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…
BMO Insurance will be the official insurance services supporter of the FIFA U-20 World Cup Canada 2007, making BMO Insurance one of the four national supporters of the tournament.We are very proud to be a part of the FIFA U-20…
Property and casualty companies enjoyed 20% or more returns on equity in 2006, but even a minor change in the economic environment can lower these numbers, Canadas acting financial superintendent told attendees of the 2007 Property and Casualty Insurance Industry…
The Office of the Superintendent of Financial Institutions (OSFI) in 2007 is preparing to move to International Financial Reporting Standards (IFRS).[OSFI] will soon begin to determine the implications for Canadian financial institutions and supervisors, Julie Dickson, OSFIs acting superintendent, told…
New, polluter-pay environmental legislation in the European Union is based on a new liability regime under public law and will create unprecedented loss complexes for which claims experience is not yet available, according to a recent report by Swiss Re.It…