News
Crawford partners with MJM Investigations
September 1, 2006 by Canadian UnderwriterCrawford & Company (NYSE: CRDA; CRDB), an independent provider of claims management solutions, and MJM Investigations Inc. recently formed a global strategic alliance.MJM will become Crawford’s preferred provider for services including: insurance fraud mitigation and claims services as well as…
What’s New: In brief (September 01, 2006)
September 1, 2006 by Canadian UnderwriterWillis Group Holdings Ltd. recently reached an agreement with New York Attorney General Eliot Spitzer and New York Superintendent of Insurance Howard Mills that will allow the broker to accept extra profit-based commissions from insurers when it acts as a…
Competition and soft rates challenge commercial property market
August 31, 2006 by Canadian UnderwriterUnderwriting within the Canadian commercial property segment during 2005 saw a sharp increase in net loss ratio, dampening overall industry results.Events that contributed to the poor results include the Suncor Oil Sands Facility and increased storm activity throughout the country…
What’s New: In brief (August 31, 2006)
August 31, 2006 by Canadian UnderwriterRobert E. (Bob) Gallagher, chairman of the board of Arthur J. Gallagher & Co., passed away following a brief illness. Gallagher, 83, joined his father’s insurance agency in 1947 after graduating from Cornell, working alongside his two brothers. In 1963,…
Canadian travellers warned of hurricane season
August 30, 2006 by Canadian UnderwriterCanadians are being urged to review their travel plans and take necessary precautions when visiting regions forecasted to be affected by hurricanes.The warning comes from The Honourable Peter MacKay, Minister of Foreign Affairs and Minister of the Atlantic Canada Opportunities…
Global warming to complicate control of wildland fires
August 30, 2006 by Canadian UnderwriterA recent report published by an assembly of global fire ecologists indicates recent climate change will hinder our ability to manage wildland fire and apply prescribed fire across the landscape.The Association for Fire Ecology’s report, “San Diego Declaration on Climate…
Access to actuarial report on Alberta auto insurance denied
August 29, 2006 by Canadian UnderwriterInformation and Privacy Commissioner Frank Work has upheld the decision of Alberta Finance (the “Public Body”) to refuse access to the draft KPMG actuarial report that helped set the rate for basic automobile insurance in 2003. A press release from…
Aon places FM Global cat bond
August 29, 2006 by Canadian UnderwriterFM Global privately placed its second US$300 million catastrophe bond, in response to the increasingly unusual earthquake activity in the U.S. and Canadian Pacific Northwest regions. Aon Capital Markets served as lead manager to place the most recent cat bond.FM…
Desjardins Financial Security strengthens market outside of Quebec
August 28, 2006 by Canadian UnderwriterDesjardins Financial Security posted a net income of CD$69.2 million for the second quarter 2006 compared with CD$74.2 million for continuing operations in 2005, when results benefited from a reversal of allowance for impaired loans. In the Q2, the net…
Risk managers welcome new scholarship
August 28, 2006 by Canadian UnderwriterThe Spencer Educational Foundation, Inc. recently introduced a new scholarship fund totaling US$100,000. The Risk and Insurance Management Society, Inc. (RIMS)’s Atlanta Chapter donated the funds for the new scholarship, called the “RIMS Atlanta Chapter Scholarship.” RIMS says that all…
BB&T buys Canadian-based CAFO Inc. (August 24, 2006)
August 24, 2006 by Canadian UnderwriterBB&T Corporation (NYSE: BBT), a principal subsidiary of Branch Banking and Trust Company, has agreed to buy insurance premium finance company AFCO Credit Corporation and its Canadian affiliate, CAFO Inc., from Mellon Financial Corporation (NYSE: MEL).Terms of the transaction were…
Marsh embraces contingent commissions
August 24, 2006 by Canadian UnderwriterUnder a new agreement made with New York Attorney General Eliot Spitzer and New York Superintendent of Insurance Howard Mills, broker Marsh Inc. is legally viable to accept contingent commissions on arrangements where it serves as either the managing general…