News
Canada’s agricultural industry pool together for insurance protection
May 23, 2005 by Canadian UnderwriterCanadian agriculture businesses are pooling together to form an Insurance Purchasing Group (IPG) in response to trends toward increasing premiums, claims penalties and a lack of specialized insurance. The IPG, dubbed the Risk Management Alliance (RMA), is meant to attract…
XN Risk Canada expands services
May 23, 2005 by Canadian UnderwriterXN Risk Insurance Services Inc.’s has expanded its management liability insurance offering for development stage to mid-tier, privately held companies in Canada. As a result of this growth XN Risk will begin writing employment practices liability on a “stand-alone” basis…
Australian non-life insurers’ see reduced rates
May 23, 2005 by Canadian UnderwriterA global trend toward softening rates is prevalent in the Australian market, causing rate reductions between 5% and 20% in large corporate risks and various other commercial lines. According to the recent report by Standard & Poor’s, Australian nonlife insurers…
Gallagher reaches agreement, must pay $27 million through fund
May 19, 2005 by Canadian UnderwriterArthur J. Gallagher & Co., the Illinois Attorney General and Illinois’s director of insurance have reached an agreement regarding the industry-wide contingent commission investigations.Upon pleading no liability or wrongdoing, Gallagher is not required to issue an apology. Based on terms…
IFRIMA releases position paper regarding the role of a broker
May 19, 2005 by Canadian UnderwriterA brokers role may vary greatly from company to company, according to a position paper released today by the International Federation of Risk and Insurance Management Associations (IFRIMA).IFRIMA believes that the current business model established by brokers and insurers does…
XL adds dedicated coverage for independent directors to its product roster
May 19, 2005 by Canadian UnderwriterIn response to consumer requests for specialized liability products, XL Insurance (Bermuda) Ltd., a subsidiary of XL Capital Ltd. (NYSE:XL), today announced the extension of its XL Professional Lines portfolio. The Company is adding dedicated coverage for independent directors of…
What’s New: In brief (May 19, 2005)
May 19, 2005 by Canadian UnderwriterIn a bid to expand services in Southern U.S., Hub International Ltd. opened a new office in New Orleans. Hub International Gulf South’s office of producers formerly members of Marsh & McLennan will provide Louisiana and nearby states with a…
Kingsway announces public offering of preferred units of an investment trust
May 18, 2005 by Canadian UnderwriterKingsway Financial Services Inc. filed a preliminary prospectus for a proposed public offering of preferred units of an investment trust. The trust will only be qualified by securities regulatory authorities in Canada and will be sold by both Scotia Capital…
Canada faring well despite overall decline North American life insurance activity
May 18, 2005 by Canadian UnderwriterThe first four months of 2005 have seen consecutive declines application activity of individually underwritten life insurance in North America. April applications, according to the MIB Group Inc., mark the “third strike” and a decline of 5.0% year-over-year. Year-to-date application…
Insurance industry recognized through new ICLR project
May 18, 2005 by Canadian UnderwriterToday, at the Institute for Catastrophic Loss Reduction (ICLR) annual general meeting, discussions reflected on a new program that exemplifies the role of the insurance industry and property preservation. The program, Designed… for safer living, was created to improve disaster…
Chief risk officer position, a universal mainstay
May 17, 2005 by Canadian UnderwriterChief risk officers (CROs) are multiplying in the financial services sector and expected to grow exponentially in other industries. According to a recent survey of 137 global risk managers conducted by the Economist Intelligence Unit (EIU), mounting regulatory pressures and…
Atlantic to incur high hurricane season
May 17, 2005 by Canadian UnderwriterAn above-normal hurricane season is expected to supervene last year’s record season, according to National Oceanic and Atmospheric Administration (NOAA) hurricane forecasters. Predictions for the 2005 Atlantic hurricane season indicate 12 to 15 tropical storms, seven to nine of which…