Canadian Underwriter

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News Insurance

What’s new: In brief (February 10, 2005)

February 10, 2005 by Canadian Underwriter

Aon Corp. has set aside US$50 million for possible settlements resulting from investigations into industry practices in New York and other U.S. states. The company says US$43 million of this is allocated to its insurance brokerage and risk arm, while

News Insurance

Marsh finds financial/HR threats keeping business owners up at night

February 9, 2005 by Canadian Underwriter

In its “2004 Marsh Canada Corporate Risk Review”, the broker finds several key threats are front-of-mind for small and medium-sized businesses, and these threats go well beyond traditional property hazards.In a survey of organizations from a variety of industries where

News Insurance

What’s new: In brief (February 08, 2005)

February 8, 2005 by Canadian Underwriter

U.S.-based MarketScout says p&c premiums rose 1% in January, indicating significant softening compared to January, 2004 when premiums rose 11%. According to MarketScout’s “market barometer”, rate increases peaked in March, 2003 with a 28% jump, but increases have fallen back

News Insurance

Lloyd’s CEO calls for “change in behavior”

February 8, 2005 by Canadian Underwriter

The London market needs to bring about a change in behavior if it is to meet the expectations of clients and regulators in a shifting insurance world, Lloyd’s CEO Nick Prettejohhn told the Insurance Institute of London this week.Given the

News Insurance

ACE to fight Connecticut civil suit

February 6, 2005 by Canadian Underwriter

In a conference call last week, ACE Ltd. CEO Evan Greenberg says the insurer will ask the court to dismiss civil charges filed by Connecticut Attorney General Richard Blumenthal.Blumenthal filed the civil case late last month, alleging ACE paid broker

News Insurance

What’s new: In brief (February 01, 2005)

February 1, 2005 by Canadian Underwriter

Standard & Poor’s has assigned the following ratings to Fairfax Financial Holdings’ US$750 universal shelf, registered with Canadian and U.S. regulators: “BB” senior debt; “BB-” subordinated debt; and “B+” preferred stock. S&P does not expect significant amounts of incremental debt

News Insurance

MMC settles with Spitzer for US$850 million

January 31, 2005 by Canadian Underwriter

Marsh & McLennan Cos. Inc. has settled the civil charges filed by New York Attorney General Eliot Spitzer for US$850 million. The charges were filed in October, 2004, alleging misconduct at MMC’s insurance brokerage unit, Marsh Inc., in the U.S.

News InsuranceMergers and Aqcuisitions

Canadian market set for interesting year in 2005: Cook

January 30, 2005 by Canadian Underwriter

2005 is shaping up to be an interesting year for Canada’s property & casualty insurance industry, says Omega Insurance Holdings CEO Philip Cook. Cook looked into his crystal ball to outline “33 trends” the industry may see this year, speaking

News Insurance

Joint Forum releases intermediary sales practices paper

January 30, 2005 by Canadian Underwriter

The Joint Forum of Financial Market Regulators (JFFMR) has released its “Principles and Practices for the Sale of Products and Services in the Financial Sector”.The new document suggests principles for the sale of a wide array of products, including p&c

News Insurance

What’s new: In brief (January 30, 2005)

January 30, 2005 by Canadian Underwriter

Stephen Mallory, former managing director of Marsh Canada, has been named president and CEO of Hub International Ontario Ltd. Mallory succeeds Nelson Tilander, who although leaving the CEOs role after six years for an indefinite medical leave, will remain as

News Insurance

Western Financial to make $20 million offering

January 26, 2005 by Canadian Underwriter

Alberta-based broker network and bank Western Financial Group Inc. (TXS: WES) says it has priced an offering of 9 million subscription receipts at $2.15 each for gross proceeds of $19.35 million. The offering, set to close on February 3, also

News InsuranceMergers and Aqcuisitions

Industry preparing for release of 2004 yearend results: Yakabuski

January 26, 2005 by Canadian Underwriter

The insurance industry is already preparing to better handle the release of 2004 yearend financial results and the incumbent media attention they will garner, says Mark Yakabuski, vice president of federal affairs and Ontario region for the Insurance Bureau of