Industry
ING Insurance and ING Novex are reimbursing approximately 51,000 policyholders as a result of an error that prevented some of its Ontario customers from receiving their Claims Free Renewal (CFR) discount to which they were entitled.The company rewards the discount at renewal to customers who have been claims-free for five consecutive years.Most of ING’s customers […]
By Canadian Underwriter | December 21, 2006
2 min read
The Women in Insurance Cancer Crusade (WICC) Ontario chapter is launching a fundraiser with the aim to turn loose change into cancer research.The “Change for Change” initiative kicks off on January 1, and will run through March 31. The concept was borrowed from the British Columbia chapter of WICC, who introduced the initiative in 2005.Interested […]
By Canadian Underwriter | December 19, 2006
1 min read
Hub International Limited (NYSE:HBG)(TSX:HBG) plans to accelerate its penetration of the transportation insurance market by acquiring Vermont-based Coburn Insurance Agency, Inc. Coburn, a broker earning US$9 million in revenue, has entered into a letter of intent with Hub International Transportation Insurance Services Inc. (Hub Transportation).”The proposed transaction will result in the formation of one of […]
U.S. brokers “have largely put the issues from recent regulatory investigations behind them,” according to Fitch Ratings, which assigned a stable outlook to the U.S. insurance broker industry.In a recent industry outlook, Fitch noted that: “although near-term profitability [in the U.S. industry] may not reach peak levels last seen in 2002 and 2003, Fitch expects […]
By Canadian Underwriter | December 18, 2006
The General Insurance OmbudService (GIO) has announced the appointments of Brigid Murphy and Charles Reid to the organization’s board of directors. Murphy is currently senior vp with the Dominion of Canada General Insurance Company in Toronto, Ontario and brings more than 30 years of industry experience to the board.Reid, a management consultant in Vancouver, British […]
The Insurance Council of B.C. is already underway with a new, continuous licensing system for B.C. brokers.Under the new system, licenses will no longer expire and all brokers will have a common annual filing date. The system will be fully integrated by May 31, 2008.”It will be easier for brokerages to manage the licenses in […]
By Canadian Underwriter | December 15, 2006
The Co-operators Group Ltd. has expanded its membership, welcoming Keystone Agricultural Producers (KAP) of Manitoba.The Co-operators board of directors approved KAP’s application on Dec. 1, expanding to 34 the number of Canadian organizations that are member-owners of the group of companies.Incorporated in 1984, KAP is a general farm organization that represents and promotes the interests […]
Industry feedback is being sought on a draft guideline, aiming to reduce the time between initiating and signing reinsurance documents, issued by the Office of the Superintendent of Financial Institutions of Canada (OSFI).The guideline gives companies a nine-month window in which to get agreements signed.An OSFI review of reinsurance arrangements across the country brought to […]
By Canadian Underwriter | December 14, 2006
The CIP Society has named J.R. (Bob) Tisdale, VP of Allstate Canada Group and president and COO of Pembridge Insurance Company and Pafco Insurance Company, as the 2006 recipient of the GTA Fellow Distinction Award. Carla Blackmore, chair of the CIP Society Ontario, said, “Bob Tisdale’s remarkable ability to spend quality time with his family, […]
By Canadian Underwriter | December 12, 2006
Total IT spending by North American insurance firms is expected to reach US$31.2 billion by the year’s end, and is predicted to grow to US$36.3 billion in 2008, says a new global study.Celent, the company responsible for the report, compared and contrasted IT spending trends across different industries around the world to pinpoint and understand […]
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