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Hub to acquire large Lousisiana-based insurance agency

February 14, 2007 by Canadian Underwriter

Hub International Limited has agreed to acquire substantially all of the assets of one of the largest Louisiana-based insurance brokers, Hibernia Insurance Agency, L.L.C., according to a press release.Hibernia Insurance, an $18 million revenue brokerage firm, will become a new

News Insurance

FSCO to review industry’s adoption of CCIR principles

February 9, 2007 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has served notice of its intention in 2007 to “review the use” by insurers, agents and brokers of CCIR [Canadian Council of Insurance Regulators] principles related to the disclosure of potential conflicts of

News Insurance

What’s new: In brief (February 09, 2007)

February 9, 2007 by Canadian Underwriter

Willis Group Holdings shared its experience of transparency at a public hearing in Brussels recently on business insurance that was hosted by the European Commission (EC).At the public panel discussions, the EC presented the preliminary findings of a Europe-wide Sector

News Insurance

Willis Group Holdings posts 2006 profit of US$449 million

February 8, 2007 by Canadian Underwriter

Global insurance broker Willis Group Holdings Limited (NYSE: WSH) has reported a 2006 Q4 net income of US$148 million, compared with a 2005 Q4 net income of US$55 million.Throughout all of 2006, Willis reported a net income of US$449 million,

News Insurance

Hub International acquires Bart Proud Insurance

February 1, 2007 by Canadian Underwriter

Hub International Limited (NYSE: HBG) (TSX: HBG) has continued its penetration of the transportation insurance market, acquiring New Jersey-based Bart Proud Insurance (Proud). Proud, with US$3 million in revenue, has entered into a definitive purchase agreement with Hub International Pennsylvania

News Insurance

Marsh sells Putnam to Great-West Lifeco for US$3.9 billion

February 1, 2007 by Canadian Underwriter

Marsh & McLennan Companies, Inc. (MMC) has announced the sale of Putnam Investments to Great-West Lifeco Inc., a financial services holding company controlled by Canada-based Power Financial Corporation, for US$3.9 billion in cash.Putnam Investments is a global money management firm

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (January 31, 2007)

January 31, 2007 by Canadian Underwriter

Anthony Clark Insurance Brokers Ltd. has announced the purchase of the customer accounts of Universal Insurance Brokers Ltd., a Calgary-based general insurance broker. Anthony Clark purchased the customers accounts for $468,000. The purchase price was financed with cash and seller

News Insurance

Arthur J. Gallagher to buy Lowndes

January 29, 2007 by Canadian Underwriter

Arthur J. Gallagher & Co. recently announced the signing of a definitive agreement to acquire the Lowndes Lambert Group Canada, Ltd. headquartered in Toronto, Ontario.The transaction is expected to close mid-February, 2007. Terms of the transaction were not disclosed.Philip G.

News InsuranceMergers and Aqcuisitions

Kingsway Financial Services to acquire Mendota Insurance Company

January 24, 2007 by Canadian Underwriter

Kingsway Financial Services Inc. announced it has reached an agreement to acquire Mendota Insurance Company, a wholly owned subsidiary of the St. Paul Travelers Companies Inc.The transaction includes Mendota’s wholly owned subsidiaries, Mendakota Insurance Company and Mendota Insurance Agency Inc.

News Insurance

Lloyd’s emphasizes unpredictability of political risk

January 23, 2007 by Canadian Underwriter

Despite the insurance industry’s efforts to predict potential risks with a view to preparing for the worst, political risks remain a highly unpredictable area according to a recent posting on Lloyd’s Web site.Lloyd’s online article, “Preparing for Political Risk,” is

News Insurance

Toronto police chief committed to ending highway deaths

January 23, 2007 by Canadian Underwriter

More Canadians will die in car accidents than by any other criminal offence, Bill Blair, Toronto’s chief of police told the Insurance Brokers of Toronto and Region (IBTR). He put the onus on the drivers to take care behind the

News Insurance

Stewart-Greenslade acquires N.D. Taylor Ltd. of Manitoba

January 18, 2007 by Canadian Underwriter

Stewart-Greenslade Insurance Brokers Ltd. has purchased N.D. Tyler Ltd. of Portage La Prairie, Manitoba, according to an online report in The Daily Graphic.“We’re very excited,” Brent Gilbert, president of Stewart-Greenslade, told Shannon VanRaes of the Portage La Prairie newspaper. “N.D.