Segment
Brokers
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…
Banks take branch insurance sales to Supreme Court
April 18, 2006 by Canadian UnderwriterCanada’s largest banks have asked the Supreme Court of Canada to rule the Alberta Insurance Act be ruled “constitutionally inoperable or inapplicable to federally-regulated banks that promote the sale of insurance to their customers,” A.M. BestWire reports.At the Alberta Court…
What’s New: In Brief (April 18, 2006)
April 18, 2006 by Canadian UnderwriterMartin Ouellet has been named regional sales manager for Canada at Applied Systems, Inc. Most recently, Ouellet was a senior sales consultant for Applied Systems Canada, devoting eight of his 12 years in technology sales and sales management to growing…
FSCO outlines priorities for 2006
April 12, 2006 by Canadian UnderwriterDeveloping principles concerning conflict of interest, developing a model for privilege and whistle-blowing protection and streamlining agent and broker licensing in Ontario are among the Financial Services Commission of Ontario (FSCO)’s priorities for 2006.Section 11 of the FSCO Act requires…
Willis expands Toronto group
April 7, 2006 by Canadian UnderwriterWillis Group Holdings, Ltd. (NYSE: WSH) is strengthening its Canadian contingent with the appointment of five new insurance professionals to its Canadian operations. The new Toronto-based employees include Ayesha Navarro, Murray Kammer, Charles Fogden, Matthew Cook, and Douglas Bundock.Formerly senior…
Insurance cheaper on the Internet: study
April 5, 2006 by Canadian UnderwriterCanadian Direct Insurance, a company in B.C. and Alberta that sells insurance by telephone, says it has conducted a market survey that suggests Alberta drivers could reduce their auto insurance premiums by up to 40% a year by buying over…