Operations

MMC settles with Spitzer for US$850 million

Marsh & McLennan Cos. Inc. has settled the civil charges filed by New York Attorney General Eliot Spitzer for US$850 million. The charges were filed in October, 2004, alleging misconduct at MMC’s insurance brokerage unit, Marsh Inc., in the U.S. Spitzer’s suit alleged the company had engaged in bid-rigging, but also charged that conflict of […]

By Canadian Underwriter | January 31, 2005

2 min read

Operations

Anthony Clark adds another U.S. brokerage

Calgary-based broker consolidator Anthony Clark International Insurance Brokers Ltd. (ACL) has purchased the assets of Illinois-based Schuneman Insurance Agency Inc.ACL’s U.S. subsidiary Addison York Insurance Brokers Ltd. paid $1.61 million for the Schuneman operation, financed via an existing credit facility. ACL says it expects the acquisition to add 5% to annual revenues. This is the […]

By Canadian Underwriter | January 12, 2005

1 min read

Operations

2004 securities litigation cases already topping 2003

With the third quarter of 2004 presenting a record 69 new securities litigation cases being filed in the U.S., this year’s total number of cases has already reached the level achieved in all of 2003.According to PriceWaterhouse Coopers LLP, in an update of its 2003 Securities Litigation Study, the record number of filings in this […]

By Canadian Underwriter | November 25, 2004

2 min read

Operations

ERC joins ranks of admitted "bid rigging" cos.

A five-week internal investigation carried out by Employers Reinsurance Corp. (ERC) has revealed "a limited number of isolated issues" that could pertain in the ongoing Spitzer investigation into questionable business bidding practices within the insurance industry. The "issues" in question involve one current and one former employee of ERC with regard to business quotations presented […]

By Canadian Underwriter | November 23, 2004

1 min read

CANADIANUNDERWRITER.CA WEB SITE WILL BE DOWN ON FRIDAY, AUGUST 13TH

We are moving offices. This means that our Web site will be down on Friday, August 13th between 8:00 a.m. and 10:00 p.m. We apologize in advance for the inconvenience. We will work to minimize the duration of this outage while we move our Web server to the new building and restore service as quickly […]

1 min read

Good to Bad

The guest speaker accepted the thanks of the luncheon chairman, and as the applause died away I rose from my seat. “A lot to think about, eh?” I said to my boss, Fred Wilson, the general manager of our company’s downtown branch. He nodded to me and got up from the table with the other […]

July 31, 2004

10 min read

Bow Valley plans acquisitions under new owner

With the sale of former Vector subsidiary Bow Valley Insurance to the brokerage’s president, Kirit Gohill, the Calgary-based company is planning to grow through acquisition.Gohill, who has also served as Vector’s Western region vice president before the company’s demise (see CU Breaking News, 03/06/2004), says he was eager to buy back the Calgary branches of […]

1 min read

Hub profits up 8% in first quarter

Broker network Hub International (NYSE/TSX: HBG) posted net income up 8% in the first quarter 2004, to US$9.6 million, compared with US$8.9 million in the first quarter of 2003.This is dispute a US$1.7 million after-tax write-off following the company’s move to incorporate all of its operating units under the Hub International brand.Earnings translate to US$0.29 […]

2 min read

CSIO Portal User Fees Announced

In a series of road show presentations held across Ontario by the Insurance Brokers Association of Ontario (IBAO), independent brokers were provided with an update on development of the Centre for Study of Insurance Operations (CSIO) company-to-broker technology platform – the “portal” – including the user fees which will be charged. IBAO director of business […]

March 31, 2004

2 min read