Segment
Brokers
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…
British brokers say soft market is coming
May 17, 2004 by Canadian UnderwriterMore than half of brokers surveyed in a recent poll say the market is showing signs of softening, and an even greater number say growth in the coming year will come from increased marketshare rather than rates. The survey, published…
Alberta auto to remain top focus for brokers in year ahead
May 17, 2004 by Canadian UnderwriterThe lack of resolution to Alberta’s auto reform melee is going to keep brokers on their toes in the year ahead, it was noted at Monday’s annual general meeting of the Independent Insurance Brokers Association of Alberta (IIBAA).Dennis Gartner, assistant…
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…
Western Financial net income up 537% in first quarter
May 16, 2004 by Canadian UnderwriterAlberta-based broker network and bank Western Financial Group (TSX: WES) is reporting net income for the first quarter ending March 31, 2004 hit $784,000, a whopping 537% increase over a year ago, when the company reported income of $123,000. This…
What’s new: In brief (May 12, 2004)
May 12, 2004 by Canadian UnderwriterAXA Canada Inc’s subsidiaries have seen their financial strength ratings affirmed by A.M. Best. AXA Assurances and AXA Assurances Agricoles are affirmed at “A+” (excellent) with a stable outlook. AXA Pacific is affirmed at “A” (excellent with a stable outlook.…
Hub continues U.S. expansion
May 9, 2004 by Canadian UnderwriterBroker network Hub International Ltd. has announced its second acquisition in the past two weeks, with the purchase of Lyman Insurance Agency Inc. and Conly-Lyman Insurance Agency Inc.The Wilmington-based agencies were purchased by “hub” brokerage C.J. McCarthy to expand the…
Western to buy back shares, expands in Alberta
May 4, 2004 by Canadian UnderwriterAlberta-based Western Financial Group Inc. (TSX: WES) says it will make a bid to repurchase shares and debentures through the Toronto exchange.The company will buy back up to 918,265 of its common shares, or 5% of the outstanding and issued…
Hub profits up 8% in first quarter
April 29, 2004 by Canadian UnderwriterBroker network Hub International (NYSE/TSX: HBG) posted net income up 8% in the first quarter 2004, to US$9.6 million, compared with US$8.9 million in the first quarter of 2003.This is dispute a US$1.7 million after-tax write-off following the company’s move…
Loyalist completes turnaround for profitable 2003
April 29, 2004 by Canadian UnderwriterAfter successive quarters in the red, and following a restructuring process, The Loyalist Insurance Group (TSX Venture: LOY) has posted a profit for 2003 of $185,000. Although modest, the income comes against a lost of almost $3.9 million for 2002.Results…