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What’s new: In brief (May 17, 2004)

May 17, 2004 by Canadian Underwriter

Reporting at the Alberta Brokers Conference, new Insurance Brokers Association of B.C. (IBABC) president Brian Fitzpatrick says he was “shocked by the firing of Nick Geer”, CEO of Insurance Corp. of B.C. “Many people saw him as one of the

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Western Financial net income up 537% in first quarter

May 16, 2004 by Canadian Underwriter

Alberta-based broker network and bank Western Financial Group (TSX: WES) is reporting net income for the first quarter ending March 31, 2004 hit $784,000, a whopping 537% increase over a year ago, when the company reported income of $123,000. This

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What’s new: In brief (May 12, 2004)

May 12, 2004 by Canadian Underwriter

AXA Canada Inc’s subsidiaries have seen their financial strength ratings affirmed by A.M. Best. AXA Assurances and AXA Assurances Agricoles are affirmed at “A+” (excellent) with a stable outlook. AXA Pacific is affirmed at “A” (excellent with a stable outlook.

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Hub continues U.S. expansion

May 9, 2004 by Canadian Underwriter

Broker network Hub International Ltd. has announced its second acquisition in the past two weeks, with the purchase of Lyman Insurance Agency Inc. and Conly-Lyman Insurance Agency Inc.The Wilmington-based agencies were purchased by “hub” brokerage C.J. McCarthy to expand the

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Western to buy back shares, expands in Alberta

May 4, 2004 by Canadian Underwriter

Alberta-based Western Financial Group Inc. (TSX: WES) says it will make a bid to repurchase shares and debentures through the Toronto exchange.The company will buy back up to 918,265 of its common shares, or 5% of the outstanding and issued

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Hub profits up 8% in first quarter

April 29, 2004 by Canadian Underwriter

Broker network Hub International (NYSE/TSX: HBG) posted net income up 8% in the first quarter 2004, to US$9.6 million, compared with US$8.9 million in the first quarter of 2003.This is dispute a US$1.7 million after-tax write-off following the company’s move

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Loyalist completes turnaround for profitable 2003

April 29, 2004 by Canadian Underwriter

After successive quarters in the red, and following a restructuring process, The Loyalist Insurance Group (TSX Venture: LOY) has posted a profit for 2003 of $185,000. Although modest, the income comes against a lost of almost $3.9 million for 2002.Results

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Hub brokerage amongst those subpoenaed in New York broker probe (April 28, 2004)

April 28, 2004 by Canadian Underwriter

Hub International’s Kaye Insurance Associates Inc. is amongst a group of brokerages who are being asked to provide information to New York Attorney General Eliot Spitzer as part of a probe into contingent commissions.Also receiving subpoenas thus far are Marsh,

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Hub buys Washington construction specialty broker

April 27, 2004 by Canadian Underwriter

Hub International Ltd. has established its 11th “hub”, this time in the Pacific Northwest U.S., with the purchase of Seattle, Washington-based Bush, Cotton & Scott, LLC. The brokerage specializes in general insurance and surety bonding for construction firms in Washington,

News InsuranceMergers and Aqcuisitions

Pafco becomes stand-alone company

April 26, 2004 by Canadian Underwriter

Former Pembridge brand Pafco has received a federal charter to operate as a stand-alone company, although it will continue to target the high-risk or non-standard auto market as before. Pafco has also applied for provincial licenses in Ontario, New Brunswick

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B.C. brokers to offer insurance premium financing vehicle

April 25, 2004 by Canadian Underwriter

The Insurance Brokers Association of B.C. (IBABC) says its members will offer a new premium financing program to small businesses through a partnership with Scotiabank and technology firm GHR Systems Inc.IBABC executive director says the move is a response to

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CIAB survey shows reduced commercial risk pricing for 1-Q

April 20, 2004 by Canadian Underwriter

The latest quarterly market index produced by the U.S.-based The Council of Insurance Agents & Brokers (CIAB) suggests that pricing of commercial business either declined or remained flat across the various size segments of the marketplace during the first quarter