Segment
Brokers
No stability in commercial insurance market: panel
June 8, 2004 by Canadian UnderwriterRisk managers and brokers have been shocked by the rapid return of soft market conditions, a panel of speakers told the World Insurance Forum in Bermuda yesterday.“We’re not seeing any sort of rate stability in the marketplace today,” admits Peter…
Do not prepare for end to insurance cycles: Sinnott
June 8, 2004 by Canadian UnderwriterDespite much talk of the need to “tame the insurance cycle”, buyers should prepare themselves for continuing fluctuation in the price and availability of insurance, John T. Sinnot, senior advisor, Marsh & McLennan Cos. told delegates to the World Insurance…
What’s new: In brief (June 07, 2004)
June 7, 2004 by Canadian UnderwriterAnthony Clark International founders John and Peter Podorieszach await the decision of the Alberta Securities Commission (ASC) on whether orders will be made following the ASC’s finding that the Podorieszachs breached the Securities Act. A panel of the ASC decided…
Alpine Financial buys remaining Vector brokerages
June 6, 2004 by Canadian UnderwriterAlpine Financial Group has purchased the remaining brokerages of the Vector network, all based in Alberta.The brokerages Garnett Dadswell in Edmonton, Dadswell Forster in Lethbridge, and Wiseman Coupland in Red Deer had been part of the Bow Valley portion of…
Bow Valley plans acquisitions under new owner
June 6, 2004 by Canadian UnderwriterWith the sale of former Vector subsidiary Bow Valley Insurance to the brokerage’s president, Kirit Gohill, the Calgary-based company is planning to grow through acquisition.Gohill, who has also served as Vector’s Western region vice president before the company’s demise (see…
Vector sells subs to pay debt; trading ceases
June 3, 2004 by Canadian UnderwriterTrading will cease in shares of Vector Intermediaries as the company faces up to an insurmountable financial crisis.In a press release, the broker consolidator says it has sold the assets of Bow Valley Insurance Services Ltd. and Saskatoon Agencies Inc.,…
Legendary broker MacKinnon dies
May 30, 2004 by Canadian UnderwriterThe Canadian insurance industry mourns the loss of veteran broker Cyril MacKinnon, who passed away suddenly on Thursday, May 27. A long-time representative of the Insurance Brokers Association of PEI, MacKinnon was its president and director to the Insurance Brokers…
Risk managers see conflict in contingent commissions: survey
May 26, 2004 by Canadian UnderwriterDespite risk managers and brokers shrugging off investigations of contingent commission arrangements, a new survey suggests commercial insurance buyers do see such payments as a conflict of interest.The study, “A Season of Discontent” by Advisen, shows 69% of the 331…
European reinsurer results dragged down by investment weakness in 2004: Benfield
May 20, 2004 by Canadian UnderwriterDespite strong premium growth, many European reinsurers saw their results dragged by a lackluster investment environment, says a report by reinsurance broker Benfield Group.In the yearend review, “Impairment Drag”, Benfield notes, “The favorable trends in pricing and terms noted through…
Anthony Clark prepares for share buy-back
May 19, 2004 by Canadian UnderwriterAlberta-based Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) says it has received approval to buy-back up to 397,758, or 5%, of its issued and outstanding common shares. The shares, which can be bought between May 20, 2004 and May…
What’s new: In brief (May 18, 2004)
May 18, 2004 by Canadian UnderwriterTwo Illinois trials are keeping broker contingent commissions in the spotlight in the U.S., the Wall Street Journal reports. WSJ says the two cases, one involving a local government and another a fair organizer, highlight that the issue of contingent…
What’s new: In brief (May 17, 2004)
May 17, 2004 by Canadian UnderwriterReporting at the Alberta Brokers Conference, new Insurance Brokers Association of B.C. (IBABC) president Brian Fitzpatrick says he was “shocked by the firing of Nick Geer”, CEO of Insurance Corp. of B.C. “Many people saw him as one of the…