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News Insurance

Canadian insurers’ earnings likely to diminish

April 19, 2005 by Canadian Underwriter

While 2004 was the best year of the hard market cycle in terms of company financial returns, the year ahead will likely see deteriorating results as lower pricing and rising claims costs eat at the industry’s bottom-line, predicts George Cooke,

News Insurance

Risk managers need to take control of compensation issue: RIMS president

April 19, 2005 by Canadian Underwriter

Risk managers need to take the reigns and address their own concerns regarding broker compensation,the new president of the Risk & Insurance Management Society (RIMS) told members Tuesday.As part of the keynote panel discussion at RIMS’ annual conference in Philadelphia,

News Insurance

Aon, Marsh CEOs differ in views on compensation issue

April 19, 2005 by Canadian Underwriter

The CEOs of two of the world’s leading brokerages gave differing views on what the future of intermediary compensation should look like at the keynote panel discusssion at the Risk & Insurance Management Society (RIMS) Conference Tuesday.New Marsh CEO Michael

News Insurance

Plumeri touts need for innovation in industry

April 18, 2005 by Canadian Underwriter

The insurance industry should take recent controversy over broker compensation and use it as an opportunity for “healthy self-examination”, Willis Group CEO and chairman Joe Plumeri told an audience at the RIMS Conference in Philadelphia Monday.Plumeri says the industry needs

News Insurance

Industry needs to communicate better: Levene

April 18, 2005 by Canadian Underwriter

The insurance industry needs to communicate better, not only in terms of full transparency with clients, but also working closely with regulators, Lloyd’s chairman Lord Peter Levene told a Philadelphia audience Monday night.Speaking to business leaders at the Philadelphia Club,

News Insurance

Willis to pay US$51 million to settle New York, Minnesota investigations

April 10, 2005 by Canadian Underwriter

Broker Willis Group Holdings says it has reached agreements with attorneys general in New York and Minnesota which will see the company create settlement funds valued at US$51 million.In its settlement with New York Attorney General Eliot Spitzer, Willis will

News InsuranceMergers and Aqcuisitions

No hikes for Torontonians affected by transit strike: IBC

April 6, 2005 by Canadian Underwriter

Residents of Toronto who may be forced to drive or car-pool temporarily as a result of the possible public transit strike will not have to buy additional insurance, the Insurance Bureau of Canada says.The Toronto Transit Commission strike, which has

News Insurance

Aon names new CEO; XL names Canadian manager

April 4, 2005 by Canadian Underwriter

Global broker Aon Corp. has named Gregory C. Case as president and CEO. The move follows the previously announced retirement of founding CEO Patrick G. Ryan, who will serve as executive chairman of the board for Aon.Case was most recently

News Climate ChangeInsurance

Cat bond market grows in 2004: Guy Carpenter

April 3, 2005 by Canadian Underwriter

The global catastrophe bond market grew 17% in 2004, according to a joint study released by reinsurance broker Guy Carpenter & Co. and MMC Securities Corp.Measuring total outstanding risk capital, yearend 2004 reached US$4.04 billion, compared to US$3.45 billion at

News Insurance

Bermuda market “stirred, not shaken” by hurricanes: Benfield

March 31, 2005 by Canadian Underwriter

Despite the unprecedented hurricane losses of 2004, the Bermuda market managed strong returns last year, according to the latest “Bermuda Quarterly” issued by broker Benfield Group.Analyzing results of the top Bermuda underwriters, Benfield says the group eked out a respectable

News Insurance

Canadian Underwriter Web Poll: March results

March 31, 2005 by Canadian Underwriter

In March, Canadian Underwriter asked online readers: “Do you expect to see contingent commissions disappear altogether from the insurance industry?” 268 total responses were tallied with more than 74% saying they do not expect to see contingent commissions to disappear.

News InsuranceMergers and Aqcuisitions

What’s new: In brief (March 31, 2005)

March 31, 2005 by Canadian Underwriter

The Ontario government’s “Consumer Protection Act”, which comes into force on July 30, will require the use of aftermarket parts in auto repairs to be identified in writing to the consumer. In a bulletin to members, Hamilton District Autobody Repair