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Hurricane Hazel anniversary a chance to focus on disaster preparedness: ICLR

October 17, 2004 by Canadian Underwriter

With this weekend marking the 50th anniversary Hurricane Hazel, one industry group is using the occasion to promote disaster preparedness. The Institute for Catastrophic Loss Reduction (ICLR) says with this anniversary, and in light of the recent hurricanes wreaking havoc

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Raters react swiftly to NY commission probe charges

October 17, 2004 by Canadian Underwriter

Rating agencies are reacting to news that New York Attorney General Eliot Spitzer has filed civil charges against broker Marsh, and exacted guilty pleas from two AIG executives relative to industry placement practices.The news came last Thursday, with Spitzer accusing

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Marsh, 2 AIG execs fingered by commissions investigation

October 14, 2004 by Canadian Underwriter

New York Attorney General Elito Spitzer Thursday announced the launch of a civil suit against brokerage Marsh over commission practices. The suit alleges the brokerage “steered unsuspecting clients to insurers with whom it had lucrative payoff agreements, and that the

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Focus changes for second phase of Silverstein coverage trial

October 13, 2004 by Canadian Underwriter

As the second phase of the World Trade Center insurance coverage trial begins this week, one lawyer says a key difference in this case will be the “intent” of insurers.Most of the carriers who insured the WTC when the towers

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Allianz granted license as “branch” of U.S. operation

October 12, 2004 by Canadian Underwriter

Allianz’s remaining business in Canada Allianz Global Risks (AGR Canada) has received approval from the federal insurance regulator to operate as a branch of Allianz Global Risks US Insurance Company.The company also expects to receive its provincial licenses in November,

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Can D&O risk be quantified?

October 12, 2004 by Canadian Underwriter

Quantifying directors’ and officers’ (D&O) exposures is not only possible, but necessary in the current environment where shareholder lawsuits proliferate, says one analytics company.Advisen Ltd. co-founder David Bradford says insurers must look beyond more traditional tools to new metrics for

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"Significant strides" made in corporate governance: Moody’s

October 7, 2004 by Canadian Underwriter

In a study of 169 U.S. and Canadian entities over the past year, rating agency Moody’s says great strides have been made towards better corporate governance.Among the improvements, Moody’s finds greater commitment by directors for such functions as risk management,

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What’s new: In brief (October 06, 2004)

October 6, 2004 by Canadian Underwriter

As expected, drug maker Merck is already facing lawsuits after pulling its pain medication Vioxx from the shelves. The company announced the move last week, in response to concerns over the drug’s side effects. Vioxx is used widely by arthritis

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RIMS Canada Conference: RIMS president pushes international agenda

October 5, 2004 by Canadian Underwriter

Almost halfway through her term as RIMS president, Nancy Chambers says the journey thus far “has had lots of breathless moments”. Hearkening back to her introductory speech as president at the San Diego RIMS Conference in April, she says her

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RIMS Canada Conference: Risk managers challenge service standards

October 5, 2004 by Canadian Underwriter

Among the many impacts the insurance industry experienced as a result of the 9/11 disaster was a recognition of the abysmal state of service taking place in commercial insurance ranks. So said a panel of speakers representing all segments of

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What’s new: In brief (October 05, 2004)

October 5, 2004 by Canadian Underwriter

The 2004 recipient of the Don Stuart Award, risk management’s highest honor, is Joseph Restoule. Restoule, accompanied by wife Patti, accepted the award Tuesday at the RIMS Canada Conference in Winnipeg. Restoule is director of risk & insurance for NOVA

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RIMS Canada Conference: Global standards for risk management sought

October 4, 2004 by Canadian Underwriter

The search for a global standard for risk management begins with finding a common language, say speakers at the 29th annual RIMS Canada Conference being held this week in Winnipeg, Manitoba. “We see the growing emergence of a more common