Segment
P&C Companies
What’s new: In brief (March 07, 2005)
March 7, 2005 by Canadian UnderwriterAviva Canada has officially launched its "Autograph" program in Ontario. The program allows drivers to monitor their driving habits (including speed and how far the car is driven) through a device attached to their car, and to submit this information…
Fairfax early to the gate on SOX compliance
March 6, 2005 by Canadian UnderwriterToronto-based Fairfax is voluntarily meeting certain filing requirements under the U.S. Sarbanes-Oxley Act two years ahead of schedule.Part of the SOX requirements include filing a management report on internal financial reporting controls, as well as the report of an independent…
ICBC income approaches $400 million for 2004
March 6, 2005 by Canadian UnderwriterB.C.’s public auto insurer is posting net income of $389 million for 2004, well above the $225 million reported in 2003.The Insurance Corp. of B.C. (ICBC) reported written premiums up to $3.09 billion in 2004, up from $2.96 billion in…
Aon to pay US$190 to settle three investigations
March 6, 2005 by Canadian UnderwriterAon Corp. has created a US$190 million fund to compensate clients as a result of investigations in three states into contingent commissions and business practices.The fund applies to policies incepted or renewed between January 1, 2001 and December 31, 2004,…
Canada the “right fit”, says Markel International CEO
March 3, 2005 by Canadian UnderwriterThe Canadian market was “the right fit” to become the newest office established by Markel International, says the company’s CEO.Gerry Albanese says the decision to establish MINT Canadian Specialty Underwriters (MCSU) was based on several factors. “We like the location,”…
SEC extends SOX compliance date for foreign private issuers
March 3, 2005 by Canadian UnderwriterThe U.S. Securities Exchange Commission (SEC) has extended the timeline for non-accelerated filers and foreign private issuers to comply with Sarbanes-Oxley (SOX).Originally, companies had to comply with Section 404 of SOX which requires management reports on the company’s internal control…
Premiums drop for European reinsurers on 2005 renewals: Benfield
March 3, 2005 by Canadian UnderwriterMajor European reinsurers reported a 5% decline in renewal premiums for 2005, compared to a 2% increase a year earlier, according to the annual “Renewal Roundup” by reinsurance broker Benfield Group.A combination of flat pricing, minimal increases in shares on…
What’s new: In brief (March 03, 2005)
March 3, 2005 by Canadian UnderwriterA.M. Best has been granted “nationally recognized statistical rating organization” status by the U.S. Securities Exchange Commission (SEC). The status means Best ratings can be used to distinguish creditworthiness required under federal and state laws. A.M. Best is one of…
ORIMS PD DAY: Keynote speaker calls for end to broker commissions
March 2, 2005 by Canadian UnderwriterBroker commissions should be history, and broker compensation should come from the client rather than the insurer, says the keynote speaker to Wednesday’s Ontario Risk & Insurance Management Society (ORIMS) “Professional Development Day”.Felix Kloman, editor of Risk Management Reports told…
ICLR challenges builders to partner on building resilient homes
March 2, 2005 by Canadian UnderwriterInsurers, through the Institute for Catastrophic Loss Reduction (ICLR), are calling on home builders to work with the industry to create more disaster resilient homes.Speaking to the National Conference of the Canadian Home Builders’ Association (CHBA) in St. John’s, Newfoundland…
RIMS continues push for TRIA extension
March 2, 2005 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) is reaffirming its support for an extension of the Terrorism Risk Insurance Act (TRIA).Currently a bill is before the U.S. Senate which would extend the government’s terrorism insurance backstop for two years beyond…
What’s new: In brief (March 02, 2005)
March 2, 2005 by Canadian UnderwriterThe U.S. Insurance Information Institute (III) says homeowners’ insurance rates are expected to rise 2.5% in 2005, which would be the smallest increase seen in the last six years. In 2004, rates rose 3.8% and the average premium was US$660…