Segment
P&C Companies
U.S. study finds not-for-profits more focused on corporate governance
November 23, 2004 by Canadian UnderwriterA study of U.S. not-for profit organizations finds them more focused on corporate governance issues, but still lacking in some key governance areas.The survey of 700 organizations, conducted by accounting firm Grant Thornton International, revealed awareness of the Sarbanes-Oxley Act…
Pethealth Inc. announces positive third quarter results
November 22, 2004 by Canadian UnderwriterPethealth Inc. announced its financial results for the third quarter and nine months ended September 30, 2004. Notably, total revenue for the quarter ended September 30, 2004 was $2.99-million, up 56% over the quarter ended September 30, 2003. Net loss…
Insurers need to plan reactions to rising interest rates: E&Y
November 22, 2004 by Canadian UnderwriterThe movement by the U.S. Federal Reserve to gradually increase interest rates means that insurers must plan now how they will react to this trend, says Ernst & Young LLP in its fourth quarter outlook on the insurance industry.E&Y’s “insurance…
New MGA built on need for better corporate governance
November 22, 2004 by Canadian UnderwriterAlthough the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management.Executive Risk has been up…
What’s new: In brief (November 21, 2004)
November 21, 2004 by Canadian UnderwriterHuman deaths due to vehicles colliding with animals on U.S. roads are on the rise, according to the Insurance Institute for Highway Safety (IIHS). The IIHS says in 2003, such fatalities rose 27%, to 201. This is almost double the…
Anthony Clark to restate 2003 financials
November 21, 2004 by Canadian UnderwriterCalgary-based Anthony Clark International Insurance Brokers (TSX: ACL) says it will be restating its 2003 yearend financial reports after re-assessing its purchase of Vista International Insurance Brokers. The company also says it has fallen out of compliance with its lending…
ICBC investigations lead to three fraud pleas
November 21, 2004 by Canadian UnderwriterTwo recent investigations by the Insurance Corp. of B.C. (ICBC) have led to three separate people pleading guilty to filing fraudulent claims.In the first case, Cameron Louis Simpson of Surrey pled guilty and was ordered to pay $2,875 in fines…
MPI tightens up driver safety program
November 21, 2004 by Canadian UnderwriterManitoba Public Insurance (MPI) is tightening up its driver safety program, hoping for early intervention to change driver behavior.Under the “Driver Improvement and Control Program”, MPI monitors driver behavior using a system of demerit points for collisions, traffic convictions, etc.,…
What’s new: In brief (November 18, 2004)
November 18, 2004 by Canadian UnderwriterRoyal & SunAlliance Insurance plc and Royal & SunAlliance Insurance Group have seen their ratings moved to a stable outlook by Fitch Ratings. RSA has had its financial strength rating affirmed at “BBB” and its long-term at “BB+”, while RSA…
Western Financial “ahead of schedule” for 2004 earnings
November 18, 2004 by Canadian UnderwriterWith strong results for the third quarter ending September 30, 2004, Western Financial Group (TSX: WFS) says it is ahead of plan in terms of yearend earnings projections.Earnings for third quarter 2004 are up 53.4% to $795,000 ($0.03 per share)…
Fitch comes out strongly against finite re
November 18, 2004 by Canadian UnderwriterFitch Ratings, following suit with Standard & Poor’s, has come out strongly against the use of finite reinsurance, saying the practice “means to disconnect the accounting results from the underlying economic reality” faced by insurers buying the product.Raters are reacting…
Survey finds widespread risk manager discontent
November 18, 2004 by Canadian UnderwriterRisk managers want to see an overhaul of the current system for buying insurance coverage, according to a new survey by New York-based Advisen Ltd.In a survey of 700 risk managers, almost 75% said they want more standardization and transparency…