Segment
Brokers
ORIMS PD DAY: Keynote speaker calls for end to broker commissions
March 2, 2005 by Canadian UnderwriterBroker commissions should be history, and broker compensation should come from the client rather than the insurer, says the keynote speaker to Wednesday’s Ontario Risk & Insurance Management Society (ORIMS) “Professional Development Day”.Felix Kloman, editor of Risk Management Reports told…
Marsh plans 2,500 more job cuts
March 1, 2005 by Canadian UnderwriterReleasing its 2004 yearend results this week, Marsh says it may cut as many as 2,500 more jobs worldwide in an effort to reduce costs. This comes on top of 3,000 job cuts already made since the investigation into alleged…
What’s new: In brief (March 01, 2005)
March 1, 2005 by Canadian UnderwriterRIMS has announced the CEOs of two of the world’s largest insurance brokerages will take part in a keynote panel on the broker compensation issue at its annual conference in Philadelphia this April. Marsh CEO Michael G. Cherkasky and AON…
Western Financial now official parent of Federated Life
February 28, 2005 by Canadian UnderwriterThe sale of Fairfax’s Federated Life to Western Financial Group is now complete, with the company’s name to be changed to Western Life Assurance Co. Western Financial purchased the life insurer from Fairfax’s Northbridge Financial Corp. for $20 million, with…
New IBAC TV campaign includes brokers’ personal stories
February 27, 2005 by Canadian UnderwriterA new media campaign already underway for the Insurance Brokers Association of Canada (IBAC) includes television vignettes featuring independent brokers talking about the value they bring to consumers.IBAC spokesperson Janine Cavin says that as part of its media buy, the…
B.C. tourism operators launch insurance and risk management program
February 27, 2005 by Canadian UnderwriterIn response to rising premiums and availability issues, B.C.’s tourism operators have some new tools to improve their risk profile and hopefully receive lower rates, but also to provide coverage in specific sectors.The province’s Council of Tourism Associations has put…
Spitzer announces tenth guilty plea in commission scandal
February 24, 2005 by Canadian UnderwriterNew York Attorney General Eliot Spitzer has announced another guilty plea on the part of a Marsh executive to charges of fraud and bid-rigging of insurance contracts.The woman, who is a former managing director at Marsh, pleaded guilty in New…
What’s new: In brief (February 24, 2005)
February 24, 2005 by Canadian UnderwriterFlorida is the second state this week to introduce legislation to prioritize asbestos and silica lawsuits. Republican representative Joe Pickens has put forward House Bill 1019 which would require claimants to meet specific medical criteria in order to have their…
Talbot acquisition lowers Hub earnings for 2004
February 23, 2005 by Canadian UnderwriterCharges related to the acquisition of Talbot Financial Corp. in July caused earnings for broker network Hub International Ltd. (TSX, NYSE: HBG) to drop 28% in 2004.The company posted earnings last year of $26.24 million, or $0.80 per share, for…
What’s new: In brief (February 23, 2005)
February 23, 2005 by Canadian UnderwriterLife and health insurers applauded the unveiling of Canada’s federal budget on Wednesday. The Canadian Life & Health Insurance Association (CLHIA) praises the balanced budget proposed by the minority Liberal government. The CLHIA also praised the reduction of personal and…
Guy Carpenter “cautiously optimistic” on silica claims
February 22, 2005 by Canadian UnderwriterInsurers have some reason for “cautious optimism” when it comes to silica claims, according to a new report by reinsurance broker Guy Carpenter.The report, which is a follow-up on a fall, 2004 study, notes two recent developments which auger well…
Anthony Clark losses widen, but U.S. revenue rises
February 20, 2005 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF) is reporting deeper losses for the first nine months ending December 31, 2004 of $2.39 million, or $0.30 per share. This compares with a loss of $969,400, or $0.12 per…