What’s new: In brief (February 28, 2005)

Bermuda-based RenaissanceRe Holdings Ltd. says it has received a subpoena from the U.S. Securities Exchange Commission (SEC) in connection with the SEC’s investigation of “non-traditional” insurance products. As well, the SEC is seeking further information on RenRe’s recent announcement that it would restate earnings for the years 2001-2003. RenRe says it also expects to receive a similar request from New York Attorney General Eliot Spitzer’s office.

Canadians are becoming increasingly aware of identity theft, according to a survey by Ipsos-Reid for Intersections Inc. and Carlson Marketing. The “identity theft index” finds four-in-five people saying identity theft is a serious problem in Canada, with one-in-four saying they have been a victim of identity theft themselves. The most frequent way in which these people were victimized was through unauthorized credit card use (70%), although more than half also had new credit card accounts or loans taken out in their names.

The Property Casualty Underwriters Club (PCUC) has planned its annual “Spring Thaw” for April 13 at Toronto’s Courthouse Market Grille & Chamber Lounge. The evening of camaraderie celebrates the end of winter. For more information, contact PCUC president Peter Morris at petermorris@cgi.com.