Segment
Brokers
Guy Carpenter offers comp disclosure on facultative placements
May 9, 2005 by Canadian UnderwriterReinsurance brokerage group Guy Carpenter & Co. Inc. says it will now offer disclosure on compensation arrangements applying to the placement of facultative business globally. The brokerage introduced its "Global Disclosure Doctrine" in December of last year, which outlines the…
The industry’s poor public image remains top issue: IIO
May 8, 2005 by Canadian UnderwriterThe intense regulatory scrutiny and plummeting consumer confidence that has dogged the property and casualty insurance industry since the onset of the most recent hard market were brought on by the collective actions of insurers, says Ellen Moore, president of…
Study shows new growth in specialty third-party managed programs
May 5, 2005 by Canadian UnderwriterA survey of the U.S. general insurance marketplace by specialty reinsurance brokerage Guy Carpenter & Co. Inc. points to renewed growth in specialty risk program business handled by third-party program administrators. In addition to rising demand by insurers for this…
Hub acquires U.S. specialty reinsurance brokerage
May 4, 2005 by Canadian UnderwriterBroker network consolidator, Hub International Ltd. (TSX: HBG), has acquired Los Angeles-based THB Intermediaries Inc. (THB) in a combined cash and stock deal. The value and terms of the purchase have not been disclosed.THB operates as a specialty reinsurance brokerage…
Terrorism insurance uptake rises substantially in 2004: Marsh
April 28, 2005 by Canadian UnderwriterAlmost half of all large and mid-sized U.S. businesses purchased terrorism insurance in 2004, a significant increase over recent years, according to new research issued by brokerage Marsh.In 2003, just 27% of businesses had opted to buy the coverage, but…
London market issues blueprint for achieving contract certainty
April 28, 2005 by Canadian UnderwriterWith the deadline for achieving contract certainty standards looming, a blueprint for change has been sent to all brokers and insurers in the London markets, including Lloyd’s.The U.K. Financial Services Authority (FSA) has given insurers until the end of 2006…
What’s new: In brief (April 28, 2005)
April 28, 2005 by Canadian UnderwriterWith the release of its first-quarter 2005 results, brokerage Willis Group says has laid off 500 staff members and put aside a further US$20 million to deal with litigation relating to contingent commissions. Earlier this month, Willis announced settlements totaling…
Hub reports 71% earnings rise in first quarter
April 27, 2005 by Canadian UnderwriterChicago-based broker network Hub International Ltd. (NYSE, TSX: HBG) says its net earnings rose 71% in the first quarter of 2005 to reach US$16.5 million, or US$0.47 per share. This compares to earnings of US$9.6 million, or US$0.29 per share…
Arthur J. Gallagher sets aside US$35 million to deal with investigations
April 27, 2005 by Canadian UnderwriterBroker Arthur J. Gallagher says it has set aside US$35 million to resolve current state investigations into insurance practices.The company made the announcement as part of its first-quarter 2005 results release. In that release, the company states: “The insurance industry…
What’s new: In brief (April 27, 2005)
April 27, 2005 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) has added two new tools to its Quality Improvement Process (QIP). These include the “claims service provider and risk manager partnership tool” and the “safety and loss control service provider and risk manager…
European reinsurers show restraint in 2004
April 26, 2005 by Canadian UnderwriterIn the face of the worst year on record for natural catastrophes, European reinsurers showed the necessary restraint in top-line growth to produce bottom-line results, according to the latest quarterly report by broker Benfield Group.In “Rewards of Restraint”, Benfield says…
CAC, brokers react to Quebec regulator’s report on practices
April 26, 2005 by Canadian UnderwriterThe Consumers Association of Canada (CAC) is hailing a report by Quebec’s insurance regulator, but brokers in the province have a different view.The report, released by the Autorite des Marches Financiers (AMF), says broker practices in the damage insurance sector…