Segment
Brokers
Aon names new CEO; XL names Canadian manager
April 4, 2005 by Canadian UnderwriterGlobal 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…
Cat bond market grows in 2004: Guy Carpenter
April 3, 2005 by Canadian UnderwriterThe 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…
Bermuda market “stirred, not shaken” by hurricanes: Benfield
March 31, 2005 by Canadian UnderwriterDespite 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…
Canadian Underwriter Web Poll: March results
March 31, 2005 by Canadian UnderwriterIn 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.…
What’s new: In brief (March 31, 2005)
March 31, 2005 by Canadian UnderwriterThe 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…
What’s new: In brief (March 23, 2005)
March 23, 2005 by Canadian UnderwriterPlease note: due to the Easter holiday weekend, Canadian Underwriter’s Breaking News will not be published again until Tuesday, March 29. Marsh co-president Peter F. Garvey has resigned “for personal reasons”, the company announced Wednesday. Garvey had been with Marsh…
Pricing to stabilize but deductibles stay where they are: Aon
March 23, 2005 by Canadian UnderwriterCommercial insurance pricing is likely to stabilize, with increased capacity and competition in 2005, but the high deductibles and retentions taken during the recent hard market will likely remain in place. This, according to the annual “Insurance Market Overview” published…
Some of most popular film locales are riskiest: study
March 23, 2005 by Canadian UnderwriterAon has released a “Risk in Global Filmmaking” map which shows 70 countries with “high-risk” status, as compared to 55 last year. Some of the riskiest locations are also the most popular, including Mexico, Thailand, the Philippines and South Africa,…
Compensation scandal ups broker workload: Best
March 22, 2005 by Canadian UnderwriterA new survey by A.M. Best finds the current controversy over broker compensation systems is forcing all brokers and agents to do more work, specifically in providing information, answering questions and filling out paperwork.The survey, published by Best’s Review magazine,…
What’s new: In brief (March 21, 2005)
March 21, 2005 by Canadian UnderwriterBrokerage Heath Lambert Group says it will now charge a 1% (of premium) flat rate for work carried out on behalf of insurers. The “broker insurer services commission” (BISC) is a response to the industry’s ongoing controversy over broker compensation,…
Western Financial achieves earnings boon for 2004
March 21, 2005 by Canadian UnderwriterFinancial services group and broker network consolidator Western Financial Group (TSX: WES) saw net income almost double last year to $4.22 million compared with the $2.12 million reported for 2003. This equates to earnings of 18c a share for the…
Western Financial enters joint expansion deal
March 17, 2005 by Canadian UnderwriterFinancial services group and broker network consolidator Western Financial Group Inc. (TSX: WES) has entered into a joint venture with Harvard Developments Inc. to begin a new expansion of brokerages into major urban centers of western Canada. Although the terms…