The United States government has started to present its case against five former executives of General Reinsurance Corp. and American International Group Inc. in a fraud case surrounding a finite reinsurance transaction.The insurers have denied the fraud charges. They will…
This year holds the highest levels of political and economic uncertainty for a decade, with systemic financial risk topping the list of greatest threats, according to the World Economic Forum’s report, Global Risks 2008.Diversification of risk may have strengthened stability…
Crawford & Company announced a new operating structure that includes a smaller Global Executive Management team and four business units.The new units will include legal settlement administration as well as the information and communications technology division. In addition, Crawford Global…
By focussing on the 2004 and 2005 hurricane seasons, risk models may overestimate the probabilities of both U.S. landfall risk and potential insured losses, new research from AIR Worldwide says.“By only focusing on the 2004 and 2005 seasons, it is…
The Insurance Bureau of Canada has called for the formation of an ongoing working group between the insurance industry and the government of British Columbia to ensure residents of B.C. are protected as best as possible against an earthquake. Two…
Strategy Institute, in conjunction with Canadian Underwriter, is holding the 4th annual Captive Insurance Strategies Summit on Apr. 1 and 2.The summit, held at the InterContinental Toronto Centre, will look at a range of issues including: achieving best practices in…
Chubb Insurance could pay out up to Cdn$5 million, assuming the approval of a settlement of the class-action lawsuit related to Crocus Investment Fund, CBC.ca reports. The out-of-court settlement would resolve a Cdn$200-million class action lawsuit over Crocus Investment Fund.Roughly…
Marsh, a global insurance broking business, is consolidating its business into two geographic divisions: U.S./Canada and International.“Simplifying the current structure will enable Marsh to reduce complexity and improve efficiencies within the organization,” said Marsh CEO Daniel S. Glaser, who joined…
Arch Insurance Group, a member of Arch Capital Group Ltd., has formed a new energy division Arch Worldwide Energy that harnesses all of the group’s property and casualty energy-related capabilities into one dedicated unit.The new division combines Arch’s expertise in…
Western Financial Group has acquired Early Insurance in Thompson, Manitoba, and Southern Insurance Management in Lethbridge, Alberta.Southern Insurance Management has been operating as a family-run business in Lethbridge for more than 50 years, with services and products in both commercial…
Thousands of Quebecers will be travelling on the dime of an online travel risk management service, thanks to more than five inches of snow that fell at Pierre Elliot Trudeau International Airport in Montreal. itravel2000’s Let it Snow promotion offered…
The first half of 2008 will likely bring warmer weather in southern Canada and increased storm activity in the southern United States, Aon’s Annual Global Climate and Catastrophe Report: 2007 says.The period between January and May 2008 will mainly be…