Industry
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 […]
By Canadian Underwriter | March 22, 2007
1 min read
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 […]
Claims
B.C.s stormy winter of 2007 is expected to result in more than 17,000 claims, according to a press release by the Insurance Bureau of Canada (IBC).In total, IBC said the provinces insurers expect to pay more than Cdn$135 million to help British Columbians recover from the storms that struck earlier this winter. That will make […]
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. […]
El Nio which moderated storm activity last year has dissipated, thereby increasing the likelihood of 2007 being an active season, according to Tropical Storm Risk (TSR), a consortium of experts on seasonal climate forecasting led by the Benfield UCL Hazard Research Centre.TSR predicts Atlantic basin and U.S. landfalling hurricane activity in 2007 will be about […]
By Canadian Underwriter | March 20, 2007
Overall, 2006 has been a very strong year financially for the Canadian property and casualty industry, the Insurance Bureau of Canada observed at the Swiss Re Canadian Insurance Outlook Breakfast in Toronto.If there was only one cloud in the silver lining, it was reserve trends, which suggest the countrys softening insurance market might soon be […]
In order for insurers and reinsurers to avoid government intervention and pressure from regulators, they need to improve communication with both insureds and government bodies, says Pierre Ozendo, chairman and CEO, Swiss Re America Corportation.Ozendo told journalists in a meeting following Swiss Res 2007 Canadian Insurance Outlook Breakfast meeting that while the insurance/reinsurance industry is […]
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 […]
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