Segment
Brokers
What’s new: In brief (October 24, 2004)
October 24, 2004 by Canadian UnderwriterStandard & 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…
Windstorm losses will enforce reinsurer discipline: Benfield
October 21, 2004 by Canadian UnderwriterIn 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…
Industry “much healthier” than in 2003: IBAO panel
October 21, 2004 by Canadian UnderwriterReflecting 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…
What’s new: In brief (October 20, 2004)
October 20, 2004 by Canadian UnderwriterInsurers 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…
Aon Re Rendezvous: “Status quo” for reinsurance renewals
October 19, 2004 by Canadian UnderwriterIt 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…
Commission investigation fueled by broker consolidation: Fitch
October 19, 2004 by Canadian UnderwriterIn 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,…
Aon Re Rendezvous: Industry likely to maintain discipline
October 19, 2004 by Canadian UnderwriterThe 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…
ACE executive latest to plead guilty in commissions probe
October 18, 2004 by Canadian UnderwriterAn 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…
Raters react swiftly to NY commission probe charges
October 17, 2004 by Canadian UnderwriterRating 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…
Marsh, 2 AIG execs fingered by commissions investigation
October 14, 2004 by Canadian UnderwriterNew 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…
RIMS Canada Conference: Risk managers challenge service standards
October 5, 2004 by Canadian UnderwriterAmong 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…
What’s new: In brief (September 30, 2004)
September 30, 2004 by Canadian UnderwriterAon Corp. is seeking a new CEO with news of the departure of CEO Patrick Ryan. While Ryan will remain as CEO until a successor is found, he also plans to maintain his role as chair of the board even…