November 14, 2004 by Canadian Underwriter
On the heels of the broker compensation probe by New York Attorney General Eliot Spitzer and the civil charges filed against Marsh, Zurich Financial Services says it has suspended two employees at its Zurich North America Commercial specialty business. In a statement, Zurich says the suspensions came out of an external review currently being conducted of the company’s broker compensation practices.
Reporting is a key component of the emerging movement to enterprise risk management, as discussed at an international symposium in Boston, sponsored by the Canadian Institute of Actuaries and the Society of Actuaries. Speakers including Doug Brooks, CRO of Sun Life Financial, Tony Coleman, CRO of Insurance Australia Group and Charles Gilbert, principal, Nexus Generations say that organizations can formalize the ERM process through reporting, but must also create a “culture of risk” where employees are encouraged to identify and report on potential risks.
The run-off of Converium Reinsurance North America will be handled by new CEO Paul E. Dassenko. Dassenko replaces general counsel Corcoran Byrne who took over top spot on a temporary basis following the resignation of Gary Prestia in September. Dassenko is a run-off expert, and most recently served as COO of Cobalt RunOff Services Ltd. in Australia.