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What’s new: In brief (January 09, 2005)

January 9, 2005 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has produced two new consumer bulletins. The first, “Shop and Save on Auto Insurance”, outlines the different distribution methods for auto insurance, as well tips on premium savings, such as raising deductibles. The

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Conning says industry reserve position is improving

January 6, 2005 by Canadian Underwriter

In its analysis of yearend 2003 results, New York-based Conning Research says the U.S. p&c industry has strengthened its reserve position, even if further bolstering is still required.The reserve deficiency estimate based on “schedule P” filings by insurers, which covers

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Totten Group expands Western presence

January 5, 2005 by Canadian Underwriter

Specialty insurance wholesaler Totten Group has sign a letter of intent with Alberta intermediary Davis Whitehead which will see Totten establish a presence in Western Canada.Whitehead, whose office writes primarily for Ecclesiastical Insurance Office, will continue to lead the new

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What’s new: In brief (January 04, 2005)

January 4, 2005 by Canadian Underwriter

Law firm Miller Thomson LLP has expanded its presence into Quebec, merging with Pouliot Mercure. The Montreal-based firm has 56 lawyers, bringing Miller Thomson’s total professional staff to more than 500. The Quebec office will operate under the name Miller

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Allianz Global Risks receives provincial licenses

January 4, 2005 by Canadian Underwriter

Allianz Global Risks Canada has received its provincial licenses, following on reception of its federal license last fall.AGR Canada had been part of Allianz Insurance Co. of Canada prior to ING Canada’s acquisition of most of Allianz’s business in Canada.

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New company formed as brokerages merge

December 23, 2004 by Canadian Underwriter

The 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

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Divergent outlooks for U.S. personal v. commercial lines in 2005: S&P

December 23, 2004 by Canadian Underwriter

The future looks very different for U.S. personal lines insurance versus its commercial lines counterpart, according to the yearend review and outlook by Standard & Poor’s.The rating agency says that while the outlook for personal lines is stable, with earnings

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S&P asks “how will brokers replace contingent commission revenue?”

December 19, 2004 by Canadian Underwriter

In 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

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What’s new: In brief (December 16, 2004)

December 16, 2004 by Canadian Underwriter

The Canadian Federation of Independent Business (CFIB) says its members remain concerned over the issue of insurance pricing. In its quarterly survey of 100,000 small business owners, the CFIB finds 72% saying insurance prices have had a negative impact on

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Broker revenues dropping even before Spitzer probe: study

December 15, 2004 by Canadian Underwriter

A new study reveals “organic” revenues were dropping for the world’s largest brokers even before the impact of the U.S. compensation probe was felt.The study, by Pennsylvania-based WFG Capital Advisors LP, finds that the eight largest brokerages saw organic revenue

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Terrorism insurance take-up rates hold steady: Marsh

December 15, 2004 by Canadian Underwriter

In its “Marketwatch” review of property terrorism insurance amongst commercial buyers, broker Marsh finds rates holding steady in the third quarter of 2004.The survey of 754 companies finds take-up rates holding in the mid-40% range the rate was 44% in

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What’s new: In brief (December 14, 2004)

December 14, 2004 by Canadian Underwriter

Standard & Poor’s says its ratings on insurers involved in the second World Trade Center coverage trial will not be impacted by the verdict. Although the jury found that the September 11, 2001 terrorist attacks were “two occurrences” for the