Features

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On the Move (October 01, 2004)

October 1, 2004 by Canadian Underwriter

Canadian Broker Network recently added two new members: Smith Petrie & Scott Insurance Brokers of Ottawa, and Moore-McLean Corporate Insurance Ltd. of Toronto. The network now includes nine independent commercial brokers and is actively seeking members in Altantic Canada and…

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Views (October 01, 2004)

October 1, 2004 by Canadian Underwriter

GE Insurance Solutions is the new name for GE Employer’s Re Corp., and the re-branding was celebrated by a reception at Toronto’s Royal Ontario Museum recently. Peter Borst, chief agent in Canada for the reinsurance operation of GE Insurance Solutions…

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Fragile Market

October 1, 2004 Vikki Spencer

Despite insurer and reinsurer CEOs’ calls for a continuation of market pricing discipline that has characterized commercial lines for the past three years, all indicators suggest that a new “soft market” may have taken hold of the insurance industry, speakers at a seminar recently held by the Ontario chapter of RIMS Canada (ORIMS) say. Price competition is setting in across all lines, with rates moving quickly from flat to decreasing. And, while commercial insurance buyers may be tempted by the promise of lower premiums, speakers caution that this may a case of “too much, too soon”.

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Newfoundland Homeowners’ Political Smokescreen?

October 1, 2004 Don Forgeron

As everyone in the industry is well aware, there has been no shortage of government and public attention on auto insurance during the past year in Atlantic Canada. Now that this attention has brought about product reform in every province, some governments, unfortunately, are beginning to set their sights on other lines of insurance.

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The “E-Biz” Bandwagon

October 1, 2004 Axiom

Thanks, Dave and Brian. That was a good presentation. Our members appreciated it,” Al said. I smiled at him, grateful that the presentation had gone down so well. Al, who in addition to running his own highly automated and successful…

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Technological Nirvana?

October 1, 2004 John Belyea

Has the insurance industry reached the elusive goal where brokers effortlessly manage clients’ needs and connect with ease to insurance companies? The belief that we are getting there is being driven not just by the launch of the Centre for Study of Insurance Operations’ (CSIO) Internet-based “portal”, but also with significant developments made by the leading broker management systems (BMS).

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Moments in Time (October 01, 2004)

October 1, 2004 by Canadian Underwriter

Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.

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U.S. Insurers Post Strong Underwriting Gain for First Half

October 1, 2004 by Canadian Underwriter

U.S. insurers posted an impressive US$9 billion underwriting profit for the first six months of 2004 compared with a loss of US$2.7 billion reported for the same period the year prior, according to industry data compiled by rating agency A.M.…

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Fairfax Continues Share Buy-Back Plan

October 1, 2004 by Canadian Underwriter

Fairfax Financial Holdings (TSX: FFH) says it will buy back up to 950,000 of its subordinate voting shares, representing just under 10% of its public float of over 13 million outstanding subordinate voting shares. “Fairfax is making this normal course…

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Reinsurance “Recoverables” Become Less Significant

October 1, 2004 by Canadian Underwriter

The global issue of “reinsurance recoverables” appears to have become less of a concern over the course of 2003, according to report just released by rating agency, Fitch Ratings. The report, which takes in results from 1998-2003, finds the industry’s…

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Enduring Change…?

September 1, 2004 Sean van Zyl, Managing Editor

Market feedback from commercial brokers and risk managers indicates that insurance pricing has peaked in most non-personal lines, including the volatile directors’ and officers’ (D&O) coverage. In fact, brokers and risk managers lament that the current conditions of the insurance…

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RIMS Takes Position on Broker Contingency Fees

September 1, 2004 by Canadian Underwriter

The organization representing North American commercial insurance buyers has not come out against broker contingent commissions, but is issuing strong words on the need for full disclosure of such arrangements. In its policy statement on compensation agreements, the Risk and…