Operations

Hub acquires Seattle-based specialty brokerage

Broker network consolidator Hub International Ltd. (TSX: HBG) has purchased Seattle-based Tash Lyle & Jones for an undisclosed sum. Tash Lyle specializes in employee benefits insurance.Hub says Tash Lyle will be integrated into the broker network’s Bush, Cotton & Scott regional subsidiary. Tash Lyle produced about US$1.3 million in commission revenue during 2004, a Hub […]

By Canadian Underwriter | May 16, 2005

1 min read

Operations

Arthur J. Gallagher sets aside US$35 million to deal with investigations

Broker Arthur J. Gallagher says it has set aside US$35 million to resolve current state investigations into insurance practices.The company made the announcement as part of its first-quarter 2005 results release. In that release, the company states: “The insurance industry in general, and Gallagher individually, continue to be the subjects of a substantial number of […]

By Canadian Underwriter | April 27, 2005

1 min read

Operations

Shumka Craig & Moore acquires Newfoundland adjusting chain

National adjusting firm Shumka Craig & Moore says it has acquired Provincial Adjusting Services (PAS), a chain of six offices in Newfoundland and Labrador.PAS has been in operation since 1984, and current president Wayne Guy will remain to oversee the business as provincial manager. Also, principals Barry Bugden and Anthony Elliott will remain in leadership […]

By Canadian Underwriter | April 21, 2005

1 min read

Operations

Plumeri touts need for innovation in industry

The insurance industry should take recent controversy over broker compensation and use it as an opportunity for “healthy self-examination”, Willis Group CEO and chairman Joe Plumeri told an audience at the RIMS Conference in Philadelphia Monday.Plumeri says the industry needs to develop a new business model based on transparency, innovation, and client advocacy. Willis was […]

By Canadian Underwriter | April 18, 2005

1 min read

Willis to pay US$51 million to settle New York, Minnesota investigations

Broker Willis Group Holdings says it has reached agreements with attorneys general in New York and Minnesota which will see the company create settlement funds valued at US$51 million.In its settlement with New York Attorney General Eliot Spitzer, Willis will set up a US$50 million fund to settle with clients affected by contingent commission practices, […]

1 min read

Compensation scandal ups broker workload: Best

A new survey by A.M. Best finds the current controversy over broker compensation systems is forcing all brokers and agents to do more work, specifically in providing information, answering questions and filling out paperwork.The survey, published by Best’s Review magazine, finds client expectations have risen in the current environment, including agents and brokers being asked […]

1 min read

Willis surprised by Minnesota AG’s lawsuit

Upon hearing that Minnesota Attorney General Michael Hatch filed a lawsuit against Willis on Tuesday, the brokerage issued a statement saying the allegations that it has not provided all the information requested by Hatch "came as a complete surprise".Willis says it has been providing information to Hatch’s office since last December as part of the […]

2 min read

What’s new: In brief (February 24, 2005)

Florida is the second state this week to introduce legislation to prioritize asbestos and silica lawsuits. Republican representative Joe Pickens has put forward House Bill 1019 which would require claimants to meet specific medical criteria in order to have their claims move forward. The bill is intended to give priority to those actually suffering illness […]

1 min read

Guy Carpenter “cautiously optimistic” on silica claims

Insurers have some reason for “cautious optimism” when it comes to silica claims, according to a new report by reinsurance broker Guy Carpenter.The report, which is a follow-up on a fall, 2004 study, notes two recent developments which auger well for insurers. First, in the case of Gomez v. Humble, Gomez had been awarded US$2 […]

2 min read

One Marsh, two AIG execs plead guilty in Spitzer probe

One Marsh and two AIG executives offered guilty pleas today in New York Supreme Court in the ongoing investigation into insurance industry practices spurred by New York Attorney General Eliot Spitzer.The guilty pleas stem from criminal charges of fraud and bid-rigging, with Spitzer’s office saying all three were involved in “a scheme that allowed Marsh… […]

1 min read