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News Climate ChangeInsurance

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

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

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 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

News Insurance

Aon Re Rendezvous: “Status quo” for reinsurance renewals

October 19, 2004 by Canadian Underwriter

It should be a case of “status quo” for reinsurance renewals, despite reports of market softening and the impact of hurricanes hitting the U.S. this fall.Speaking at the 3rd annual Aon Re Rendezvous in Mississauga Tuesday, Aon Re Americas vice

News Insurance

Commission investigation fueled by broker consolidation: Fitch

October 19, 2004 by Canadian Underwriter

In its analysis of the recent civil charges filed against Marsh by New York Attorney General Eliot Spitzer, rating agency Fitch says the probe into broker commission practices may be an effect of broker consolidation.In a statement, the rater notes,

News InsuranceMergers and Aqcuisitions

Aon Re Rendezvous: Industry likely to maintain discipline

October 19, 2004 by Canadian Underwriter

The insurance industry may defy predictions that it will sink rapidly back into price competition given the number of lingering issues still hampering the industry.Speaking at the 3rd annual Aon Re Rendezvous, A.M. Best vice president John Andre says the

News Insurance

ACE executive latest to plead guilty in commissions probe

October 18, 2004 by Canadian Underwriter

An executive of insurer ACE has pled guilty to criminal misdemeanor charges related to the investigation of broker commissions being conducted by New York Attorney General Eliot Spitzer. The news came Friday, a day after Sptizer filed civil charges against

News Insurance

Raters react swiftly to NY commission probe charges

October 17, 2004 by Canadian Underwriter

Rating agencies are reacting to news that New York Attorney General Eliot Spitzer has filed civil charges against broker Marsh, and exacted guilty pleas from two AIG executives relative to industry placement practices.The news came last Thursday, with Spitzer accusing

News Insurance

Marsh, 2 AIG execs fingered by commissions investigation

October 14, 2004 by Canadian Underwriter

New York Attorney General Elito Spitzer Thursday announced the launch of a civil suit against brokerage Marsh over commission practices. The suit alleges the brokerage “steered unsuspecting clients to insurers with whom it had lucrative payoff agreements, and that the

News Insurance

RIMS Canada Conference: Risk managers challenge service standards

October 5, 2004 by Canadian Underwriter

Among the many impacts the insurance industry experienced as a result of the 9/11 disaster was a recognition of the abysmal state of service taking place in commercial insurance ranks. So said a panel of speakers representing all segments of