Segment
Brokers
AIG’s Q4 profits plummet
March 17, 2006 by Canadian UnderwriterAmerican International Group (AIG) quarterly profits dropped 72% as a result of over US$2 billion in charges for regulatory settlements and increased reserves. In addition to these financially damaging the losses related to last year’s U.S. hurricanes also hurt AIG’s…
IBAC partners up with CFIB
March 16, 2006 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) and the Canadian Federation of Independent Business (CFIB) have agreed to work together to present a united voice on issues affecting both small businesses and insurance brokerages.“Looking back, both organizations recognize the huge…
MMC faces more bid-rigging charges
March 15, 2006 by Canadian UnderwriterMarsh & McLennan Companies, Inc., is facing charges of bid-rigging in a civil lawsuit recently filed by Florida’s Attorney General Charile Crist. In the suit, Crist alleges that Marsh & McLenan illegally manipulated insurance markets to obtain improper commissions and…
What’s New: In brief (March 13, 2006)
March 13, 2006 by Canadian UnderwriterWillis Group Holdings (NYSE: WSH) has appointed of three new members to the Canadian Advisory Board of Willis Canada Inc. Robert Hogan, D. Udo Nixdorf, and Bernard R. Wilson will join Willis Canada as senior members and advisors. Hogan, LL.M.…
National Bank of Canada CEO calls Bank Act “anachronistic”
March 9, 2006 by Canadian UnderwriterShortly after Royal Bank CEO Gordon Nixon decried the “absurdity” of Canada’s Bank Act, referring to the act’s provisions that prevent banks from retailing insurance within their local branches, National Bank of Canada president and CEO Ral Raymond told his…
Royal Bank CEO turns up heat in Bank Act issue
March 7, 2006 by Canadian UnderwriterRoyal Bank President and CEO Gordon Nixon said recently that a Canadian law preventing banks from retailing insurance “does not make any sense.”“Canada is the only developed country in the world that prohibits consumers and small business owners from buying…
Willis acquires Gueits, Adams & Company (March 03, 2006)
March 3, 2006 by Canadian UnderwriterWillis Group Holdings Limited (NYSE: WSH) has acquired New York-based Gueits, Adams & Company. Specializing in jewelers block insurance, Gueits, Adams reports annualized revenues of approximately US$4 million. The terms of the transaction, effective Feb. 1, 2006, have not been…
Hub International announces Q4 results, strategic alliance
March 1, 2006 by Canadian UnderwriterHub International Limited (NYSE:HBG)(TSX:HBG) is reporting a fourth-quarter revenue of US$114.1 million up 12% from US$101.5 million in the same period of 2004. For the year, net earnings from continuing operations were flat on a 25% increase in revenue. Results…
Business insurance quotes now available online
February 28, 2006 by Canadian UnderwriterAn online insurance marketplace, kanetix, is expanding its online quote service to include Ontario business insurance, the company has announced.“Before we added business insurance to the quote service, insurance shoppers coming to kanetix could get quotes for their personal auto,…
What’s New: In Brief (February 28, 2006)
February 28, 2006 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. (TSX:ACL) has appointed Robert M. Sadleir to the Corporation’s board of directors. Sadleir is a chartered accountant and vice-president finance for Cal-Gas Inc. Sadleir offers knowledge and experience in the areas of finance, corporate…
Willis welcomes CFO to North American post
February 20, 2006 by Canadian UnderwriterWillis Group Holdings Ltd. recently hired Derek A. Smyth as chief financial officer of the brokerage’s North American operations.Smyth has 13-years experience at General Electric Co., during which time he served as vice-president securitization, strategic pricing and financial planning and…
Allianz merges with Nordic Insurance Company
February 20, 2006 by Canadian UnderwriterAllianz Insurance Company of Canada and The Nordic Insurance Company of Canada, both insurance subsidiaries of ING Canada Inc. (TSX:IIC.LV), have announced their intention to amalgamate under the name The Nordic Insurance Company of Canada. The transaction is subject to…