Segment
Brokers
What’s new: In brief (October 31, 2004)
October 31, 2004 by Canadian UnderwriterThe Supreme Court of Canada ruled that directors should not be held liable to creditors for decisions made in good faith prior to a bankruptcy, even if those decisions may have contributed to the company’s demise. In the case, in…
Hub earnings down on Talbot acquisition
October 28, 2004 by Canadian UnderwriterAs a result of compensation paid in the acquisition of Talbot Financial, Chicago-based Hub International (TSX: HBG) is reporting earnings down for the third quarter and nine months ending September 30, 2004.The brokerage says despite revenue growth, net earnings for…
Canadian commission controversy heats up
October 28, 2004 by Canadian UnderwriterFast on the heels of the U.S. controversy over broker commissions and practices, the situation is heating up in Canada.Thursday, the Canadian Council of Insurance Regulators (CCIR) confirmed it would be working in tandem with the Canadian Insurance Service Regulatory…
What’s new: In brief (October 26, 2004)
October 26, 2004 by Canadian UnderwriterThe Property-Casualty Insurers Association of America (PCI), says the issue of broker commissions has become confused the long-standing practice of contingent commissions is being lumped in with alleged acts of wrongdoing which are not accepted by the industry. “While those…
New Marsh CEO implements reforms
October 26, 2004 by Canadian UnderwriterJust one day on the job and new Marsh CEO Michael Cherkasky has led a major overhaul of the brokerage’s business practices. Under the new scheme, the brokerage will not only stop the practice of contingent commissions, as previously announced,…
Broker associations weigh in on commission controversy
October 26, 2004 by Canadian UnderwriterAssociations representing Canadian brokers says allegations of “hidden commissions” being paid by insurers is unfair to reputable, professional brokers. The Insurance Brokers Associations of Canada (IBAC) and Ontario (IBAO) have released statements responding to events in the U.S., as well…
Marsh CEO resigns; S&P gives negative outlook to commercial insurers
October 25, 2004 by Canadian UnderwriterEnding weekend speculation, Marsh CEO Jeffrey Greenberg has resigned, amid civil charges filed against the international broker by New York Attorney General Eliot Spitzer. In a statement, Marsh says Greenberg “placed the interests of the company first” in resigning, and…
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…
US commercial brokers report market competition and price softening
October 24, 2004 by Canadian UnderwriterThe average premium decline on commercial insurance accounts in the third quarter of 2004 was almost 6%, according to the latest quarterly market index from the U.S. Council of Insurance Agents and Brokers (CIAB).“Price competition has definitely returned to the…
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…
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…
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…