Industry
The Canadian Bar Association (CBA) has asked the New Brunswick government to re-think the $2,500 cap on minor and soft-tissue injuries following a recent decision in the Court of Queens Bench that upheld the cap, the Chronicle Herald reported.The bar association made the request after the ruling in the case of Patrick Rossignol, who was […]
By Canadian Underwriter | March 23, 2007
1 min read
A U.S. report recently released by Celent found that of the merger and acquisition (M&A) activity in 2006 in the service sector, nearly 20% of those were in the insurance IT and services sector.Driven by an influx of private equity, the need of mature companies to buy growth, and the desire to expand capabilities and […]
By Canadian Underwriter | March 22, 2007
Hub International Limited (NYSE:HBG) (TSX:HBG)(“Hub”), a North American insurance broker, has amended the agreement by which it will be acquired by Apax Partners (“Apax”) and Morgan Stanley Principal Investments (“MSPI”).According to Hub, the change in the agreement calls for, among other things, an increase [in] the consideration to be received by Hub’s shareholders to US$41.50 […]
Joe Plumeri, chairman and CEO of Willis Group Holdings (NYSE: WSH), the global insurance broker, stressed the importance of embracing a principles-based rather than a rules-based approach not just to regulation, but to running the entire industry at the UKs Financial Services Authoritys Annua Insurance Sector Conference.Principles are values you hold that are non-negotiable, Plumeri […]
The Insurance Council of British Columbia, which licenses the provinces insurance brokers and sales agents, is increasing its application fees for a first licence, licence renewal and licence reapplication to $125, effective June 1, 2007.Fees for transfer, reinstatement and amendment applications will not change. A number of factors have contributed to the application fee increase, […]
By Canadian Underwriter | March 21, 2007
2 min read
Audatex announced the appointment of Rick Tuuri as associate vice president of industry relations. Tuuri will serve as a central point of contact for all industry-related opportunities in North America, working with his counterparts around the globe. A 28-year veteran of the collision industry, Tuuri joins the claims processing company based in Canada and the […]
Aviva Canada Inc. has announced a sponsorship of ThinkFirst Foundation of Canada and has launched a new campaign to prevent spinal cord and brain injuries in children.ThinkFirst and Aviva Insurance Safety for Canadas Kids is the centrepiece of Avivas commitment to corporate social responsibility, Igal Mayer, Aviva Canadas president and CEO, said in a statement. […]
Gore Mutual Insurance Company has increased its investment in The Insurance Brokers Association of Canadas Broker Identity Program (BIP) for 2007. Gore Mutuals decision to become a full partner of IBAC is the result of our commitment to brokers, Kevin McNeil, president and CEO of Gore Mutual, said in a statement. By speaking with a […]
By Canadian Underwriter | March 20, 2007
Harmonized classes of insurance and applicable definitions will be implemented in Ontario on Apr. 30, 2007, according to a FSCO bulletin.Please note that insurers current licensing status will not be affected and no action is required by insurers as a result of implementation of harmonized classes of insurance and applicable definitions in Ontario, FSCO said […]
By Canadian Underwriter | March 19, 2007
A.M. Best Co. is expanding its public issuance of Issuer Credit Ratings (ICR) on insurance companies in 2007. Over the next year, A.M. Best expects to publish ICRs on all rated direct insurers and reinsurers as part of each company’s normal annual rating review, A.M. Best announced in a press release. A.M. Best is expanding […]
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