Topic
Insurance
OSC releases corporate governance guidelines for comment
January 23, 2004 by Canadian UnderwriterThe Ontario Securities Commission (OSC) has released for discussion new guidelines for accounting and disclosure for publicly-traded companies. The guidelines follow a Toronto Stock Exchange (TSX) announcement last fall that provincial securities regulators would now set the standards for corporate…
Almost 40% of private companies anticipate d&o-based suit in 2004
January 23, 2004 by Canadian UnderwriterNearly two in every five privately-held U.S. companies anticipates lawsuits aimed at their directors and officers from shareholders, customers or vendors this year, notes a new study sponsored by New Jersey-based Chubb Group.The survey of private company risks, conducted by…
CEOs extol virtues of ERM, but implementation is slow to catch on
January 23, 2004 by Canadian UnderwriterGlobal CEOs understand the need for enterprise-wide risk management (ERM), but say there are many barriers to full implementation, according to the 7th annual Global CEO Survey by PricewaterhouseCoopers.The survey found CEOs confident of future growth in revenue (80% of…
Reinsurance price stability predicted for 2004: Benfield Group
January 22, 2004 by Canadian UnderwriterU.K.-based reinsurance broker Benfield Group is predicting reinsurers will maintain price discipline through 2004, with some leveling off of rates but slim chance of a dramatic softening.Speaking of the 2003-2004 renewal season, the broker notes that reinsurers did continue the…
Anthony Clark announces private placement (January 22, 2004)
January 22, 2004 by Canadian UnderwriterCalgary-based Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF) is planning a non-brokered private placement of up to 468,750 units priced at $1.28 each, for total gross proceeds of $600,000. Each unit contains one common share and one…
Commercial property rates dropping; signs of flattening in liability
January 22, 2004 by Canadian UnderwriterCommercial property rates fell 8.8% in the last quarter of 2003, marking the first major rate decline since 2000, according to the quarterly survey by the Risk and Insurance Management Society (RIMS) and Advisen Ltd.Risk managers report not only are…
Fairmont Specialty given okay by US regulators
January 21, 2004 by Canadian UnderwriterFairfax’s Fairmont Specialty Group Inc. which includes the remaining business of former subsidiaries TIG Insurance Group and Ranger Insurance Group says U.S. regulators have given a "thumbs up" to the company’s structure and capitalization.The announcement prompted rating agency A.M. Best…
Meloche Monnex buys Liberty Mutual personal lines book
January 21, 2004 by Canadian UnderwriterTD Bank’s insurance arm has purchased the Canadian personal lines book of Liberty Mutual, a subsidiary of Boston-based Liberty Group. Meloche Monnex, which sells personal home and auto insurance as TD Insurance Home and Auto and under its own name,…
Study confirms auto injury losses skyrocketing in the U.S.
January 20, 2004 by Canadian UnderwriterWhile it may not come as news to Canadian insurers, a new U.S. study confirms that in that country, auto injury losses are skyrocketing despite a decline in serious injuries due to auto accidents.The study, by Pennsylvania-based Insurance Research Council…
Insurers prepared for Alberta auto rebates while reform talks continue
January 20, 2004 by Canadian UnderwriterAbout 90% of the auto insurance companies in Alberta had filed for rate rebates or credits as of January 14, although customers may wait months to actually receive their rebate.The rollbacks are part of a provincial government plan to reform…
Farm equipment injuries lead to highest jury awards: study
January 19, 2004 by Canadian UnderwriterVictims of injuries caused by farm products tractors, backhoes and more received the highest median jury awards over the last decade of all products liability segments, says a new study by Pennsylvania-based Jury Verdict Research.The new study, “Products Liability: Verdicts,…
Totten Group buys August Group Risk Management
January 19, 2004 by Canadian UnderwriterLondon, Ontario-based wholesaler Totten Insurance Group has bought August Group Risk Management, an underwriting office serving brokers of Aviva Canada.Totten Group CEO Ross Totten says AGRM will remain at its current location and become a division of Totten, continuing to…