News
AMF: Time for PQ insurers to report consumer complaints
March 15, 2006 by Canadian UnderwriterAfter a delay granted for 2005, the consumer complaint declaration function of the Autorit des marchs financiers (AMF)’s Complaint Reporting System is now available to insurance and other financial companies required to report complaints in the new system, the AMF…
MMC faces more bid-rigging charges
March 15, 2006 by Canadian UnderwriterMarsh & McLennan Companies, Inc., is facing charges of bid-rigging in a civil lawsuit recently filed by Florida’s Attorney General Charile Crist. In the suit, Crist alleges that Marsh & McLenan illegally manipulated insurance markets to obtain improper commissions and…
Converium reports profitable year
March 15, 2006 by Canadian UnderwriterConverium Holding AG has seen a profitable year, reporting a net profit of US$68.7 million for 2005 following a reported loss of US$582.5 million for 2004.Weather-related losses including hurricanes Katrina, Rita and Wilma as well as the European floods, and…
Speeding trucks slow within Canadian borders
March 14, 2006 by Canadian UnderwriterThe Canadian Trucking Alliance recently called upon the country’s provincial governments to take action on the problem of speeding trucks. The Alliance, a federation of Canada’s provincial trucking associations, has endorsed a national policy to pass a law making it…
MSB and Cornerstone team up
March 14, 2006 by Canadian UnderwriterMarshall & Swift / Boeckh and Cornerstone Appraisal Services recently partnered to form a “strategic business alliance.” This partnership is intended to utilize the strengths of both organizations to deliver high value inspection and valuation services to the property and…
U.S. regulators strike task force on climate change
March 14, 2006 by Canadian UnderwriterA new task force of the National Association of Insurance Commissioners in the United States is working to increase awareness of climate change in the industry, A.M. Best reports.Nebraska Insurance Commissioner Tim Wagner, co-head of the task force, notes the…
Munich Re posts record profit in 2005
March 14, 2006 by Canadian UnderwriterIn its anniversary year, with a stable premium base, the Munich Re Group achieved a record profit in 2005 of over EUR2.7 billion (CDN$3.75 billion).“We have thus slightly exceeded our target,” Nikolaus von Bomhard, chairman of the board of management,…
D&O liability market recovery uncertain
March 13, 2006 by Canadian UnderwriterA D&O liability market recovery is far from certain, and underwriters will need to allocate their capital wisely to stay in the business, panelists told a symposium of the Professional Liability Underwriting Society (PLUS).PLUS is an international, non-profit association with…
What’s New: In brief (March 13, 2006)
March 13, 2006 by Canadian UnderwriterWillis Group Holdings (NYSE: WSH) has appointed of three new members to the Canadian Advisory Board of Willis Canada Inc. Robert Hogan, D. Udo Nixdorf, and Bernard R. Wilson will join Willis Canada as senior members and advisors. Hogan, LL.M.…
Climate change insurance task force planned
March 13, 2006 by Canadian UnderwriterThe U.S. National Association of Insurance Commissioners (NAIC) recently agreed to establish a task force examining the impact of climate change on the insurance industry and consumers. The force will focus in on how the warming climate may affect insurance…
WICC and ING race for a cure
March 13, 2006 by Canadian UnderwriterAfter raising a record $20,300 at last year’s ING Ottawa Marathon, WICC and ING are once again teaming up again at the 2006 ING Ottawa Marathon.The duo challenges brokers, employees and industry members to form teams and run or walk…
24/7 Customer opens new contact centre with Aviva
March 10, 2006 by Canadian Underwriter24/7 Customer, a provider of outsourced contact centers to Global 1000 companies, has launched a new 1,800-seat facility in Chennai, India, as a part of its continued partnership with Aviva, the world’s fifth largest insurance company.“The state-of-art facility is spread…