Segment
Brokers
Ace reveals depth of external investigations into bid rigging allegations
March 17, 2005 by Canadian UnderwriterIn a filing recently made with the Securities and Exchange Commission (SEC), Bermuda-based Ace Ltd. disclosed that the company had received 43 subpoenas and legal enquiries relating to its alleged involvement in bid rigging and price fixing of insurance arrangements…
Tsunami losses likely to be US$2.5-$4 billion: Guy Carpenter
March 14, 2005 by Canadian UnderwriterIn a report on the December 26, 2004 Indian Ocean tsunami, reinsurance broker Guy Carpenter & Co. Inc. says insured losses from the disaster should reach US$2.5-$4 billion, plus US$1 billion in life & health losses.In “Tsunami: Indian Ocean Event…
2004 “a year of freakish weather”: Aon
March 13, 2005 by Canadian Underwriter2004 will stand out as one of the most active years for violent weather events, according to Aon’s “2004 Global Climate and Catastrophe Report”.The report, produced by Aon Re Global and Aon’s Impact Forecasting subsidiary, chronicles a year of “freakish…
What’s new: In brief (March 10, 2005)
March 10, 2005 by Canadian UnderwriterMoody’s has raised the outlook on Aon Corp. to “stable” from “negative” on the back of the broker’s announcement of a US$190 million settlement with five agencies in three states for alleged conflicts of interest. Moody’s says the settlement represents…
Willis surprised by Minnesota AG’s lawsuit
March 8, 2005 by Canadian UnderwriterUpon hearing that Minnesota Attorney General Michael Hatch filed a lawsuit against Willis on Tuesday, the brokerage issued a statement saying the allegations that it has not provided all the information requested by Hatch "came as a complete surprise".Willis says…
What’s new: In brief (March 08, 2005)
March 8, 2005 by Canadian UnderwriterAn Ontario Superior Court judge has turned down a move by several tobacco companies to recover legal costs from recent failed class action lawsuits filed by smokers in the province. The companies – Imperial Tobacco Ltd., Rothmans Benson & Hedges…
What’s new: In brief (March 07, 2005)
March 7, 2005 by Canadian UnderwriterAviva Canada has officially launched its "Autograph" program in Ontario. The program allows drivers to monitor their driving habits (including speed and how far the car is driven) through a device attached to their car, and to submit this information…
Saskatchewan Wheat Pool secures cover for grain volume
March 6, 2005 by Canadian UnderwriterThe Saskatchewan Wheat Pool is announcing a new insurance program for fiscal 2006 to cover grain volumes.The coverage, developed with reinsurance broker Aon Re Canada Inc., is intended to help earnings and cash flow stability in years of poor grain…
Aon to pay US$190 to settle three investigations
March 6, 2005 by Canadian UnderwriterAon Corp. has created a US$190 million fund to compensate clients as a result of investigations in three states into contingent commissions and business practices.The fund applies to policies incepted or renewed between January 1, 2001 and December 31, 2004,…
Premiums drop for European reinsurers on 2005 renewals: Benfield
March 3, 2005 by Canadian UnderwriterMajor European reinsurers reported a 5% decline in renewal premiums for 2005, compared to a 2% increase a year earlier, according to the annual “Renewal Roundup” by reinsurance broker Benfield Group.A combination of flat pricing, minimal increases in shares on…
ORIMS PD DAY: Keynote speaker calls for end to broker commissions
March 2, 2005 by Canadian UnderwriterBroker commissions should be history, and broker compensation should come from the client rather than the insurer, says the keynote speaker to Wednesday’s Ontario Risk & Insurance Management Society (ORIMS) “Professional Development Day”.Felix Kloman, editor of Risk Management Reports told…
Marsh plans 2,500 more job cuts
March 1, 2005 by Canadian UnderwriterReleasing its 2004 yearend results this week, Marsh says it may cut as many as 2,500 more jobs worldwide in an effort to reduce costs. This comes on top of 3,000 job cuts already made since the investigation into alleged…