Segment
Brokers
Tsunami disaster leads to calls for early warning system
January 3, 2005 by Canadian UnderwriterCountries in the Indian Ocean are working on plans for an early warning system to detect future tsunamis, much like that already used off the coast of Japan.Following the December 26 tsunami disaster, which resulted from a seaquake registering 9.0…
U.S. regulators approve broker disclosure rules
January 3, 2005 by Canadian UnderwriterU.S. regulators adopted model legislation on broker disclosure over the holidays, meeting with a lukewarm reception from brokers.The Independent Insurance Agents & Brokers of America (IIABA) says it credits the National Association of Insurance Commissioners (NAIC) for its work on…
What’s new: in brief (January 02, 2005)
January 2, 2005 by Canadian UnderwriterKingsway Financial Services (TSX, NYSE: KFS) says it has reached an agreement with its lenders to extend the maturity date of its $150 million revolving credit facility from the original 364-day period. The maturity date is now March 3, 2006.…
New company formed as brokerages merge
December 23, 2004 by Canadian UnderwriterThe merger of Toronto’s Jones DesLauriers & Firman (JDF) and Insurance Management Inc. (IMI) will create one of Canada’s largest privately-held insurance brokerages.The two brokerages announced this week that they will join forces to create a new incorporated company writing…
Marsh & McLennan receives SEC subpoena on Trident
December 23, 2004 by Canadian UnderwriterThe U.S. Securities Exchange Commission (SEC) is investigating the insurance investment funds managed by Marsh & McLennan Cos. Ltd.In a filing this week, MMC acknowledge receipt of an SEC subpoena as part of a formal investigation. “The request for information…
L&H insurers devise disclosure code
December 22, 2004 by Canadian UnderwriterLife and health insurers are following in the footsteps of their general insurance counterparts, announcing a plan for public disclosure of intermediary relationships and incentives from insurers. “”Not only in North America but around the world, developments in the financial…
What’s new: In brief (December 22, 2004)
December 22, 2004 by Canadian UnderwriterStandard & Poor’s has affirmed the “B” counterparty credit on adjuster Lindsey Morden Group Inc., with a stable outlook. S&P says the rating reflects a positive view of the sale of the adjuster’s U.S. third-party administration business which should lead…
What’s new: In brief (December 21, 2004)
December 21, 2004 by Canadian UnderwriterA.M. Best has issued an “A-” (excellent) financial strength rating to new reinsurer Glacier Re. The new Swiss company was formed by a consortium of investors, including funds advised by HBK Investments and Soros Fund Management, with reinsurance broker Benfield…
RIBO publishes new broker disclosure rules
December 20, 2004 by Canadian UnderwriterThe Registered Insurance Brokers of Ontario (RIBO) has just published its new regulations on broker disclosure.RIBO, the self-regulatory body for general insurance brokers, is responding to controversy begun in the U.S. over the level of disclosure related to broker commissions,…
Western Financial to make public offering
December 20, 2004 by Canadian UnderwriterAlberta-based broker network Western Financial Group says it has filed a prospectus with Canadian securities regulators to offer subscription receipts. The offering would apply to all provinces.The receipts will entitle holders to purchase one common share of Western stock (TSX:…
What’s new: In brief (December 20, 2004)
December 20, 2004 by Canadian UnderwriterThe November Consumer Price Index published by Statistics Canada finds auto insurance prices have gone down to a significant degree in total, premiums have dropped by 1.6% since last November alone, to have a “dampening” effect on the CPI. Unfortunately,…
S&P asks “how will brokers replace contingent commission revenue?”
December 19, 2004 by Canadian UnderwriterIn light of the investigations spurred by New York Attorney General Eliot Spitzer into broker compensation practices, and the resulting decision by most large brokers to discontinue receiving contingent commissions, the “million dollar question” is how this revenue will be…