Operations

Willis Group Holdings posts 2006 profit of US$449 million

Global insurance broker Willis Group Holdings Limited (NYSE: WSH) has reported a 2006 Q4 net income of US$148 million, compared with a 2005 Q4 net income of US$55 million.Throughout all of 2006, Willis reported a net income of US$449 million, compared with a reported net income of US$281 million in 2005 Q4.”The results for the […]

By Canadian Underwriter | February 8, 2007

2 min read

Operations

What’s new: in brief (January 12, 2007)

Gore Mutual Insurance received top honours from the Insurance Brokers Association of Ontario (IBAO) in their 2006 Rate Your Companies Survey.”We are very proud to be given this honour,” Kevin McNeil, president and CEO of Gore Mutual, said in a statement.”Our employees work very hard to provide brokers and their customers with genuine personal service.”Receiving […]

By Canadian Underwriter | January 12, 2007

1 min read

Operations

What’s New: In brief (December 13, 2006)

Organizers of the 2007 Ontario General Insurance Hockey Tournament are calling for participants and sponsors.Last year’s tournament raised more than $35,000 for the Big Brothers Big Sisters, Kitchener-Waterloo area.This year organizers will be donating proceeds to local charities and Camp McGovern a summer camp for children in the Big Brothers Big Sisters program. “With over […]

By Canadian Underwriter | December 13, 2006

1 min read

Operations

Steve Wagler assumes role as IBAO president on Jan. 1, 2007

Steve Wagler will be assuming his role as president of the Insurance Brokers Association of Ontario (IBAO) effective Jan. 1, 2007, the association has announced.Wagler was inducted as the IBAO’s 64th president at the association’s 86th annual convention, which was held Oct. 18 in Niagara Falls, Ontario.After graduating from the University of Waterloo with a […]

By Canadian Underwriter | December 8, 2006

1 min read

Saskatchewan introduces four new highway message boards

Saskatchewan motorists will now be alerted of poor driving conditions on Regina’s Ring Road and Highway #1 bypass thanks to new message boards stationed beside the roadway in four different locations.The boards, which are remotely activated, have changeable messages that can warn drivers of potential hazards such as icy conditions, poor visibility or traffic delays […]

2 min read

Ontario brokers complying with disclosure, says RIBO

Ontario’s brokers are in “virtually 100% compliance” with a RIBO requirement to produce disclosure statements during routine spot checks by the industry’s self-regulating body. In a recent speech at RIBO’s annual general meeting in Toronto, RIBO’s immediate past president, Toots Everley, noted that “RIBO now considers commission disclosure to be standard conduct in the brokerage […]

2 min read

Prime Minister Stephen Harper to address IBAO Convention

Prime Minister Stephen Harper has confirmed his acceptance to address members at the Insurance Brokers Association of Ontario (IBAO)’s 86th annual convention, to be held at the Brock Plaza Hotel in Niagara Falls on Oct. 18-20.Harper will be speaking to approximately 1,000 registered brokers at 1:30 p.m. on Oct. 19. His address will precede a […]

1 min read

Attorneys General file motion regarding Zurich settlement

Ten state Attorneys General recently filed a motion with the U.S. District Court for New Jersey opposing the National Association of Professional Insurance Agents’ (PIA)’ position regarding the proposed class action settlement against Zurich American Insurance Co, which alleges improper broker compensation practices.The Attorneys General of the States of California, Florida, Hawaii, Maryland, Oregon, Texas […]

1 min read

Marsh to eliminate 750 staff positions

Marsh & McLennan Companies, Inc. (MMC) is planning to save about US$350 million by 2008, in part through the reduction or attrition of 750 staff positions.”Beginning a year ago, we initiated an effort to rationalize MMC’s IT infrastructure, institutionalize firm-wide best practices, automate systems, and eliminate redundancies,” Michael G. Cherkasky, MMC president and CEO, said […]

2 min read

Willis reports growth in organic revenue

Willis Group has reported a 10% growth in its 2006 Q2 organic revenue, with double-digit growth from its reinsurance broker business. However, the insurance broker’s net income in 2006 Q2 dropped 37% from the same period last year, reaching US$72 million. “Our 10% organic revenue growth in the second quarter is a clear demonstration of […]

August 31, 2006

1 min read