Segment
P&C Companies
Marsh plans 2,500 more job cuts
March 1, 2005 by Canadian UnderwriterReleasing its 2004 yearend results this week, Marsh says it may cut as many as 2,500 more jobs worldwide in an effort to reduce costs. This comes on top of 3,000 job cuts already made since the investigation into alleged…
Canadian, U.S. financial institutions lag in managing risk: Deloitte
March 1, 2005 by Canadian UnderwriterCanadian and U.S. financial institutions are falling behind those of other countries in managing today’s escalating risks, according to a new study by Deloitte.The study, based on interviews with executives from 162 global financial institutions, makes this conclusion based on…
Catastrophes took US$49 billion toll on insurers in 2004: Swiss Re
March 1, 2005 by Canadian UnderwriterCatastrophes, both natural and man-made, cost insurers US$49 billion last year, with the bulk of this coming from the U.S. hurricanes and Japanese typhoons, according to the annual Swiss Re sigma study on catastrophes.Of course, the human toll from catastrophes…
What’s new: In brief (March 01, 2005)
March 1, 2005 by Canadian UnderwriterRIMS has announced the CEOs of two of the world’s largest insurance brokerages will take part in a keynote panel on the broker compensation issue at its annual conference in Philadelphia this April. Marsh CEO Michael G. Cherkasky and AON…
Optimum General boosts earnings in 2004
February 28, 2005 by Canadian UnderwriterMontreal-based Optimum General Inc. (TSX: OGI.SV.A) saw strong improvement in its results for year ending December 31, 2004, with earnings almost double that produced in 2003.2004 net income was $3.6 million, or $0.31 per share, up from income of $2…
Saskatchewan introduces graduated licensing
February 28, 2005 by Canadian UnderwriterAll new drivers in Saskatchewan will be subject to a new graduated licensing system as of September 1, 2005, says the province’s public insurer.Saskatchewan Government Insurance (SGI) says the program has three stages learner, novice 1 and novice 2 which…
Western Financial now official parent of Federated Life
February 28, 2005 by Canadian UnderwriterThe sale of Fairfax’s Federated Life to Western Financial Group is now complete, with the company’s name to be changed to Western Life Assurance Co. Western Financial purchased the life insurer from Fairfax’s Northbridge Financial Corp. for $20 million, with…
What’s new: In brief (February 28, 2005)
February 28, 2005 by Canadian UnderwriterBermuda-based RenaissanceRe Holdings Ltd. says it has received a subpoena from the U.S. Securities Exchange Commission (SEC) in connection with the SEC’s investigation of “non-traditional” insurance products. As well, the SEC is seeking further information on RenRe’s recent announcement that…
What’s new: In brief (February 27, 2005)
February 27, 2005 by Canadian UnderwriterICBC says two Abbotsford residents have pleaded guilty to charges of providing false information to the public auto insurer. Harminder Singh Ghuman was fined $2,000 and Kesar Singh Sidhu was fined $1,500 for filing fraudulent claims following a collision in…
Reliance settles with Pennsylvania regulator
February 27, 2005 by Canadian UnderwriterReliance Insurance Group, which was placed in liquidation in the U.S. in 2001, has made a settlement with Pennsylvania Insurance Commissioner Diane Koken. Koken filed suit against the parent Reliance Group Holdings’ CEO Saul Steinberg and other directors and officers…
New IBAC TV campaign includes brokers’ personal stories
February 27, 2005 by Canadian UnderwriterA new media campaign already underway for the Insurance Brokers Association of Canada (IBAC) includes television vignettes featuring independent brokers talking about the value they bring to consumers.IBAC spokesperson Janine Cavin says that as part of its media buy, the…
B.C. tourism operators launch insurance and risk management program
February 27, 2005 by Canadian UnderwriterIn response to rising premiums and availability issues, B.C.’s tourism operators have some new tools to improve their risk profile and hopefully receive lower rates, but also to provide coverage in specific sectors.The province’s Council of Tourism Associations has put…