Industry
On March 16, 2006 Aviva plc sent the board of Prudential a written proposal referencing a possible merger between the two groups, according to Aviva. Aviva’s board of directors says it anticipates such a merger will be valuable for shareholders of both Company’s, but add that they will only proceed with the proposal on a […]
By Canadian Underwriter | March 20, 2006
1 min read
EGI Financial Holdings Inc. (TSX: EFH) has appointed Mary G. Connolly to the boards of directors of EGI and its subsidiary, Echelon General Insurance Company.Connolly was most recently the managing director of the Toronto office of the law firm Fraser Milner Casgrain, LLP (FMC). In her role with FMC, Connolly was responsible for directing operations […]
By Canadian Underwriter | March 17, 2006
Insurers for Nortel Networks Corp. will pay $228.5 million toward a proposed shareholder lawsuit settlements. In February, Toronto-based Nortel said it would settle with payments of $575 million cash from reserves and issue 628.7 million common shares as well the Ontario-based company said it would contribute half of any recovered funds relating to lawsuits against […]
The Insurance Brokers Association of Canada (IBAC) and the Canadian Federation of Independent Business (CFIB) have agreed to work together to present a united voice on issues affecting both small businesses and insurance brokerages.”Looking back, both organizations recognize the huge challenges that the last ‘hard market’ placed on small businesses concerning insurance availability and pricing, […]
By Canadian Underwriter | March 16, 2006
2 min read
After a delay granted for 2005, the consumer complaint declaration function of the Autorit des marchs financiers (AMF)’s Complaint Reporting System is now available to insurance and other financial companies required to report complaints in the new system, the AMF has announced.The AMF together with the Financial Services Commission of Ontario launched the Complaint Reporting […]
By Canadian Underwriter | March 15, 2006
Marsh & McLennan Companies, Inc., is facing charges of bid-rigging in a civil lawsuit recently filed by Florida’s Attorney General Charile Crist. In the suit, Crist alleges that Marsh & McLenan illegally manipulated insurance markets to obtain improper commissions and engaged in bid-rigging. In a joint action, the Attorney General’s Office and the Department of […]
A D&O liability market recovery is far from certain, and underwriters will need to allocate their capital wisely to stay in the business, panelists told a symposium of the Professional Liability Underwriting Society (PLUS).PLUS is an international, non-profit association with chapters in the United States, England and Canada and has more than 6,000 members worldwide. […]
By Canadian Underwriter | March 13, 2006
After raising a record $20,300 at last year’s ING Ottawa Marathon, WICC and ING are once again teaming up again at the 2006 ING Ottawa Marathon.The duo challenges brokers, employees and industry members to form teams and run or walk in an event and collect pledges for cancer research. Events include a 2K, 5K, 10K, […]
24/7 Customer, a provider of outsourced contact centers to Global 1000 companies, has launched a new 1,800-seat facility in Chennai, India, as a part of its continued partnership with Aviva, the world’s fifth largest insurance company.”The state-of-art facility is spread over an area of 200,000 square feet,” 24/7 Customer announced in a release. ” 24/7 […]
By Canadian Underwriter | March 10, 2006
Buoyed by the value of its investments, the Canadian property and casualty industry’s total assets increased from CDN$61.094 billion in Q4 2004 to CDN$64.208 billion in Q4 2005.According to information collected by Canada’s Superintendent of Financial Institutions, Canada’s P&C Q4 investment assets grew from $36.3 billion in 2004 to $40.5 billion in 2005. The growth […]
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