Looting in New Orleans in the wake of Hurricane Katrina has cost Jewelers Mutual Insurance Co. nearly $700,000 in claims, the company’s chief operating officer has told A.M. Best’s news service.Jewelers Mutual is based in the U.S. and also operates…
Canada’s banking industry has issued a response to the Insurance Brokers Association of Canada (IBAC) recent press release, which stated that consumers benefit from choice and competition in the insurance marketplace. The bank response stated that bankers “couldn’t agree more”…
The Insurance Brokers Association of Canada (IBAC) says it is “optimistic” the federal government won’t allow local bank branches to advertise insurance products after learning that Finance Minister Ralph Goodale is putting off a final decision about bank mergers.Goodale recently…
Chicago-based Hub International Limited (NYSE/TSX:HBG) has completed its purchase of Personal Lines Insurance Brokerage Inc. (PLI) from The Chubb Corporation.The acquisition expands Hub’s position in personal insurance across most of the United States and grows personal lines to nearly 20%…
Peel Maryborough Mutual Insurance Company has become the 40th property and casualty insurance company to become a member of the Centre for Study of Insurance Operations (CSIO).CSIO is Canada’s national standards association of property and casualty insurance companies, broker management…
The Insurance Bureau of Canada (IBC) is hailing Canadian Attorney General Irwin Cotler for introducing new legislation to help curb organized auto theft, while at the same time calling on Canada’s department of justice to impose tougher penalties.“We are encouraged…
New York’s Marsh & McLennan Companies, Inc. (MMC) has received a response from 70,000 policyholders eligible to participate in the compensation fund MMC established as part of its settlement with the New York Attorney General and Superintendent of Insurance in…
Aon Corporation (NYSE: AOC) recently signed a definitive agreement to sell Swett & Crawford, its U.S.-based wholesale broking operation, to an investor group including Hicks, Muse, Tate & Furst Inc. (HMTF), Banc of America Capital Investors and Emerald Capital. A…
Working collaboratively through the National Association of Insurance Commissioners (NAIC), over 30 state insurance regulators recently adopted a multi-state regulatory settlement with Marsh & McLennan Cos. Inc. The settlement agreement will ensure that Marsh implements the compensation and disclosure reforms…
The Insurance Brokers Association of Canada (IBAC) will be holding its first-ever National Best Practices Symposium on October 18-19, 2005, in conjunction with the IBAO Convention at the Royal York Hotel, Toronto.“The Best Practices Management Institute features sessions by knowledgeable…
Fairfax Financial Holdings Limited (TSX:FFH.SV)(NYSE:FFH) has received a subpoena from the U.S. Securities and Exchange Commission (SEC), requesting documents regarding nontraditional insurance/reinsurance transactions made or products offered by entities of the Fairfax group.Fairfax says it is cooperating with the SEC…
Hub International Limited (NYSE/TSX: HBG) today announced the fold-in acquisition of The Innovators Insurance Agencies Ltd. (Innovators) by its regional hub, Hub International Barton Limited (HUB Barton), which services British Columbia, Canada. Innovators operates primarily in the Kootenay Region of…