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FSCO issues cease and desist against paralegal

February 9, 2005 by Canadian Underwriter

Ontario’s insurance regulator has issued an interim cease and desist order against a St. Catherines-based paralegal alleged to have misappropriated client settlement funds.Calise & Associates Legal Services Inc. and Marcello Calise have been removed from the Financial Services Commission of

News InsuranceMergers and Aqcuisitions

Drivers recognize dangers of speeding but still admit to doing it: MPI

February 9, 2005 by Canadian Underwriter

While most drivers recognize the serious danger presented by speeding, many still admit to having committed the offense, according to a public opinion survey conducted by Manitoba Public Insurance (MPI). In a survey of 800 residents of the province, 70%

News Insurance

Marsh finds financial/HR threats keeping business owners up at night

February 9, 2005 by Canadian Underwriter

In its “2004 Marsh Canada Corporate Risk Review”, the broker finds several key threats are front-of-mind for small and medium-sized businesses, and these threats go well beyond traditional property hazards.In a survey of organizations from a variety of industries where

News Insurance

What’s new: In brief (February 09, 2005)

February 9, 2005 by Canadian Underwriter

Life and annuity carriers expect to see modest growth in 2005, along with continued merger & acquisition activity within their sector, according to a survey by U.S. life association LOMA’s “Resource” magazine. A poll of LOMA board members finds universal

News Insurance

“Good news” for D&O buyers, says Willis

February 8, 2005 by Canadian Underwriter

In its “market survey” of directors’ and officers’ liability coverage outside the U.S. market, broker Willis says by the end of 2004 there was “good news” for buyers in terms of increasing competition in the marketplace.While insurers started off 2004

News Insurance

Insurers progressing with ERM, but not focused on economic capital tie-in: Tillinghast

February 8, 2005 by Canadian Underwriter

Insurers are making progress in their efforts to implement enterprise risk management (ERM), but their success depends to some extent on their ability to link ERM to economic capital, says a new report by Tillinghast.While insurers say they want to

News Insurance

What’s new: In brief (February 08, 2005)

February 8, 2005 by Canadian Underwriter

U.S.-based MarketScout says p&c premiums rose 1% in January, indicating significant softening compared to January, 2004 when premiums rose 11%. According to MarketScout’s “market barometer”, rate increases peaked in March, 2003 with a 28% jump, but increases have fallen back

News Insurance

S&P expects US$13 billion in reserve additions for 2004

February 8, 2005 by Canadian Underwriter

The “lingering cloud” of reserve strengthening promises to hang over U.S. p&c insurers 2004 results, despite rising profits, says a new report by Standard & Poor’s.S&P says insurers were looking for vastly improved returns last year on the back of

News Insurance

Lloyd’s CEO calls for “change in behavior”

February 8, 2005 by Canadian Underwriter

The London market needs to bring about a change in behavior if it is to meet the expectations of clients and regulators in a shifting insurance world, Lloyd’s CEO Nick Prettejohhn told the Insurance Institute of London this week.Given the

News Insurance

Insurers striving for balance in 2005: Heath Lambert

February 7, 2005 by Canadian Underwriter

Despite the tumult of hurricanes, typhoons and tsunamis in 2004, insurers maintained a discipline last year that they hope will carry into 2005, according to the annual “State of the Market” report by broker Heath Lambert.2004 saw insurers display “a

News Insurance

Insurers to take “cautious” approach to technology in 2005: study

February 7, 2005 by Canadian Underwriter

U.S. insurers are expected to be a bit more cautious in their information technology (IT) investments in 2005, according to a new study by TowerGroup. Technology spending is expected to remain relatively flat in 2005, at US$36.4 billion compared to

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What’s new: In brief (February 07, 2005)

February 7, 2005 by Canadian Underwriter

Zurich Financial Services Group says claims relating to the South Asian tsunami disaster of December 26, 2004 will cost US$65 million, after tax and net of reinsurance (US$90 million pre-tax). Zurich also revised upward its estimate of losses from the