Segment
Brokers
Echelon opposes proposed Facility Association changes (April 17, 2007)
April 17, 2007 by Canadian UnderwriterEchelon is strongly opposed to the Ontario Facility Associations most recent proposal to redesign its residual market structures, according to a statement from the company.The proposed changes would revamp the current Risk Sharing Pool (RSP) which was originally designed to…
Integro appoints new chief financial officer
April 16, 2007 by Canadian UnderwriterIntegro Ltd. announced the appointment of Robert F. X. Feeney as chief financial officer.Feeney succeeds Joseph Salerno, a member of the initial leadership team, who is retiring, says an Integro press release.In his role as CFO he will have responsibility…
What’s New: In Brief (April 11, 2007)
April 11, 2007 by Canadian UnderwriterRandy Carroll has been appointed CEO of the Insurance Brokers Association of Ontario (IBAO). With more than 20 years of experience in insurance brokerage operations, Carroll has held the position of chief operating officer of the IBAO since April 2005.…
Flanders Insurance Management fined $200,000
April 5, 2007 by Canadian UnderwriterFlanders Insurance Management and Administrative Services Ltd. has pleaded guilty to 210 counts filed against it by the Autorit des marches financiers (AMF) and has been ordered to pay more than $200,000 in fines.The Winnipeg-based business pleaded guilty to the…
Integro launches global insurance/reinsurance unit
April 5, 2007 by Canadian UnderwriterIntegro Ltd. announced the formation of an international insurance and reinsurance business unit, designed to offer unique worldwide insurance and reinsurance business capabilities for independent brokers and partners. Based in London, its brokers will have access to the global markets…
FSCO announces plans to regulate wholesale insurance brokers
April 3, 2007 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) says it intends to “draft recommendations for the licensing of wholesale brokers and re-insurance intermediaries to enhance consumer protection as one of its priorities for 2007.The Ontario insurance regulators list of 2007 priorities…
Willis targets small global companies
April 3, 2007 by Canadian UnderwriterWillis Group Holdings Limited (NYSE: WSH) announced that it is increasing its effort to grow its business among small companies around the world. As a component of Shaping Our Future, a series of strategic initiatives, Willis is targeting this segment…
Bank Act review officially over, IBAC thanks Parliament (April 02, 2007)
April 2, 2007 by Canadian UnderwriterIts official: The 2005-07 Bank Act review has finally been laid to rest.The Insurance Brokers Association of Canada (IBAC) on Apr. 2 applauded the Parliament of Canada for passing bill C-37 in late March.As passed, the bill does not give…
What’s New: In Brief (March 28, 2007)
March 28, 2007 by Canadian UnderwriterING Canada (TSX:IIC) has just purchased for cancellation just over Cdn$500 million of its common shares.More than C$500 million worth of ING Canadas common shares were tendered to a bid. Since the auction process was oversubscribed, ING announced in a…
What’s New: In Brief (March 22, 2007)
March 22, 2007 by Canadian UnderwriterTIC Travel Insurance Coordinators Ltd. raised almost Cdn$17,000 for charity this past holiday season as a result of the companys decision to donate to charity on behalf of customers rather than spending money on holiday gifts.Three charities benefited from the…
Hub amends merger agreement with Apax, Morgan Stanley
March 22, 2007 by Canadian UnderwriterHub International Limited (NYSE:HBG) (TSX:HBG)(“Hub”), a North American insurance broker, has amended the agreement by which it will be acquired by Apax Partners (“Apax”) and Morgan Stanley Principal Investments (“MSPI”).According to Hub, the change in the agreement calls for, among…
Willis chairman pushes for global principles-based regulations
March 22, 2007 by Canadian UnderwriterJoe Plumeri, chairman and CEO of Willis Group Holdings (NYSE: WSH), the global insurance broker, stressed the importance of embracing a principles-based rather than a rules-based approach not just to regulation, but to running the entire industry at the UKs…