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Lloyd’s challenges market to avoid “compliance silo”

October 25, 2004 by Canadian Underwriter

A recent survey of Lloyd’s managing agents found that while 78% said the most important driver of good risk management is business benefit, half of those surveyed felt compliance was the best means of achieving good risk management.These results are…

News Insurance

Marsh CEO resigns; S&P gives negative outlook to commercial insurers

October 25, 2004 by Canadian Underwriter

Ending weekend speculation, Marsh CEO Jeffrey Greenberg has resigned, amid civil charges filed against the international broker by New York Attorney General Eliot Spitzer. In a statement, Marsh says Greenberg “placed the interests of the company first” in resigning, and…

News Insurance

Reinsurers face “key test” with 2005 renewals: A.M. Best

October 25, 2004 by Canadian Underwriter

The upcoming renewal season will be a “key test” of reinsurers’ resolve to maintain price discipline, says rating agency A.M. Best.Cedants and brokers will be expecting price softening, Specifically in the property line, despite the rash of catastrophe losses seen…

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What’s new: In brief (October 24, 2004)

October 24, 2004 by Canadian Underwriter

Standard & Poor’s has lowered the rating on Aon Corp. as a result of expected earnings impact from the broker’s decision to discontinue market service agreements (MSAs). Fitch has also placed Aon on a negative watch as a result of…

News Insurance

US commercial brokers report market competition and price softening

October 24, 2004 by Canadian Underwriter

The average premium decline on commercial insurance accounts in the third quarter of 2004 was almost 6%, according to the latest quarterly market index from the U.S. Council of Insurance Agents and Brokers (CIAB).“Price competition has definitely returned to the…

News InsuranceMergers and Aqcuisitions

SGI withdraws rate increase request

October 22, 2004 by Canadian Underwriter

Saskatchewan Government Insurance has withdrawn its request to raise auto rates 10% next year for the province’s drivers.SGI says the decision comes after an external actuary’s audit predicting its “auto fund” will be in an improved position heading into next…

News InsuranceMergers and Aqcuisitions

Ontario auto rates drop 8.75% in third quarter: FSCO

October 22, 2004 by Canadian Underwriter

The average rate on auto insurance dropped 8.75%, according to filings approved by the Financial Services Commission of Ontario (FSCO) for the first nine months of 2004.While the average decline in the third quarter alone was just under 2%, this…

News Insurance

What’s new: In brief (October 21, 2004)

October 21, 2004 by Canadian Underwriter

A.M. Best has added issuer credit ratings to complement its financial strength ratings on insurers. The ICRs have already been assigned to non-operating holding companies, but will now be added for operating companies in the reinsurance and some non-U.S. markets.…

News Climate ChangeInsurance

Windstorm losses will enforce reinsurer discipline: Benfield

October 21, 2004 by Canadian Underwriter

In an analysis of the impact of the 2004 Atlantic hurricane season, broker Benfield Group says significant catastrophe losses this year should help enforce pricing discipline as the latest renewal period looms.Benfield notes that comments from reinsurer CEOs indicate an…

News InsuranceMergers and Aqcuisitions

Teen driving not viewed as problem: poll

October 21, 2004 by Canadian Underwriter

Although road accidents are the leading cause of death amongst young adults, a new poll is finding a surprisingly lack of concern about young driver safety.The poll, released by the Traffic Injury Research Foundation (TIRF) in Ottawa, finds that less…

News InsuranceMergers and Aqcuisitions

Industry “much healthier” than in 2003: IBAO panel

October 21, 2004 by Canadian Underwriter

Reflecting on the situation facing Ontario insurers a year ago, company CEOs say the picture this year is a much healthier one.A panel of insurance company CEOs addressed the industry’s financial outlook as well as the lingering issue of public…

News Climate ChangeInsurance

What’s new: In brief (October 20, 2004)

October 20, 2004 by Canadian Underwriter

Insurers are expected to tap the Florida Hurricane Catastrophe Fund for US$3 billion to reinsure losses from three major hurricanes which hit the state in August and September (losses from Hurricane Frances will not apply as they are below US$4.5…