Segment
Brokers
Aon net income drops
May 5, 2006 by Canadian UnderwriterThe first quarter 2006 net income for broker Aon Corporation (NYSE: AOC) has dropped slightly to US$198 million (US$0.57 per share) from its reported 2005 net income of US$200 million (US$0.59 per share). The net income fell as a result…
Odyssey Re appoints Peter Bennett to board
May 5, 2006 by Canadian UnderwriterOdyssey Re Holdings Corp. (NYSE: ORH) has elected Peter M. Bennett to serve on its board of directors. Mr. Bennett has more than 40 years of experience in the insurance industry. He was president of Canadian International Reinsurance Brokers from…
Willis reports US$671 million Q1 2006 results
May 4, 2006 by Canadian UnderwriterWillis Group Holdings Ltd (NYSE: WSH) first quarter 2006 revenues increased slightly to US$671 million from the US$669 million for the same in 2005. Willis Group says the effect of foreign currency translation decreased reported revenues by 5% and net…
Marsh reports 1% decrease in 2006 1Q revenues
May 3, 2006 by Canadian UnderwriterMarsh & McLennan Companies, Inc. (MMC) reported its consolidated revenues in 2006 1Q were US$3 billion a 1% decline from 2005 1Q. Overall net income in 2006 1Q was US$416 million, compared with US$134 million in 2005. “A number of…
OARBIC releases new transactional insurance portal
May 2, 2006 by Canadian UnderwriterOARBIC, a specialized IT consulting firm for the property and casualty insurance industry, has just released a new transactional insurance portal called the OARBIC Software Enterprise Application (OSEA). OSEA provides a customizable ‘front end’ and dynamic link to one or…
Loyalist reports decreasing revenues
May 1, 2006 by Canadian UnderwriterThe Loyalist Insurance Group Limited (TSX Venture Exchange symbol: LOY), which operates in three Ontario locations as well as Charlotte, North Carolina, has reported decreasing revenues for the year ending 2005 from $2.43 million in 2004 to $2.011 million in…
Family reception for late Arthur Despard moved to June 21
April 28, 2006 by Canadian UnderwriterThe family of the late Arthur Despard has decided to postpone a previously-announced reception to celebrate his life. The family originally planned to hold a reception on Saturday, May 20 (what would have been Despard’s 73rd birthday). However, since this…
Hub credits acquistions, Canadian dollar for revenue growth
April 28, 2006 by Canadian UnderwriterHub International Limited (NYSE:HBG) (TSX:HBG) is crediting its acquisitions strategy in part for 2006 1Q revenue growth of 12% – from US$119.2 million to US$134.1 million.“We are off to a solid start in 2006, with measurable progress on all fronts,”…
Police arrest eight in auto insurance fraud investigation
April 27, 2006 by Canadian UnderwriterEight Greater Toronto Area residents face 97 charges after the Toronto Police Fraud Squad, the Toronto Strategic Partnership, members of 33 Division and various insurance industry members concluded a four-and-a-half month investigation into the alleged production and sale of illegal…
Zycomp partners with Brovada to provide SEMCI solution
April 27, 2006 by Canadian UnderwriterZycomp Systems Limited, a B.C.-based developer of computer management systems for Canadian insurance brokerages, has formed a partnership with Brovada Technologies Inc. to make Nexisys available to all Power Broker users. Zycomp’s Power Broker product is currently installed in 1,250…
IBAO urges members to counteract credit unions’ lobby
April 25, 2006 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) is calling on its membership to lobby against provincial legislative changes that would allow credit unions to retail insurance in their branch networks.“The livelihood of insurance brokers is being threatened by Ontario’s credit…
Survey shows softening U.S. commercial market
April 21, 2006 by Canadian UnderwriterThe United States seems to be experiencing the same signs of commercial market softening as is developing in Canada, according to a recent survey by the Washington, D.C.-based Council of Insurance Agents & Brokers (CIAB).“Commercial property/casualty rates were flat or…