News
Insurers have role to play in developing countries: Swiss Re
January 25, 2005 by Canadian UnderwriterIn the wake of the December 26th Asian tsunami disaster, insurers have a role to play in providing financial protection in developing countries, says Swiss Re. In a new report on the tsunami and its consequences, the reinsurer notes that…
Hurricane Ivan halts softening in energy sector: Guy Carpenter
January 24, 2005 by Canadian UnderwriterThe damage caused by Hurricane Ivan’s assault on off-shore oil producers halted expected reinsurance rate softening in the energy sectors, according to a new report by reinsurance broker Guy Carpenter & Co.In its “Marine & Energy Reinsurance Review Report 2005”,…
Feds, provinces shake hands on emergency preparedness plan
January 24, 2005 by Canadian UnderwriterFederal and provincial representatives meeting in Ottawa have agreed to a plan to strengthen Canada’s emergency preparedness plans. In a meeting chaired by Deputy Prime Minister Anne McLellan and Ontario Minister of Community Safety Monte Kwinter, provincial and territorial ministers…
“Significant softening” reported by commercial brokers
January 24, 2005 by Canadian UnderwriterU.S. commercial insurance accounts saw significant rate softening in the last months of 2004, according to the latest quarterly survey by the Council of Insurance Agents & Brokers (CIAB).In the fourth quarter, more than 80% of small and large accounts,…
What’s new: In brief (January 24, 2005)
January 24, 2005 by Canadian UnderwriterAviva Canada says it will connect directly to the Centre for Study of Insurance Operations (CSIO) portal in 2005, but in the meantime will be guaranteeing quotes generated on the portal as of March 1. This applies to Aviva’s Pilot,…
ICBC application for no rate increase approved
January 23, 2005 by Canadian UnderwriterThe Insurance Corp. of B.C. (ICBC) has gotten its wish and will not have to raise basic auto insurance rates in 2005. The B.C. Utilities Commission approved the public insurer’s rate application which had been submitted last July. The commission…
Connecticut AG sues Marsh, ACE over state contract
January 23, 2005 by Canadian UnderwriterIn what promises to be the first of several civil charges filed against insurance companies and brokers, Connecticut Attorney General Richard Blumenthal has filed suit against Marsh & McLennan’s brokerage operation and ACE Financial Solutions. Blumenthal alleges ACE paid Marsh…
What’s new: In brief (January 23, 2005)
January 23, 2005 by Canadian UnderwriterBroker network Hub International has named James S. Barton as president and COO of B.C.-based Hub International Barton Ltd. Also George C. Robertson has been named chief sales officer. James Barton replaces Craig Barton, who will remain as chair and…
Tsunami won’t affect insurer, reinsurer ratings: Moody’s
January 23, 2005 by Canadian UnderwriterClaims from the December 26 Asian tsunami are not expected to impact the financial strength ratings of insurers and reinsurers rated by Moody’s Investor Service. In a special report on the tragic event which has taken the lives of more…
What’s new: In brief (January 20, 2005)
January 20, 2005 by Canadian UnderwriterOakville, Ontario-based pet insurer Pethealth (TSX Venture: PTZ) has declared a dividend of $0.12 per series one convertible preference share, payable on January 26. Pethealth issued 5 million of convertible preference shares on January 21, 2004 through a private placement,…
Kingsway latest to join portal
January 20, 2005 by Canadian UnderwriterMississauga, Ontario-based Kingsway General Insurance Co. is the latest insurer to hop on the Centre for Study of Insurance Operations (CSIO) portal.Non-standard auto insurer Kingsway is the 30th company to take part in the web-based portal for broker-insurer interaction, a…
Enron, WorldCom directors contribute to settlements: Article
January 20, 2005 by Canadian UnderwriterThe recent settlements by former WorldCom and Enron directors highlights the new phenomenon of directors paying to settle litigation using their own funds, according to an article by Darryl P. Rains, partner at legal firm Morrison & Foerster LLP. In…