
October 9, 2007 by Canadian UnderwriterConnecticuts attorney general Richard Blumenthal has launched an antitrust lawsuit against 10 reinsurers, alleging anticompetitive practices that inflated insurance costs for insurance companies and consumers.The attorney generals allegations have not been proven in court. The principle defendant in the case,…
Court orders Kitchener brokers, brokerage to pay $1.9 million in client-poaching case
October 4, 2007 by Canadian UnderwriterThe Ontario Superior Court has ordered two Kitchener, Ontario brokers and brokerage Stevenson & Hunt Insurance Brokers to pay Cdn$1.9 million in a case related to client-poaching.Tim Allan and Jeff Kienapple were commercial insurance producers with H. L. Staebler Company…
What’s New: In Brief (October 04, 2007)
October 4, 2007 by Canadian UnderwriterJeffrey T. Bowman has been named president and CEO of Crawford & Company, effective Jan. 1, 2008. The current president and CEO, Thomas W. Crawford, will serve as chairman of the board, while current chair, Jesse Crawford, will step down…
What’s New: In Brief (October 03, 2007)
October 3, 2007 by Canadian UnderwriterAllstate Insurance Company of Canada has launched a new product, Your Choice Home, which allows consumers to personalize their home insurance. Customers will be able to select a home insurance policy that suits their needs and will now be able…
Broker competition to intensify over coming decade
October 3, 2007 by Canadian UnderwriterCompetition for both brokers and underwriters will increase and grow more intense, keeping regulatory intervention at bay, Patrick Ryan, executive chairman, Aon Corp., told delegates at the National Insurance Conference of Canada in Montreal.During the one-on-one session with George Cooke,…
What’s New: In Brief (October 01, 2007)
October 1, 2007 by Canadian UnderwriterOptimum General Inc. has become a Full Partner of the Broker Identity Program (BIP) for 2007, the Insurance Brokers Association of Canada (IBAC) announced.By investing in the program, Optimum supports the message being delivered every day to consumers, legislators, government…
What’s New: In Brief (October 01, 2007)
October 1, 2007 by Canadian UnderwriterStandard & Poors Rating Services increased The Guarantee Co. of North Americas long-term counterparty credit and financial strength ratings from an A- to a BBB+. According to Standard and Poors rating report, the ratings are reflective of the companys strong…
What’s New: In Brief (September 26, 2007)
September 26, 2007 by Canadian UnderwriterThe Insurance Brokers Association of Canada announced its board of directors and executive committee for 2007-2008 at its annual general meeting in Whistler, B.C.The executive committee is comprised of: Larry Kozakevich, chairman; Danny Craig, president; Peter Fredericks, president-elect; Justin MacGregor,…
Cooke Insurance acquires Hutchinson & Warren
September 25, 2007 by Canadian UnderwriterCharlie Cooke Insurance Agency Ltd. has acquired the shares of Maritime-based insurance brokerage Hutchinson & Warren Insurance Services Ltd. Hutchinson & Warren is a Cdn$9 million broker based in Rexton, N.B., a Cooke Insurance release says.With the purchase, Cooke Insurance…
IBAC sets sights on brokerage ownership and control
September 24, 2007 by Canadian UnderwriterWith the issue of the Bank Act officially retired as of early this year (for another five years, at least), the Insurance Brokers Association of Canada (IBAC) is now setting its sights on what brokers do when they choose to…
Hub International to acquire Totten Insurance Group
September 19, 2007 by Canadian UnderwriterHub Ontario, a subsidiary of Hub International Limited, entered into a definitive agreement to acquire all of the stock of Totten Insurance Group Inc. (Totten), a Canadian specialty insurance wholesaler that develops niche products and provides solutions for unusual lines…
Ian Stuart Smith receives eight-year prison sentence for fraud scheme
September 19, 2007 by Canadian UnderwriterCanadian resident Ian Stuart Smith has been sentenced to more than eight years in prison for his part in a fraud scheme, in which insurance agents for various entities throughout the United States and Canada were induced to purchase millions…