News

Property and casualty insurer Zurich recently announced several senior management appointments for its North America commercial division, including Steve Rand as executive vice president of commercial markets.The division includes the company’s construction, middle markets, surety, Canadian commercial and energy casualty…

The Insurance Brokers Association of B.C. (IBABC) will urge the B.C. provincial government to include restrictions on credit scoring in the next Insurance Act, contrary to what Canadian Underwriter recently posted on its News Daily Web site, according to Chuck…

“Convergence products” will play a critical part in the competitive landscape of the property-casualty industry even though they only represent a small segment, according to a new study by Conning Research and Consulting, Inc.The study, titled ‘Evolution in Risk and…

Transport Canada is testing an electronic nagger in an attempt to gain control over speeding on Canada’s roadways and encourage drivers to slow down. A nagger uses GPS technology to make the accelerator hard to press when a driver exceeds…

XL Capital says it expects to record a net charge of approximately US$830 million in the fourth quarter of 2005 following finalization of a draft report of an independent actuary (IA) appointed in connection with the company’s acquisition of Winterthur…

Markel International, the international property and casualty insurer, has announced the first official day of trading for its Canadian branch, MINT Canadian Specialty Underwriters (MCSU), located in Toronto.Markel Corporation markets and underwrites specialty insurance products and programs for a variety…

Maurice (Hank) Greenberg, the former chief executive of American International Group Inc., will not face criminal charges from New York Attorney General Eliot Spitzer, according to a recent statement from Spitzer’s office.In April Spitzer publicly announced on ABC news that…

The total insured property losses for 2005 are estimated at a record US$50.3 billion, a figure that the Insurance Services Office Inc.’s Property Claims Services (PCS) ivision recently reported was bolstered by the US$6.1 billion in insured property damage incurred…

Hurricanes Katrina and Rita were “insurance-market-changing” events that many US insurers say will return property insurance rates to their 2003 levels, according to a white paper released by Marsh & McLennan Cos.“Catastrophe rate increases are ranging from 10% to more…

The Financial Services Authority (FSA) recently announced it may force insurance brokers to disclose the fees they get from insurers unless they significantly improve the way they manage their conflicts of interest.The FSA sent a letter to chief executives quoting…

XL Capital Ltd (NYSE: XL) recently received a draft actuarial report from the Independent Actuary in connection with the Company’s post-closing protection for adverse development of net loss and unearned premium relating to it’s acquisition of specific Winterthur International insurance…

Integro Ltd. has expanded into the London, England marketplace, acquiring Humphreys Haggas Sutton & Co. Ltd (HHS).HHS is a Lloyd’s broker founded in 1994 by its three principals, Toby Humphreys, Simon Haggas and John Sutton. Integro has received regulatory approval…