Segment
Brokers
Loyalist sells fund management arm
February 17, 2005 by Canadian UnderwriterLoyalist Insurance Group Ltd. has sold its controlling stake in All-Canadian Management Inc. The buyers are existing ACMI shareholders Russell C. Boychuk and Harold A. Kent.Loyalist says proceeds from the sale will “be used to provide additional working capital and…
Death of contingent commissions “may be greatly exaggerated”: Conning
February 16, 2005 by Canadian UnderwriterReports of the death of contingent commissions may be premature, according to a new report by Conning Research.In a study of relationships between brokers and insurers, Conning finds this dynamic is being transformed by investigations into compensation and other industry…
One Marsh, two AIG execs plead guilty in Spitzer probe
February 15, 2005 by Canadian UnderwriterOne Marsh and two AIG executives offered guilty pleas today in New York Supreme Court in the ongoing investigation into insurance industry practices spurred by New York Attorney General Eliot Spitzer.The guilty pleas stem from criminal charges of fraud and…
What’s new: In brief (February 15, 2005)
February 15, 2005 by Canadian UnderwriterThe Co-operators has teamed up with the Infant & Toddler Safety Association (ITSA) and the Ontario Ministry of Transportation to produce a “Booster Seat Guide” and DVD to educate the public on the use of child booster seats in vehicles.…
What’s new: In brief (February 14, 2005)
February 14, 2005 by Canadian UnderwriterAIG announced Monday it has received subpoenas from the U.S. Securities Exchange Commission (SEC) and the office of New York Attorney General Eliot Spitzer. In a statement, AIG says, “subsequent to the earnings conference call on Wednesday, February 9, AIG…
What’s new: In brief (February 10, 2005)
February 10, 2005 by Canadian UnderwriterAon Corp. has set aside US$50 million for possible settlements resulting from investigations into industry practices in New York and other U.S. states. The company says US$43 million of this is allocated to its insurance brokerage and risk arm, while…
Marsh finds financial/HR threats keeping business owners up at night
February 9, 2005 by Canadian UnderwriterIn its “2004 Marsh Canada Corporate Risk Review”, the broker finds several key threats are front-of-mind for small and medium-sized businesses, and these threats go well beyond traditional property hazards.In a survey of organizations from a variety of industries where…
What’s new: In brief (February 08, 2005)
February 8, 2005 by Canadian UnderwriterU.S.-based MarketScout says p&c premiums rose 1% in January, indicating significant softening compared to January, 2004 when premiums rose 11%. According to MarketScout’s “market barometer”, rate increases peaked in March, 2003 with a 28% jump, but increases have fallen back…
Lloyd’s CEO calls for “change in behavior”
February 8, 2005 by Canadian UnderwriterThe London market needs to bring about a change in behavior if it is to meet the expectations of clients and regulators in a shifting insurance world, Lloyd’s CEO Nick Prettejohhn told the Insurance Institute of London this week.Given the…
ACE to fight Connecticut civil suit
February 6, 2005 by Canadian UnderwriterIn a conference call last week, ACE Ltd. CEO Evan Greenberg says the insurer will ask the court to dismiss civil charges filed by Connecticut Attorney General Richard Blumenthal.Blumenthal filed the civil case late last month, alleging ACE paid broker…
What’s new: In brief (February 01, 2005)
February 1, 2005 by Canadian UnderwriterStandard & Poor’s has assigned the following ratings to Fairfax Financial Holdings’ US$750 universal shelf, registered with Canadian and U.S. regulators: “BB” senior debt; “BB-” subordinated debt; and “B+” preferred stock. S&P does not expect significant amounts of incremental debt…
MMC settles with Spitzer for US$850 million
January 31, 2005 by Canadian UnderwriterMarsh & McLennan Cos. Inc. has settled the civil charges filed by New York Attorney General Eliot Spitzer for US$850 million. The charges were filed in October, 2004, alleging misconduct at MMC’s insurance brokerage unit, Marsh Inc., in the U.S.…