Segment
Brokers
Global insurance brokers face future challenges (September 27, 2006)
September 27, 2006 by Canadian UnderwriterInsurance brokers worldwide face challenges as a result of New York Attorney General Eliot Spitzer’s investigation into bid-rigging in the insurance broker industry, according to a recent report published by Standard & Poor’s Rating Services.S&P’s report, entitled “Challenges Still Loom…
What’s New: In Brief (September 25, 2006)
September 25, 2006 by Canadian UnderwriterICBC is planning to drop a car from a 50-foot crane at the PNE fairgrounds in Vancouver to illustrate graphically the damage of a head-on crash between a car moving at 60 km-h and a stationary object.The public event will…
Integro and Indemnis partner up
September 25, 2006 by Canadian UnderwriterIntegro Insurance Brokers has implemented a new business venture with Indemnis Trade Risk Management, which will allow the broker to offer new trade risk management programs to its North American clients. “We are enthusiastic about our firm’s collaboration with Indemnis…
Willis North America welcomes new CEO
September 22, 2006 by Canadian UnderwriterWillis North America has appointed Don Bailey to the position of chief executive officer. Bailey succeeds Mario P. Vitale, who, after six years at Willis, will leave the brokerage to take the position of CEO of Zurich’s Global Corporate North…
Popularity of reinsurance modelling increases
September 19, 2006 by Canadian UnderwriterCompanies attempting to optimize their reinsurance programs are turning to reinsurance modeling more and more, A.M. Best reports.The ratings agency notes Raju Bohra, a senior vice president at Willis Re Inc., made the observation at the 111th National Association of…
AFN partners with CINUP to serve First Nations’ P&C needs
September 15, 2006 by Canadian UnderwriterAFN Insurance Brokers Inc. (AFN) has partnered with CINUP, a division of the Rice Financial Group Inc. (a subsidiary of Jovian Capital Corporation (JVN:TSX-V)) to offer a convenient one-stop insurance solution to serve the distinct needs of Canada’s First Nations…
Marsh to eliminate 750 staff positions
September 15, 2006 by Canadian UnderwriterMarsh & McLennan Companies, Inc. (MMC) is planning to save about US$350 million by 2008, in part through the reduction or attrition of 750 staff positions.“Beginning a year ago, we initiated an effort to rationalize MMC’s IT infrastructure, institutionalize firm-wide…
Norwich Union to cut 4,000 jobs in U.K.
September 14, 2006 by Canadian UnderwriterFollowing a review of its businesses, Norwich Union, a subsidiary of Aviva and the U.K.’s largest insurer, is poised to reduce its U.K. workforce by 4,000 prior to the end of 2007.“Approximately half of [the workforce reductions] are anticipated to…
Dominion includes fraud insurance in homeowners’ package
September 14, 2006 by Canadian UnderwriterThe Dominion of Canada General Insurance Company (“The Dominion”) is now automatically including up to $25,000 of identity fraud expense coverage in its and Chieftain’s homeowners, tenants and condominium policies, subject to a $250 deductible.The Dominion announced it is not…
Oxygen Holdings introduces reinsurance broker
September 13, 2006 by Canadian UnderwriterOxygen Holdings P.L.C. recently introduced a reinsurance broker, Oxygen Re that will serve buyers of non-marine, marine and aviation treaty reinsurance and retrocessional covers.In addition, London-based Oxygen Holdings says it will introduce third-party capital in various forms to support underwriting.The…
Aon to accept contingent compensation
September 8, 2006 by Canadian UnderwriterAon Corp. is the newest of a number of brokers who have the go-ahead to accept profit-based commissions from insurers under the terms that the broker is acting as the insurers managing general agent or underwriting manager.The agreement, reached with…
What’s New: In brief (September 07, 2006)
September 7, 2006 by Canadian UnderwriterIn a survey conducted by US-based Flasphler Research Group, Hannover Re came out as the best overall reinsurer for the second time in succession. In addition the survey says the company’s standing showed further appreciable improvement in the assessment of…