News

Marsh & McLennan Companies, Inc. (MMC) is planning to save about US$350 million by 2008, in part through the reduction or attrition of 750 staff positions.“Beginning a year ago, we initiated an effort to rationalize MMC’s IT infrastructure, institutionalize firm-wide…

ESIS, a risk management services company, has opened an office in Toronto under the name ESIS Canada, Inc. ESIS Canada will offer clients in the United States and Canada access to claims management and a wide range of risk control…

Co-operators General Insurance Company is undergoing a number of changes to its senior management team, as three of its members are moving on to retirement.The senior management team oversees all of the companies in The Co-operators group of companies.Dan Thornton,…

ICBC has obtained a conviction in B.C.’s provincial court for a fraud scheme in which a claimant produced fraudulent tax returns to support the receipt of exaggerated payments for lost wages following a car accident.Alen Melki of Burnaby, B.C. was…

Following a review of its businesses, Norwich Union, a subsidiary of Aviva and the U.K.’s largest insurer, is poised to reduce its U.K. workforce by 4,000 prior to the end of 2007.“Approximately half of [the workforce reductions] are anticipated to…

The Dominion of Canada General Insurance Company (“The Dominion”) is now automatically including up to $25,000 of identity fraud expense coverage in its and Chieftain’s homeowners, tenants and condominium policies, subject to a $250 deductible.The Dominion announced it is not…

Sedgwick CMS Holdings, Inc. (Sedgwick CMS Holdings), parent company of Sedgwick Claims Management Services, Inc. (Sedgwick CMS), recently concluded its agreement to acquire CompManagement, Inc. (CMI) and its affiliated companies. The finalized agreement took the form of a merger between…

Oxygen Holdings P.L.C. recently introduced a reinsurance broker, Oxygen Re that will serve buyers of non-marine, marine and aviation treaty reinsurance and retrocessional covers.In addition, London-based Oxygen Holdings says it will introduce third-party capital in various forms to support underwriting.The…

Ontario’s insurance regulator is consultating with Ontario-incorporated insurers, reciprocals and fraternal societies on proposed changes to insurance legislation that would allow these insurers to operate under investment and corporate governance rules similar to those at the federal level. According to…

Critics may dismiss the dangers of global warming, but increasing sea temperatures are nonetheless linked to more intense Atlantic hurricanes, according to the 2006 edition of the annual publication, the Hazard & Risk Science Review.Researched and edited by Professor Bill…

The property retrocession business Swiss Reinsurance Co acquired when it purchased GE Insurance Solutions, will not be renewed.The reason the reinsurer is not renewing the business is related to the dissolution of the retrocession market. The decision of Swiss Re…

The Precept Group, a full-service insurer based in Waterloo, Ontario, is donating money to help build Canada’s first solar park The Precept Group Inc. announced it will be donating money to The Sunpark Challenge to help buy the solar panels…