News
Peace Hills upgraded by A.M. Best
November 15, 2004 by Canadian UnderwriterAlberta-based Peace Hills General Insurance Co. has been upgraded to “B” from “B-” with a stable outlook by A.M. Best.The rating agency says Peace Hills shows improved capitalization and strong profitability in the recent years, building on strong operations, management…
What’s new: In brief (November 15, 2004)
November 15, 2004 by Canadian UnderwriterStandard & Poor’s says it will take no rating action on the three life insurers mentioned in the civil charges filed by New York Attorney General Eliot Spitzer against California intermediary Universal Life Resources. The three insurers MetLife, Prudential and…
Ontario insurers, brokers to beef up disclosure rules but keep contingent commissions
November 14, 2004 by Canadian UnderwriterIn a press conference today, Ontario’s p&c insurers and brokers announced a new system to ensure better communication and disclosure to consumers about commissions and other practices, while maintaining the practice of contingent commissions.In response to the investigation of broker…
Spitzer files suit against U.S. benefits insurer
November 14, 2004 by Canadian UnderwriterNew York Attorney General Eliot Spitzer, in his continuing probe of broker commissions, has filed a civil suit against San Diego-based benefits broker Universal Life Resources Inc. and its CEO Douglas Cox.The suit alleges the firm, which specializes in life…
RSA Canadian ops see results improve in third quarter
November 14, 2004 by Canadian UnderwriterThe Canadian operation of U.K.-based Royal & SunAlliance has produced strong results for the third quarter ending September 30, 2004, with combined ratio improving to 96.3% from 99.0% a year earlier.Overall, the Canadian operation produced an underwriting profit of $10…
What’s new: In brief (November 14, 2004)
November 14, 2004 by Canadian UnderwriterOn the heels of the broker compensation probe by New York Attorney General Eliot Spitzer and the civil charges filed against Marsh, Zurich Financial Services says it has suspended two employees at its Zurich North America Commercial specialty business. In…
Industry to respond to disclosure issues
November 11, 2004 by Canadian UnderwriterIn a press conference set for Friday, the Canadian p&c insurance industry is set to announce its plans for improving disclosure and transparency with consumers.In a joint event, representatives of the Insurance Bureau of Canada (IBC), Insurance Brokers Association of…
Optimum General records sixth successive quarter of profit
November 11, 2004 by Canadian UnderwriterContinuing its financial turnaround, Montreal-based Optimum General Inc. (TSX: OGI.SV.A) is reporting its sixth consecutive quarter of profit for the third quarter ending September 30, 2004.The insurer produced net income of $742,000 ($0.06 per share) for the quarter, up from…
Fitch still unimpressed with Fairfax
November 11, 2004 by Canadian UnderwriterRating agency Fitch, in a lengthy press release, says it will maintain its negative outlook on financial services giant Fairfax Financial Holdings Ltd. irregardless of the company’s third quarter filings.Fitch had earlier placed the negative watch on the company citing,…
What’s new: In brief (November 11, 2004)
November 11, 2004 by Canadian UnderwriterThe U.S. Federal Reserve Board’s decision to raise the federal fund rate 25 basis points to 2.0% sets up the prospect for similar action by The Bank of Canada. While the Fed is expected to raise rates by 25 points…
Ontario NDP, CAC say Sorbara in conflict over broker commissions
November 10, 2004 by Canadian UnderwriterThe Consumers Association of Canada (CAC) wants to see Ontario Finance Minister Greg Sorbara to “step aside as regulator of the insurance industry”, saying he is in conflict over the issue of broker commissions.The call comes after New Democrat MPP…
U.K. risk managers come out against contingent commissions
November 10, 2004 by Canadian UnderwriterRisk managers in the U.K. are adamant that the current system of contingent commissions to broker needs to be abolished. In a survey by the Association of Insurance and Risk Managers (AIRMIC), 93% of corporate insurance buyers say contingent commissions…