Topic
Insurance
Severe flu pandemic could lead to US$683-billion economic loss
March 26, 2007 by Canadian UnderwriterA severe pandemic flu outbreak could result in the second-worst recession in the United States since World War 2, according to a March 2007 report by Trust for America’s Health (TFAH), entitled “Pandemic Flu and Potential for U.S. Economic Recession.”The…
SGI auto rebates generate budget controversy
March 26, 2007 by Canadian UnderwriterSGIs proposed auto insurance rebates for 2007 took centre stage during the provinces discussions about the budget recently.The Saskatchewan NDP government accused the provinces opposition finance critic, Saskatchewan Party MLA Ken Cheveldayoff, of advocating the use of Cdn$100 million in…
Aon launches global risk consulting unit
March 26, 2007 by Canadian UnderwriterAon Corporation has further consolidated its services with the formation of Aon Global Risk Consulting (AGRC), creating one of the largest dedicated risk consulting, captive management and risk engineering groups in the world.The formation of AGRC follows the launch of…
What’s New: In Brief (March 26, 2007)
March 26, 2007 by Canadian UnderwriterThe Co-Operators has teamed up with Juno award-winner Mitch Dorge, former drummer for the Emmy-nominated Crash Test Dummies, to bring his Life Choices campaign to high schools across the country. The presentation, tailored to meet the needs of the various…
U.S. securities regulator eases reporting requirements for foreign issuers
March 23, 2007 by Canadian UnderwriterThe United States Securities Exchange Commission [SEC] has officially made it easier for foreign companies to terminate their SEC registration, thus making it easier to cease their reporting obligations under the Sarbanes-Oxley Act.Smaller foreign companies in particular have criticized the…
Lloyd’s survey finds managing the cycle as top challenge for industry
March 23, 2007 by Canadian UnderwriterManaging the cycle, containing operating costs and improving efficiency and increasing regulatory burden were the three largest concerns weighing on the minds of Lloyds underwriters, according to the companys third annual survey.In total, 116 underwriters from a large number of…
Canadian Bar Association demands lift on NB injury cap
March 23, 2007 by Canadian UnderwriterThe Canadian Bar Association (CBA) has asked the New Brunswick government to re-think the $2,500 cap on minor and soft-tissue injuries following a recent decision in the Court of Queens Bench that upheld the cap, the Chronicle Herald reported.The bar…
Bermudian reinsurers post US$11.6-billion profit in 2006
March 23, 2007 by Canadian UnderwriterWhat difference the year makes: Bermudian reinsurers posted a collective profit of US$11.6 billion in 2006, compared to a US$2.1 billion loss in 2005.2006 was a record year for the Bermudian reinsurance market, with companies reporting bumper earnings and bulging…
What’s New: In Brief (March 22, 2007)
March 22, 2007 by Canadian UnderwriterTIC Travel Insurance Coordinators Ltd. raised almost Cdn$17,000 for charity this past holiday season as a result of the companys decision to donate to charity on behalf of customers rather than spending money on holiday gifts.Three charities benefited from the…
Report finds high levels of insurance sector merger and aquisitions activity
March 22, 2007 by Canadian UnderwriterA U.S. report recently released by Celent found that of the merger and acquisition (M&A) activity in 2006 in the service sector, nearly 20% of those were in the insurance IT and services sector.Driven by an influx of private equity,…
Hub amends merger agreement with Apax, Morgan Stanley
March 22, 2007 by Canadian UnderwriterHub International Limited (NYSE:HBG) (TSX:HBG)(“Hub”), a North American insurance broker, has amended the agreement by which it will be acquired by Apax Partners (“Apax”) and Morgan Stanley Principal Investments (“MSPI”).According to Hub, the change in the agreement calls for, among…
Willis chairman pushes for global principles-based regulations
March 22, 2007 by Canadian UnderwriterJoe Plumeri, chairman and CEO of Willis Group Holdings (NYSE: WSH), the global insurance broker, stressed the importance of embracing a principles-based rather than a rules-based approach not just to regulation, but to running the entire industry at the UKs…