Topic
Insurance
Insurers post healthy underwriting gain for 1-Q (May 26, 2005)
May 26, 2005 by Canadian UnderwriterCanadian property and casualty insurers lifted net income for the first quarter of this year by 16% to $683.5 million compared with the $589.6 million reported for the same period in 2004, according to industry financial data collected by the…
Marsh & McLennan pay Colorado Policyholders $12.7 Million
May 25, 2005 by Canadian UnderwriterOver 100 Colorado policyholders have received offers totaling $12.7 million from Marsh & McLennan Companies Inc. as part of Marsh’s agreement with New York Attorney General Eliot Spitzer to create a $850 million restitution fund, according to a statement recently…
Auto Insurance Rates confuse 59% of Ontario clients
May 25, 2005 by Canadian UnderwriterIn Ontario, 59 per cent of individuals with auto insurance are unsure how insurers are calculating their rates and may therefore be unintentionally paying higher premiums, according to a recent President’s Choice Financial/Ispos Reid Survey.In addition, 64 per cent with…
Finite reinsurance investigations lead to multiple subpoenas
May 25, 2005 by Canadian UnderwriterIn a recent move against the non-traditional insurance sector, Connecticut Attorney General Richard Blumenthal has subpoenaed insurance companies regarding their involvement in finite reinsurance transactions. The Hartford Financial Services Group Inc. disclosed to a Hartford Courant reporter that it received…
What’s New: In brief (May 25, 2005)
May 25, 2005 by Canadian UnderwriterAIR Worldwide Corporation (AIR) and Accurate Environmental Forecasting Inc. (AEF) are offering a new risk model that estimates hurricane losses based on climate forecasts. This new model uses AIR’s loss modeling technology and AEF’s ability to forecast climate’s impact on…
Desjardins Financial Security announces first quarter results
May 24, 2005 by Canadian UnderwriterDesjardins Financial Security (DFS) has posted net earnings of $40.6 million for the first quarter ending on March 31, 2005. This is an increase of 55.2% compared to 2004 Q1 results 2004, which had reached $26.2 million. The portion of…
What’s New: In brief (May 24, 2005)
May 24, 2005 by Canadian Underwriteri-flex solutions, a provider of technology solutions to the global financial services industry has entered into a strategic alliance with Castek Software Inc., a Toronto based provider of insurance systems for the global Property & Casualty (P&C) insurance industry. As…
The General Insurance OmbudService appoints Glenn Williamson as Executive Director
May 24, 2005 by Canadian UnderwriterThe Executive Committee of the Board of Directors of the General Insurance OmbudService (GIO) recently announced the appointment of Glenn Williamson as the first Executive Director of GIO, effective May 2nd, 2005. Williamson’s role will be to manage GIO’s strategic…
FSCO issues cease and desist issued against paralegal
May 24, 2005 by Canadian UnderwriterThe Superintendent of Financial Services has issued an interim Cease and Desist Order against a Toronto paralegal, Robert Crosbie and R.E.C. Paralegal. The order is effective immediately.Under subsection 441(4) of the Insurance Act, the Superintendent orders that Robert Crosbie, carrying…
Canada’s agricultural industry pool together for insurance protection
May 23, 2005 by Canadian UnderwriterCanadian agriculture businesses are pooling together to form an Insurance Purchasing Group (IPG) in response to trends toward increasing premiums, claims penalties and a lack of specialized insurance. The IPG, dubbed the Risk Management Alliance (RMA), is meant to attract…
XN Risk Canada expands services
May 23, 2005 by Canadian UnderwriterXN Risk Insurance Services Inc.’s has expanded its management liability insurance offering for development stage to mid-tier, privately held companies in Canada. As a result of this growth XN Risk will begin writing employment practices liability on a “stand-alone” basis…
Australian non-life insurers’ see reduced rates
May 23, 2005 by Canadian UnderwriterA global trend toward softening rates is prevalent in the Australian market, causing rate reductions between 5% and 20% in large corporate risks and various other commercial lines. According to the recent report by Standard & Poor’s, Australian nonlife insurers…