Segment
Brokers
Robert Lockhart resigns from Hilb Rogal
May 29, 2005 by Canadian UnderwriterIn response to recent scandals surrounding the procurement of improper payments to steer accounts to insurers, the former president and chief operating officer of Hilb Rogal & Hobbs Robert Lockhart has resigned. Hilb Rogal, the seventh-largest U.S. insurance broker, dropped…
Alpine acquires Calgary-based brokerage
May 26, 2005 by Canadian UnderwriterRegional broker network consolidator Alpine Insurance & Financial Inc. has acquired Benefit Insurance Ltd., a Calgary-based brokerage. The terms of the deal have not been disclosed.Benefit Insurance will become the fifth branch-office of the Alpine network, and serve as the…
Marsh & McLennan pay Colorado Policyholders $12.7 Million
May 25, 2005 by Canadian UnderwriterOver 100 Colorado policyholders have received offers totaling $12.7 million from Marsh & McLennan Companies Inc. as part of Marsh’s agreement with New York Attorney General Eliot Spitzer to create a $850 million restitution fund, according to a statement recently…
Gallagher reaches agreement, must pay $27 million through fund
May 19, 2005 by Canadian UnderwriterArthur J. Gallagher & Co., the Illinois Attorney General and Illinois’s director of insurance have reached an agreement regarding the industry-wide contingent commission investigations.Upon pleading no liability or wrongdoing, Gallagher is not required to issue an apology. Based on terms…
IFRIMA releases position paper regarding the role of a broker
May 19, 2005 by Canadian UnderwriterA brokers role may vary greatly from company to company, according to a position paper released today by the International Federation of Risk and Insurance Management Associations (IFRIMA).IFRIMA believes that the current business model established by brokers and insurers does…
IBAO appoints chief operating officer
May 17, 2005 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) appointed Randy Carroll as its chief operating officer. Effective May 1, Carroll began directing the daily operations at IBAO. Preparing for this transition from his three-year tenure as director of operations for the…
Hub acquires Seattle-based specialty brokerage
May 16, 2005 by Canadian UnderwriterBroker network consolidator Hub International Ltd. (TSX: HBG) has purchased Seattle-based Tash Lyle & Jones for an undisclosed sum. Tash Lyle specializes in employee benefits insurance.Hub says Tash Lyle will be integrated into the broker network’s Bush, Cotton & Scott…
Western Financial sees strong 1-Q earnings
May 15, 2005 by Canadian UnderwriterWestern Financial Group (TSX: WES) lifted net income for the first quarter of this year by 80% to $1.1 million from the $587,000 disclosed for the same period in 2004. Earnings for the latest reporting period clocked in at 4c…
Hub gains approval for equity incentive plan
May 12, 2005 by Canadian UnderwriterHub International Ltd. (TSX: HBG) has gained shareholder approval for its 2005 equity incentive plan (EIP) and the election of new board director. Hub says that the new EIP does not increase the number of equity awards that the company…
IBAM appoints new president at AGM
May 11, 2005 by Canadian UnderwriterThe Insurance Brokers Association of Manitoba (IBAM) has appointed Tony Taronno, managing partner of Winnipeg-based Horizon Tuxedo, as its president for the 2005/6 annual term. Taronno takes over the helm from George Miller who will now assume the role of…
Western Financial acquires minority stake in B.C. broker
May 10, 2005 by Canadian UnderwriterFinancial services group and broker network consolidator Western Financial Group (TSX: WES) has acquired a minority shareholding in Falkins Insurance Group, a major brokerage network operating from 10 locations in British Columbia’s southeastern region. The terms of the deal have…
Ontario insureds left without insurance
May 10, 2005 by Canadian UnderwriterApproximately 400 insureds who purchased home, auto or commercial insurance from York Commonwealth Direct Insurance Co. do not have coverage at the moment, says a Registered Insurance Brokers of Ontario (RIBO) statement. The broker self-regulating body says it has begun…