News

Sidecars remain a popular form of raising capital, but a recent Benfield report suggests sidecars could conceivably be headed in a different direction in the future.Reinsurers will typically set up a short-term entity called a sidecar, funded by investors money,…

Dale-Parizeau L.M. Inc. and Morris & Mackenzie Inc. have announced the appointment of Jacques Bigaouette to the position of president and chief executive officer for both entities.In December 2006, Dale-Parizeau announced the acquisition of Morris & Mackenzie with the formal…

The Supreme Court of Canada has ruled that promoting insurance is not a core function of banking. Consequently, Alberta legislation that regulates insurance agents also applies to federally regulated banks when it comes to the practice of promoting creditors insurance.In…

The Bermuda reinsurance market wildly fluctuated between fantastic results in 2006 and brutal results in 2005, according to an A.M. Best report. In 2005, the Bermuda market reported a devastating combined ratio of 119.4%. However, in 2006, the combined ratio…

Lloyds has appointed a new director to drive its work enhancing the markets operational competitiveness and ensure a focus on North American business.Sue Langley, previously the chief operating officer at Hiscox, will take up a new position as Lloyds director…

The Risk and Insurance Management Society said it is disappointed to learn some brokers are reconsidering their pledge to refuse to accept certain forms of contingency fee arrangements with insurers.In response to regulatory matters and settlement agreements, many brokers pledged…

Royal & SunAlliance has partnered with AIR MILES Reward Program, which will provide customers who purchase or renew a home or car insurance policy with one reward mile for every $20 they spend on premium. Brokers have consistently asked us…

A Manhattan federal jury has found Timothy Harcharik, a one-time risk management director for cell phone distributor Brightpoint, liable on three counts of aiding and abetting securities fraud for his part in a finite reinsurance deal, A.M. Best reports.Harcharik told…

Specialized directors and officers (D&O) liability insurance created specifically for small micro-cap companiesthe Micro Cap Preferred policyis now being offered by Chubb Insurance Company of Canada. A D&O liability lawsuit, including settlement, judgment and legal expenses, can cost millions of…

Regulatory overkill is the largest risk facing the global insurance industry, according to the Center for the Study of Financial Informations (CFSI) latest Banana Skins survey, conducted for the first time for the insurance industry, in conjunction with PricewaterhouseCoopers LLP.The…

Risk exposure in the emerging world of privacy legislation is becoming a high priority for a wide range of industries due to a number of public security breaches demanding increased privacy awareness, according to a regulatory practice letter by KPMGs…

Desjardins Financial Security has reported the strongest first quarter in the companys history. The company reported 2007 Q1 net earnings of Cdn$49.8 million, a 65.3% increase from 2006 Q1. Insurance premium income rose by Cdn$60.1 million in 2007 Q1, to…