Segment
Brokers
New MGA built on need for better corporate governance
November 22, 2004 by Canadian UnderwriterAlthough the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management.Executive Risk has been up…
Anthony Clark to restate 2003 financials
November 21, 2004 by Canadian UnderwriterCalgary-based Anthony Clark International Insurance Brokers (TSX: ACL) says it will be restating its 2003 yearend financial reports after re-assessing its purchase of Vista International Insurance Brokers. The company also says it has fallen out of compliance with its lending…
Western Financial “ahead of schedule” for 2004 earnings
November 18, 2004 by Canadian UnderwriterWith strong results for the third quarter ending September 30, 2004, Western Financial Group (TSX: WFS) says it is ahead of plan in terms of yearend earnings projections.Earnings for third quarter 2004 are up 53.4% to $795,000 ($0.03 per share)…
Survey finds widespread risk manager discontent
November 18, 2004 by Canadian UnderwriterRisk managers want to see an overhaul of the current system for buying insurance coverage, according to a new survey by New York-based Advisen Ltd.In a survey of 700 risk managers, almost 75% said they want more standardization and transparency…
U.S. insurers battle back against Spitzer claims
November 17, 2004 by Canadian UnderwriterU.S. insurers had their chance to refute claims of widespread industry deception about their relationships with brokers when Property & Casualty Insurers Association of America (PCI) CEO Ernie Csiszar spoke before a Senate subcommittee this week.Csiszar’s comments came the same…
U.S. regulators draft model for broker compensation
November 17, 2004 by Canadian UnderwriterU.S. insurance regulators have devised a draft of model legislation for broker disclosure of compensation.The National Association of Insurance Commissioners (NAIC) had formed a task force in response to the investigations sparked by New York Attorney General Eliot Spitzer into…
Study predicts Spitzer investigation will lower broker earnings 25%
November 17, 2004 by Canadian UnderwriterThe decision by the world’s largest brokers to discontinue using contingent commissions could chop upwards of 25% off their bottom line, according to a new study by investment firm WFG Capital Advisors.Many large brokers voluntarily chose to stop accepting contingent…
What’s new: In brief (November 17, 2004)
November 17, 2004 by Canadian UnderwriterU.S. brokers quickly spoke out against the testimony of New York Attorney General Eliot Spitzer to a Senate subcommittee looking at compensation issues Tuesday. Council of Insurance Agents and Brokers (CIAB) president Ken Crerar says, “we categorically challenge assertions that…
Two Zurich employees plead guilty to bid-rigging
November 16, 2004 by Canadian UnderwriterZurich Financial Services confirmed late Tuesday that two employees who had been suspended earlier have now pled guilty to criminal charges of bid-rigging.Zurich had suspended the two employees, who are underwriters at its Zurich North America Commercial excess casualty business,…
Spitzer blasts industry at Senate hearing
November 16, 2004 by Canadian UnderwriterNot unexpectedly, New York Attorney General Eliot Spitzer took several serious shots at the insurance industry in his testimony Tuesday to a Senate subcommittee looking into broker compensation issues.Spitzer told a subcommittee of the Senate Committee on Governmental Affairs that…
RIMS would support ban on contingent commissions
November 16, 2004 by Canadian UnderwriterTestifying before a Senate subcommittee on the issue of broker compensation, a representative of the world’s largest risk management organization says her group would support a ban on contingent commissions.The Risk & Insurance Management Society (RIMS), which represents commercial insurance…
U.S. brokers tout need for strong relationship with insurers to Senate hearing
November 15, 2004 by Canadian UnderwriterWith testimony underway in a U.S. Senate subcommittee hearing into broker compensation practices, one broker representative says the notion that insurers and brokers should have an “adversarial” relationship in order to best serve clients is “misguided”.Former Council of Insurance Agents…