Segment
Brokers
What’s new: In brief (February 09, 2007)
February 9, 2007 by Canadian UnderwriterWillis 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…
Willis Group Holdings posts 2006 profit of US$449 million
February 8, 2007 by Canadian UnderwriterGlobal 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,…
Hub International acquires Bart Proud Insurance
February 1, 2007 by Canadian UnderwriterHub 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…
Marsh sells Putnam to Great-West Lifeco for US$3.9 billion
February 1, 2007 by Canadian UnderwriterMarsh & 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…
What’s New: In Brief (January 31, 2007)
January 31, 2007 by Canadian UnderwriterAnthony 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…
Arthur J. Gallagher to buy Lowndes
January 29, 2007 by Canadian UnderwriterArthur 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.…
Kingsway Financial Services to acquire Mendota Insurance Company
January 24, 2007 by Canadian UnderwriterKingsway 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.…
Lloyd’s emphasizes unpredictability of political risk
January 23, 2007 by Canadian UnderwriterDespite 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…
Toronto police chief committed to ending highway deaths
January 23, 2007 by Canadian UnderwriterMore 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…
Stewart-Greenslade acquires N.D. Taylor Ltd. of Manitoba
January 18, 2007 by Canadian UnderwriterStewart-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.…
What’s New: In Brief (January 17, 2007)
January 17, 2007 by Canadian UnderwriterGore Mutual Insurance Company has donated Cdn$1 million to their charitable Foundation.This is the third year in a row the company has made a Cdn$1-million contribution to the Gore Mutual Foundation.The Foundation was established to support worthwhile causes in the…
ING announces major shifts within executive staff
January 16, 2007 by Canadian UnderwriterING Canada has announced a major shuffle of its senior executive staff, with Charles Brindamour assuming the newly created role of COO, Derek Iles accepting the title of president of ING Insurance, and the retirement of two executive staff members…