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Hurricanes take small bite out of Bermuda players’ earnings: Benfield

November 28, 2004 by Canadian Underwriter

In its quarterly analysis of the top 16 Bermuda-based reinsurers, broker Benfield Group reports the third-quarter U.S. and Japanese hurricanes took their toll on earnings which have been persistently strong in the past few years.Net income dropped to US$3.3 billion,

News Insurance

What’s new: In brief (November 28, 2004)

November 28, 2004 by Canadian Underwriter

A hearing by the New York Insurance Department into possible violations by brokerage Marsh has been postponed. The hearing, originally set for November 26 has now been moved into next year, rescheduled for January 18. The reason for the delay

News Insurance

ERC joins ranks of admitted "bid rigging" cos.

November 24, 2004 by Canadian Underwriter

A five-week internal investigation carried out by Employers Reinsurance Corp. (ERC) has revealed "a limited number of isolated issues" that could pertain in the ongoing Spitzer investigation into questionable business bidding practices within the insurance industry. The "issues" in question

News InsuranceMergers and Aqcuisitions

Nova Scotia’s NDP attacks broker contingent commissions

November 23, 2004 by Canadian Underwriter

Nova Scotia’s opposition party, the NDP, has once again taken charge at insurers by adding their voice to the furor surrounding the payment of broker contingency commissions. Citing research carried out by federal regulator, the Office of the Superintendent of

News Insurance

AIG announces settlement with SEC

November 23, 2004 by Canadian Underwriter

American International Group (AIG) has made an offer of settlement to the Securities Exchange Commission (SEC) with regard to a civil suit brought against the company and AIG Financial Products Corp. in the Spitzer probe regarding rigged bidding and fees

News Insurance

New MGA built on need for better corporate governance

November 22, 2004 by Canadian Underwriter

Although the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management.Executive Risk has been up

News Insurance

Anthony Clark to restate 2003 financials

November 21, 2004 by Canadian Underwriter

Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) says it will be restating its 2003 yearend financial reports after re-assessing its purchase of Vista International Insurance Brokers. The company also says it has fallen out of compliance with its lending

News Insurance

Survey finds widespread risk manager discontent

November 18, 2004 by Canadian Underwriter

Risk managers want to see an overhaul of the current system for buying insurance coverage, according to a new survey by New York-based Advisen Ltd.In a survey of 700 risk managers, almost 75% said they want more standardization and transparency

News Insurance

Western Financial “ahead of schedule” for 2004 earnings

November 18, 2004 by Canadian Underwriter

With strong results for the third quarter ending September 30, 2004, Western Financial Group (TSX: WFS) says it is ahead of plan in terms of yearend earnings projections.Earnings for third quarter 2004 are up 53.4% to $795,000 ($0.03 per share)

News Insurance

U.S. insurers battle back against Spitzer claims

November 17, 2004 by Canadian Underwriter

U.S. insurers had their chance to refute claims of widespread industry deception about their relationships with brokers when Property & Casualty Insurers Association of America (PCI) CEO Ernie Csiszar spoke before a Senate subcommittee this week.Csiszar’s comments came the same

News Insurance

U.S. regulators draft model for broker compensation

November 17, 2004 by Canadian Underwriter

U.S. insurance regulators have devised a draft of model legislation for broker disclosure of compensation.The National Association of Insurance Commissioners (NAIC) had formed a task force in response to the investigations sparked by New York Attorney General Eliot Spitzer into

News Insurance

Study predicts Spitzer investigation will lower broker earnings 25%

November 17, 2004 by Canadian Underwriter

The decision by the world’s largest brokers to discontinue using contingent commissions could chop upwards of 25% off their bottom line, according to a new study by investment firm WFG Capital Advisors.Many large brokers voluntarily chose to stop accepting contingent