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AIG to be audited for workers’ comp premiums

April 26, 2005 by Canadian Underwriter

AIG will be audited for “years of alleged improper booking” of workers’ compensation premiums, New York Attorney General Eliot Spitzer and Insurance Superintendent Howard Mills announced Tuesday.Authorities say a consultant will be appointed by the insurance department to look into

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What’s new: In brief (April 26, 2005)

April 26, 2005 by Canadian Underwriter

Hannover Re saw its insurer financial strength rating upgraded to “A3” from “Baa1” by Moody’s Investor Service on the back of continued strong results. Despite the company’s “aggressive financial profile”, it has shown discipline in underwriting and strong market acceptance

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CAC, brokers react to Quebec regulator’s report on practices

April 26, 2005 by Canadian Underwriter

The Consumers Association of Canada (CAC) is hailing a report by Quebec’s insurance regulator, but brokers in the province have a different view.The report, released by the Autorite des Marches Financiers (AMF), says broker practices in the damage insurance sector

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Busy week for Ontario regulator

April 25, 2005 by Canadian Underwriter

Ontario’s insurance regulator had its hands full last week, issuing several “cease and desist orders”.The first came on Wednesday, when insurers Security National and TD General both Meloche Monnex companies – were cited for charging rates for coverages of categories

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Lombard to underwrite pet insurance program

April 25, 2005 by Canadian Underwriter

Lombard General Insurance Co. of Canada will replace Kingsway as underwriter for Pethealth’s “PetCare” insurance program.Lombard has signed an agreement with Oakville, Ontario-based Pethealth’s PetCare Insurance Brokers to underwrite 50% of the program, which offers coverage health care coverage for

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Loss costs likely to outpace premium growth in 2005: A.M. Best

April 25, 2005 by Canadian Underwriter

Despite the strong results posted by the U.S. p&c insurance industry in 2004, this year will likely see loss costs significantly outpace premium growth, according to a special report by A.M. Best.The rating agency says the US$6.3 billion underwriting profit

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What’s new: In brief (April 25, 2005)

April 25, 2005 by Canadian Underwriter

Restoration network Disaster Kleenup International (Canada) Ltd. has launched a software pilot program with Symbility Solutions Inc. The pilot is to determine the effectiveness of Symbility’s software in estimating property claims. The 60-day test begins on June 1. “By removing

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Brokers report price softening across commercial accounts

April 24, 2005 by Canadian Underwriter

While commercial buyers were reporting price stabilization, brokers are reporting significant softening across accounts in the first quarter of 2005.The results of the Council of Insurance Agents and Brokers (CIAB) contrast with views expressed by risk managers in the RIMS/Advisen

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U.S. intermediary groups clash over Plumeri speech

April 24, 2005 by Canadian Underwriter

Groups representing brokers and agents in the U.S. have come to blows following a speech at the recent Risk & Insurance Management Society (RIMS) Conference by Willis CEO Joe Plumeri.In the speech, Plumeri said contingent commissions should be abolished for

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IBC partners in young driver distraction study

April 24, 2005 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is teaming up with researchers at the University of Calgary to study the impact of cell phone use by novice drivers. IBC will sponsor the research project which includes two phases – a simulation

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Canadians figure heavily on new RIMS board

April 24, 2005 by Canadian Underwriter

Four Canadians are members of the newly-restructured board of the Risk & Insurance Management Society (RIMS). RIMS decided last year to merge its large former board and executive committee, with new president Ellen Vinck pointing to the much smaller board’s

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Insurer groups oppose asbestos bill

April 24, 2005 by Canadian Underwriter

U.S. insurers groups have come out strongly opposed to a Senate bill to establish a US$140 billion fund for resolving asbestos claims.While insurers have worked with legislators towards a resolution to the multi-billion-dollar asbestos litigation crisis, they say the bill