Segment
P&C Companies
Marsh retrenches 3,000 in response to Spitzer
November 9, 2004 by Canadian UnderwriterGlobal brokers Marsh and McLennan Cos. Inc. plans on slashing 3,000 employees, equal to about 5% of its total workforce, in response to an investigation into the company by New York’s attorney general Elliot Spitzer regarding alleged business "bid rigging".…
What’s new: In brief (November 09, 2004)
November 9, 2004 by Canadian UnderwriterNext week CGI will host its annual “Client Conference” in Niagara Falls, Ontario. The event, set for November 17 to 19, is built around the theme “Ideas into Action”, and will encourage discussion of how the industry can improve its…
Court awards $280,500 to ICBC in auto theft case
November 8, 2004 by Canadian UnderwriterA civil action lawsuit brought by the Insurance Corp. of British Columbia (ICBC) against several parties involved in an auto theft ring has resulted in a jury awarding the crown insurer a total of $280,500 in damages. ICBC says it…
What’s new: In brief (November 08, 2004)
November 8, 2004 by Canadian UnderwriterSovereign General Insurance Co. has named The Children’s Wish Foundation of Canada as its “charity of choice” for the next three years. With the commitment, the insurer will provide at least $600,000 in funding to the Foundation. The local offices…
Winterthur, Hub both sell Quebec personal lines operations
November 7, 2004 by Canadian UnderwriterInsurer Winterthur and broker Hub International have both decided to refocus their business in Quebec away from personal lines.Winterthur says it will sell is L’Unique Compagnie d’Assurances Generales to La Capitale Assurances Generales Inc. for $48 million, and focus on…
RIBO AGM: U.S. broker allegations “ripple down” to Ontario
November 7, 2004 by Canadian UnderwriterWhile the past year had seen the situation improve on many fronts for brokers, the events of the past few weeks in the U.S. are now taking their toll on Ontario’s brokers, noted Rod Finlayson, outgoing president of the Registered…
Co-operators warning consumers about bogus policies
November 7, 2004 by Canadian UnderwriterThe Co-operators is warning that individuals may be selling fake auto insurance policies in New Brunswick and falsely claiming to represent the insurer.The policies are not valid and the individuals selling them do not hold licenses or represent the company,…
What’s new: In brief (November 07, 2004)
November 7, 2004 by Canadian UnderwriterU.S. insurers are reacting positively to news of the re-election of George W. Bush. Despite the Bush administration’s failure to pass tort reform measures to lighten the burden of class action, asbestos or medical malpractice litigation, the Property-Casualty Insurers Association…
What’s new: In brief (November 04, 2004)
November 4, 2004 by Canadian UnderwriterBermuda-based ACE Ltd. announces it has fired two employees and suspended three more as a result of internal investigations sparked by the U.S. probe of broker compensation practices. ACE Casualty Risk president Geoffrey Gregory and his staffer Patricia Abrams have…
Regulatory Affairs Symposium: IBC seeking “a few good companies” for SABS pilot
November 4, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is looking for insurers to participate in a pilot program which could be a first step to risk-based regulation of market conduct. Attendees of the IBC’s Regulatory Affairs Symposium learned Thursday that the IBC…
U.S. insurers post record third-quarter catastrophe losses
November 4, 2004 by Canadian UnderwriterIn the wake of one of the worst Atlantic hurricane seasons in recent memory, U.S. insurers have posted record third-quarter catastrophe losses, topping even 2001, according to data compiled by the Property Claim Services unit of the Insurance Services Office…
Regulatory Affairs Symposium: Privacy rules still unclear
November 4, 2004 by Canadian UnderwriterAlmost a year into the insurance industry’s experience with new privacy legislation, many key issues remain unresolved, say panelists at the Insurance Bureau of Canada’s (IBC) Regulatory Affairs Symposium Thursday.The panel, which included three lawyers and a member of the…