Segment
Brokers
What’s new: In brief (June 20, 2004)
June 20, 2004 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. has settled a previously disclosed lawsuit filed by James Bonfiglio claiming the company failed to honor a stock option agreement in October, 1998. In its 2003 yearend results, ACL reported a $515,000 judgement had…
TRIA extended one year
June 20, 2004 by Canadian UnderwriterJust as the U.S. Treasury Dept. confirms it will extend the Terrorism Risk Insurance Act (TRIA) to the end of 2005 at least, a new study shows insurance buyers are increasing purchasing the coverage.On Friday, Treasury Secretary John Snow confirmed…
WARP and CSIO not mutually exclusive
June 20, 2004 by Canadian UnderwriterBrokers should have more technology options coming their way for web-based interaction with insurers, but those systems need not be exclusive of the CSIO portal, attendees of the Toronto Applied Systems Client Network (TASCNet) conference heard recently.While Applied Systems is…
What’s new: In brief (June 15, 2004)
June 15, 2004 by Canadian UnderwriterConverium Ltd. has launched a five-year, US$100 million catastrophe bond to cover losses from European windstorm, U.S. and Japanese earthquake, and U.S. and Caribbean hurricane. The transaction was underwritten by Aon Capital Markets with risk modeling provided by AIR Worldwide.…
Contingent commission investigation takes in p&c, life and health insurers
June 14, 2004 by Canadian UnderwriterThe contingent commission investigation by New York Attorney General Eliot Spitzer has now been extended to insurers, with Chubb, Hartford Aetna and MetLife confirming they have been subpoenaed. Each company has issued a brief statement Chubb’s coming in May, and…
Anthony Clark founders fined $80,000, banned from markets
June 13, 2004 by Canadian UnderwriterFollowing a decision by the Alberta Securities Commission (ASC), the founders of Anthony Clark International have been ordered to pay fines totaling $80,000 and been banned from the markets for six years each.Brothers Luciano John and Secondo Pietro Podorieszach face…
What’s new: In brief (June 10, 2004)
June 10, 2004 by Canadian UnderwriterThe Canadian Insurance Congress kicks off Monday in Quebec City, with the annual “economic outlook” by CIBC World Markets chief economist Jeff Rubin and PACICC CEO Paul Kovacs. Converium CEO Dirk Lohmann will discuss reinsurance trends, while on Tuesday perennial…
What’s new: In brief (June 09, 2004)
June 9, 2004 by Canadian UnderwriterA.M. Best has affirmed the “A” (excellent) financial strength rating of Swiss (re)insurer Converium AG and its core subsidiaries, with a stable outlook. The rating comes as a result of expected improvement in the company’s 2004 earnings, but is offset…
No stability in commercial insurance market: panel
June 8, 2004 by Canadian UnderwriterRisk managers and brokers have been shocked by the rapid return of soft market conditions, a panel of speakers told the World Insurance Forum in Bermuda yesterday.“We’re not seeing any sort of rate stability in the marketplace today,” admits Peter…
Do not prepare for end to insurance cycles: Sinnott
June 8, 2004 by Canadian UnderwriterDespite much talk of the need to “tame the insurance cycle”, buyers should prepare themselves for continuing fluctuation in the price and availability of insurance, John T. Sinnot, senior advisor, Marsh & McLennan Cos. told delegates to the World Insurance…
What’s new: In brief (June 07, 2004)
June 7, 2004 by Canadian UnderwriterAnthony Clark International founders John and Peter Podorieszach await the decision of the Alberta Securities Commission (ASC) on whether orders will be made following the ASC’s finding that the Podorieszachs breached the Securities Act. A panel of the ASC decided…
Alpine Financial buys remaining Vector brokerages
June 6, 2004 by Canadian UnderwriterAlpine Financial Group has purchased the remaining brokerages of the Vector network, all based in Alberta.The brokerages Garnett Dadswell in Edmonton, Dadswell Forster in Lethbridge, and Wiseman Coupland in Red Deer had been part of the Bow Valley portion of…