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ICBC income approaches $400 million for 2004

March 6, 2005 by Canadian Underwriter

B.C.’s public auto insurer is posting net income of $389 million for 2004, well above the $225 million reported in 2003.The Insurance Corp. of B.C. (ICBC) reported written premiums up to $3.09 billion in 2004, up from $2.96 billion in

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Canada the “right fit”, says Markel International CEO

March 3, 2005 by Canadian Underwriter

The Canadian market was “the right fit” to become the newest office established by Markel International, says the company’s CEO.Gerry Albanese says the decision to establish MINT Canadian Specialty Underwriters (MCSU) was based on several factors. “We like the location,”

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SEC extends SOX compliance date for foreign private issuers

March 3, 2005 by Canadian Underwriter

The U.S. Securities Exchange Commission (SEC) has extended the timeline for non-accelerated filers and foreign private issuers to comply with Sarbanes-Oxley (SOX).Originally, companies had to comply with Section 404 of SOX which requires management reports on the company’s internal control

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Premiums drop for European reinsurers on 2005 renewals: Benfield

March 3, 2005 by Canadian Underwriter

Major European reinsurers reported a 5% decline in renewal premiums for 2005, compared to a 2% increase a year earlier, according to the annual “Renewal Roundup” by reinsurance broker Benfield Group.A combination of flat pricing, minimal increases in shares on

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What’s new: In brief (March 03, 2005)

March 3, 2005 by Canadian Underwriter

A.M. Best has been granted “nationally recognized statistical rating organization” status by the U.S. Securities Exchange Commission (SEC). The status means Best ratings can be used to distinguish creditworthiness required under federal and state laws. A.M. Best is one of

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ORIMS PD DAY: Keynote speaker calls for end to broker commissions

March 2, 2005 by Canadian Underwriter

Broker commissions should be history, and broker compensation should come from the client rather than the insurer, says the keynote speaker to Wednesday’s Ontario Risk & Insurance Management Society (ORIMS) “Professional Development Day”.Felix Kloman, editor of Risk Management Reports told

News InsuranceMergers and Aqcuisitions

ICLR challenges builders to partner on building resilient homes

March 2, 2005 by Canadian Underwriter

Insurers, through the Institute for Catastrophic Loss Reduction (ICLR), are calling on home builders to work with the industry to create more disaster resilient homes.Speaking to the National Conference of the Canadian Home Builders’ Association (CHBA) in St. John’s, Newfoundland

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RIMS continues push for TRIA extension

March 2, 2005 by Canadian Underwriter

The Risk and Insurance Management Society (RIMS) is reaffirming its support for an extension of the Terrorism Risk Insurance Act (TRIA).Currently a bill is before the U.S. Senate which would extend the government’s terrorism insurance backstop for two years beyond

News InsuranceMergers and Aqcuisitions

What’s new: In brief (March 02, 2005)

March 2, 2005 by Canadian Underwriter

The U.S. Insurance Information Institute (III) says homeowners’ insurance rates are expected to rise 2.5% in 2005, which would be the smallest increase seen in the last six years. In 2004, rates rose 3.8% and the average premium was US$660

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Marsh plans 2,500 more job cuts

March 1, 2005 by Canadian Underwriter

Releasing its 2004 yearend results this week, Marsh says it may cut as many as 2,500 more jobs worldwide in an effort to reduce costs. This comes on top of 3,000 job cuts already made since the investigation into alleged

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Canadian, U.S. financial institutions lag in managing risk: Deloitte

March 1, 2005 by Canadian Underwriter

Canadian and U.S. financial institutions are falling behind those of other countries in managing today’s escalating risks, according to a new study by Deloitte.The study, based on interviews with executives from 162 global financial institutions, makes this conclusion based on

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Catastrophes took US$49 billion toll on insurers in 2004: Swiss Re

March 1, 2005 by Canadian Underwriter

Catastrophes, both natural and man-made, cost insurers US$49 billion last year, with the bulk of this coming from the U.S. hurricanes and Japanese typhoons, according to the annual Swiss Re sigma study on catastrophes.Of course, the human toll from catastrophes