Industry
Broker consolidator Hub International Ltd. has purchased California-based Payne & Co. Insurance Brokers Inc.The brokerage, acquired for an undisclosed amount of cash, brings in about US$2 million in annual revenue, largely focused on middle market commercial business benefits and personal insurance. While the Payne operation will move to Hub’s existing Los Angeles office, owner John […]
By Canadian Underwriter | July 12, 2004
1 min read
Independent adjuster Cunningham Lindsey Canada has secured a new loan facility for $105 million with Brascan Bridge Lending Fund.The unsecured, non-revolving facility has an initial termination of March 31, 2005, with the possibility of two six-month extensions beyond that date. Proceeds from the loan are being used to pay short-term debt, including that owed under […]
In 2003, Canadian commercial property writers saw across-the-board improvement with rising rates and declining loss ratios, according to a new report by A.M. Best.Best’s data shows the net loss ratio in commercial property dropped to 49.5% in 2003, a 12.3 % improvement over the 61.8% posted in 2002. Direct written premiums were up 10.4% year-over-year, […]
By Canadian Underwriter | July 11, 2004
With the failure of the U.S. Senate to invoke cloture on its class action reform bill, the legislation is effectively dead, causing widespread disappointment amongst insurers.Bill S.2062, the “Class Action Fairness Act of 2004”, failed when Republicans failed to get support to end discussion of the bill and force a vote. “This is a missed […]
2 min read
Not unexpectedly, growth of the Bermuda market slowed in the first half of 2004, with insurance company incorporations dropping compared to the first six months of 2003, according to data from the Bermuda Monetary Authority (BMA) Insurance Division published by The Royal Gazette.The number of incorporations dropped to 34 in the first half of 2004 […]
By Canadian Underwriter | July 7, 2004
Fairfax’s Odyssey Re Holdings has paid US$43 million to buy all of the stock in Overseas Partners Ltd.(OPL)’s U.S. reinsurance operation, Opus Re.OPL went into run-off in February 2002, in a bid to protect shareholder value the majority of its shareholders are employees of United Parcel Service and the operation began in 1983 as a […]
By Canadian Underwriter | July 6, 2004
A survey of Canadian and U.S. insurance executives shows confidence in the industry is at its highest level in that last three years. The annual “Insurance Industry Outlook” survey by National Marketing Services shows confidence in the primary sector at 7.2 (out of 10), and also at a two-year high for reinsurers.Most indicators of confidence […]
By Canadian Underwriter | July 5, 2004
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 […]
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
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