Segment
P&C Companies
What’s New: In brief (June 10, 2005)
June 10, 2005 by Canadian UnderwriterFGIC Corp. recently appointed Eric Rosensweig to the position of managing director, international finance. Offering seven years of experience with MBIA, Rosensweig will be responsible for new business opportunities in the emerging markets and Canada. Most recently, he served as…
Greenberg resigns from AIG
June 9, 2005 by Canadian UnderwriterFormer CEO of American Insurance Group (AIG) Maurice “Hank” Greenberg recently resigned from the Company’s board of directors. Citing scant access to AIG’s company information and its operations as the motivation behind his decision to resign, Greenberg has now cut…
Prudential subpoenaed by Blumenthal
June 8, 2005 by Canadian UnderwriterPrudential Financial Inc. recently received a subpoena from Connecticut Attorney General Richard Blumenthal. The Company plans to cooperate with the subpoena, which is regarding information about the Company’s involvement in questionable reinsurance transactions.Prudential filed its 8-K with the Securities and…
What’s New: In brief (June 08, 2005)
June 8, 2005 by Canadian UnderwriterThe Spencer Educational Foundation Inc. recently established a memorial scholarship fund in honour of Thomas M. Regan, a former RIMS chapter president, who was killed on September 11, 2001, in the World Trade Centre attacks. The New York Chapter of…
Europe plans anti-competitive activity investigations
June 7, 2005 by Canadian UnderwriterIn an effort to determine the prevalence of anti-competitive activity, the European Commission (EC) will soon begin to investigate Europe’s commercial insurance market. Investigations will determine if regulatory barriers led to anti-competitive behavior in insurance sectors including energy, telecommunications and…
Insurance Companies Act to be amended by new legislation
June 7, 2005 by Canadian UnderwriterGovernment elements of the Insurance Companies Act will be amended based on recent plans to introduce new legislation to modernize the corporate governance framework for Canada’s federally regulated financial institutions, according to Minister of Finance Ralph Goodale.The Insurance Companies Act…
Guilty plea may lead to five-year prison term, General Re executive
June 7, 2005 by Canadian UnderwriterGeneral Re Corp.’s former executive John Houldsworth’s recent decision to plead guilty to conspiracy concerning the AIG investigation may result in a jail term of up to five years. The term reflects the maximum penalty of the charge made against…
What’s New: In Brief (June 07, 2005)
June 7, 2005 by Canadian UnderwriterOntario’s Ministry of Transportation has launched a three-day truck and bus safety inspection blitz running from June 7 to 9, 2005. Inspection stations province wide are manned by provincial enforcement officers to inspect the condition of buses, trucks and trailers,…
European reinsurers see improved 2004 profits
June 6, 2005 by Canadian UnderwriterDespite record catastrophe losses, European reinsurers recently registered recorded improved profitability for 2004, according to the latest European Reinsurance Quarterly Report from Benfield.Results from six major European reinsurers exhibit earning results from non-catastrophe business held up so that overall losses…
Alea reports underwriting and normal claims development
June 6, 2005 by Canadian UnderwriterAlea Group Holdings (Bermuda) Ltd continues to benefit from profitable underwriting conditions in its core specialty insurance and reinsurance, with an average rate decrease of 2% for the period ending April 30. Reprots from the Company’s recent Annual General Meeting…
AIG case sees first guilty plea, General Re exec
June 6, 2005 by Canadian UnderwriterFormer General Re executive John Houldsworth has plead guilty to one count of conspiracy regarding the accounting investigations into American International Group (AGI). Houldsworth, a former executive at Berkshire Hathaway’s General Re unit and former chief executive of Gen Re’s…
What’s New: In brief (June 06, 2005)
June 6, 2005 by Canadian UnderwriterInsurers of recently Ridley Inc. a North American commercial animal nutrition company have recently been of law suits seeking recovery of damages for losses Canadian cattle farmers incurred from the international bans on the export of Canadian beef and cattle…