Industry
Western Financial Group has picked up two new Alberta brokerages, bringing the total number of offices in the WFG Agency Network to 55.Page Insurance Ltd. of Drumheller, Alberta and Bru Agencies Ltd in Hanna, join WFG, with Ray Page and Ron Poole continuing to lead the Page office, and Roger Bru staying on at Bru […]
By Canadian Underwriter | July 5, 2004
1 min read
On June 29 Aon Re Canada held a staff reception to recognize the retirement of Chris Robey after 36 years of service at Aon Re and its predecessor companies. Robey was instrumental in the growth of the company, says John Kartechner, senior vice president for Aon Re Canada. During his career, Robey held various senior […]
Hub International Ltd. says it has acquired a New York brokerage specializing in pest control and lawn care programs for other agents, brokers and retail clients, including member of the U.S. Professional Lawn Care Association.White Plains-based B & DA Weisburger Inc. is a family-owned brokerage which sees annual revenue of about US$3 million and has […]
By Canadian Underwriter | July 4, 2004
Commenting on the decision of the U.S. Federal Reserve Board to raise interest rates, Swiss Re says The Bank of Canada will soon follow suit, but at a much slower pace.The Fed raised the target federal funds rate by 25 basis points to 1.25%, in response to a strengthening U.S. economy and rising inflation, notes […]
Bermuda start-ups in the post-9/11 environment have benefited from strong pricing and a lack of legacy claims issues, according to a new report from Fitch Ratings.In 2003, the “class of 2001”, which includes Axis, Allied World, Endurance, Montpelier and Olympus Re, brought in net premiums of US$8.9 billion and produced net income of nearly US$2 […]
By Canadian Underwriter | July 1, 2004
2 min read
In its latest market commentary, broker Willis notes the rising interest in kidnap and ransom (K&R) coverage in light of the high-profile abductions taking place in the Middle East. The televised kidnappings in the conflict zones of Iraq, Afghanistan and Saudi Arabia are being followed by incidents in Indonesia, the Philippines, North Africa and more. […]
As brokers joined for annual conventions in Alberta, B.C. and Manitoba this spring, the topic of legislation was very much on their minds. While Albertans faced the prospect of a new, unique auto system being implemented, the new Financial Services Act was front and center in B.C. Meanwhile, in Manitoba, brokers and legislators continued to wade through the lengthy process of rewriting the provincial Insurance Act.
By Vikki Spencer | June 30, 2004
6 min read
Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry's history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
June 30, 2004
4 min read
Trading will cease in shares of Vector Intermediaries as the company faces up to an insurmountable financial crisis. The broker consolidator says that, despite having sold off all its assets, the company still faces a multi-million-dollar shortfall in meeting debt obligations. Subordinated lenders have demanded payment of more than $20 million plus interest owed under […]
U.S. property and casualty insurers brought home a return on equity (ROE) of 11.3% for the first quarter of this year with an underwriting profit of US$5.4 billion that saw the combined ratio dip year-on-year by more than six percentage points to 93.3%, according to data collected by the Insurance Services Office (ISO) and the […]
3 min read
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