Industry
The Consumers’ Association of Canada says it will be filing an official complaint with the Federal Competition Bureau, alleging anti-competitive and anti-consumer activities by the insurance industry in Canada.”This industry continues to portray conflicts of interest, secret commissions, and steering of customers as being good for consumers,” Bruce Cran, the president of the Consumers’ Association […]
By Canadian Underwriter | October 7, 2005
2 min read
Through its subsidiary, Johnson Inc., Royal & SunAlliance Canada has acquired the commercial rights to the business of Morgex Insurance Group a leading insurance broker in Alberta for C$44.7 million. Royal & SunAlliance says the consideration, payable in cash, is for the commercial rights to the main insurance activities, non-core business and other assets of […]
By Canadian Underwriter | October 6, 2005
1 min read
Canada’s banking industry has issued a response to the Insurance Brokers Association of Canada (IBAC) recent press release, which stated that consumers benefit from choice and competition in the insurance marketplace. The bank response stated that bankers “couldn’t agree more” but added that, “some of the restrictions that currently exist on how Canadians can access […]
By Canadian Underwriter | October 4, 2005
Teachers’ Private Capital the private investment arm of the Ontario Teachers’ Pension Plan will purchase Canadian p&c insurer GCAN Insurance Company for an undisclosed amount from Torquest Partners Inc., Newport Capital Insurance LP, CIBC Capital Partners, a division of Canadian Imperial Bank of Commerce and management.The transaction is expected to close in early October and […]
By Canadian Underwriter | October 3, 2005
Purchasers of Directors’ & Officers (“D&O”) Liability insurance continue to reap meaningful gains in both premium rates and coverage although these profits are somewhat reduced from earlier this year, according to recent responses to the Willis Index for the third quarter 2005. Recent responses to the Willis Index a quarterly survey of over 90% of […]
Chicago-based Hub International Limited (NYSE/TSX:HBG) has completed its purchase of Personal Lines Insurance Brokerage Inc. (PLI) from The Chubb Corporation.The acquisition expands Hub’s position in personal insurance across most of the United States and grows personal lines to nearly 20% of Hub’s consolidated revenue.In 2004, PLI generated approximately $27 million in revenue, while Hub’s personal […]
Catastrophe related losses have in part caused Standard & Poor’s to place reinsurers Swiss Re, Transatlantic Re, IPCRe, PXRE and Renaissance Re on CreditWatch with negative implications while Montpelier Reinsurance Ltd. carries a negative outlook. U.K.-based Lloyd’s insurance market is also on CreditWatch with negative implications whereas the Endurance group and Arch Capital group Ltd. […]
September 30, 2005
3 min read
Aon Corporation (NYSE: AOC) recently signed a definitive agreement to sell Swett & Crawford, its U.S.-based wholesale broking operation, to an investor group including Hicks, Muse, Tate & Furst Inc. (HMTF), Banc of America Capital Investors and Emerald Capital. A number of key Swett & Crawford employees have made a long-term professional commitment to the […]
Reinsurance outlook divided
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By Randy Schwantz, President, The Wedge Group | September 30, 2005
6 min read
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