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Survey shows large agencies increasingly hiring risk managers

June 13, 2005 by Canadian Underwriter

According to a recent compensation and benefits survey, conducted by the Business management Group Inc. (BMG), larger insurance agencies are more likely than not to employ a director of risk management, a claim specialist and a loss control specialist. BMG’s…

News Climate ChangeInsurance

Ontario legislation to fine ‘polluters’ for accidental spills

June 13, 2005 by Canadian Underwriter

The Ontario government has passed a law mandating that companies found polluting the environment will be fined on the spot.Under Bill 133, government inspectors are now awarded the power to fine companies up to $100,000 a day and individual employees…

News Insurance

Marsh & McLennan to sustain insurance broker subsidiary

June 13, 2005 by Canadian Underwriter

As a result of recent broker compensation investigations, Marsh & McLennan Cos. implemented a strategic review of its insurance broker subsidiary Putnam and Marsh Inc. Putnam, which was charged in the Spitzer trials with improper fund trading. Results from the…

News Insurance

What’s New: In brief (June 13, 2005)

June 13, 2005 by Canadian Underwriter

OneBeacon Insurance Group, a unit within the White Mountains Insurance Group Ltd., has been subpoenaed by Connecticut officials investigating the industry for collusion with insurance brokers. OneBeacon received a subpoena from Attorney General Richard Blumenthal seeking information on conduct with…

News Insurance

Alea subpoenaed regarding finite investigations

June 10, 2005 by Canadian Underwriter

Alea Group Holdings Ltd. recently received a subpoena from the U.S. Securities and Exchange Commission (SEC) requesting its insurance documents relating to certain non- traditional, or loss mitigation, insurance products, according to a news statement made by the Company. “Alea…

News Insurance

Insurance concerns cause cancellation of Ontario bike competition

June 10, 2005 by Canadian Underwriter

The Ontario Cup downhill mountain bike competition planned for July has been cancelled, according to Alvin Weatherall, director of risk management at Blue Mountain an Intrawest resort where the event was to be held.Plans to terminate the event were finalized…

News Insurance

Second General Re executive pleads guilty

June 10, 2005 by Canadian Underwriter

A second General Re Corp. executive recently pled guilty to conspiracy in regards to his involvement in a reinsurance transaction implemented for American International Group Inc. (AIG). Former senior VP Richard Napier, is charged with conspiring to misrepresent AIG’s reported…

News Climate ChangeInsurance

What’s New: In brief (June 10, 2005)

June 10, 2005 by Canadian Underwriter

FGIC Corp. recently appointed Eric Rosensweig to the position of managing director, international finance. Offering seven years of experience with MBIA, Rosensweig will be responsible for new business opportunities in the emerging markets and Canada. Most recently, he served as…

News Climate ChangeInsurance

Alberta residents to receive financial aid on uninsurable flood damage

June 9, 2005 by Canadian Underwriter

In response to damages incurred from recent flash floods in southern Alberta, the province has approved a $55 million disaster recovery program. The funds will aid residents of 17 Alberta municipalities and three First Nations, compensating for uninsurable severe weather-related…

News Insurance

Kingsway notes receive ‘BBB-‘ rating

June 9, 2005 by Canadian Underwriter

Standard & Poor’s recently placed a “BBB-” rating on Kingsway ROC GP’s $125 million, 10-year senior unsecured debt.The notes for Kingsway ROC GP a new general partnership organized under the laws of Delaware and owned by a subsidiary of Kingsway…

News Insurance

Co-operators general ratings raised

June 9, 2005 by Canadian Underwriter

Co-operators General Insurance Co.(CGIC) counterparty credit and financial strengths rating has been raised to a ‘BBB+’ from ‘BBB’, according to Standard & Poor’s (S&P). The Guelph,ON-based Company’s rating outlook is stable seeing a rise in its Canadian national scale preferred…

News Insurance

Greenberg resigns from AIG

June 9, 2005 by Canadian Underwriter

Former CEO of American Insurance Group (AIG) Maurice “Hank” Greenberg recently resigned from the Company’s board of directors. Citing scant access to AIG’s company information and its operations as the motivation behind his decision to resign, Greenberg has now cut…