Segment
Risk Management
MMC reports 2007 Q3 profits up, but insurance broking results “unacceptable”
November 13, 2007 by Canadian UnderwriterMarsh & McLennan Companies, Inc. (MMC) reported a 2007 Q3 profit of US$1.9 billion, compared to US$176 million during the same period last year.Marsh reported being happy with revenues generated by its consulting businesses. MMC’s consulting segment revenue grew 14%…
Benfield buys insurance business from Beaufort Group in Canada
November 13, 2007 by Canadian UnderwriterBenfield Corporate Risk has acquired the businesses of Beaufort International Insurance Inc. (BIII) and Beaufort Insurance Services Inc. (BISI), from Beaufort Group in Canada. The terms of the acquisition were not disclosed.Based in Calgary, Alberta, BIII and BISI provide specialist…
What’s New: In Brief (November 12, 2007)
November 12, 2007 by Canadian UnderwriterSpot checks by the Registered Insurance Brokers Association (RIBO) regarding the degree to which Ontario brokers are in compliance with insurance regulators new marketplace principles have resulted in a Good Housekeeping seal of approval.The Canadian Council of Insurance Regulators (CCIR)…
Pharmaceutical insurers migrating north
November 12, 2007 by Canadian UnderwriterPharmaceutical insurers underwriting huge liabilities and risks in the United States are migrating to a much-friendlier climate in Canada, according to a report by A.M. Best. Canadas feature attraction is that its legal environment is much more predictable than that…
CNA Financial restructures P&C operations
November 7, 2007 by Canadian UnderwriterCNA Financial Corporation has restructured its property and casualty operations so that field operations will be led from two regional centres Field Operations East and Field Operations West. Steve Stonehouse will lead the West and Dennis Barger will lead the…
Five years after SOX, business as usual for auditors
November 6, 2007 by Canadian UnderwriterFor the first time since the U.S. Sarbanes-Oxley Act [SOX] went into effect in 2002, a growing number of internal audit departments are returning to business as usual, according to a new survey by Protiviti Inc.Protiviti is a provider of…
What’s New: In Brief (November 05, 2007)
November 5, 2007 by Canadian UnderwriterEchelon General Insurance Company has renovated its place in cyberspace and launched a newly redesigned Web site.Key features of the new site include easy navigation tools, information about the companys latest personal lines offerings (for example, new product offerings in…
What’s New: In Brief (November 05, 2007)
November 5, 2007 by Canadian UnderwriterJust one month after the Ontario government introduced a tough new, anti-street-racing law, more than 1,000 motorists have been charged under the act, the Metro newspaper in Toronto has reported.The new law introduces harsh penalties such as license suspension or…
ESIS to provide dedicated Canadian workers compensation oversight
November 2, 2007 by Canadian UnderwriterESIS Inc., a risk management services company of ACE USA, announced it will provide dedicated Canadian workers compensation oversight to its clients through its affiliate, ESIS Canada Inc. ESIS Canada Inc. will offer reporting services for all new claims to…
Ontario Court upholds liability waiver based on “forseeable” risk
November 2, 2007 by Canadian UnderwriterThe legal test for negligence which would absolve an outdoor equipment provider of liability in a personal injury case is not perfection but rather to design a product so as to eliminate any unreasonable risk of foreseeable injury, the Ontario…
Aon announces restructuring plan
November 1, 2007 by Canadian UnderwriterAon Corporation has announced a global restructuring plan with projected savings of US$240 million by 2010 that includes the elimination of 2,700 positions and the outsourcing of 1,100 positions.The announcement came on the heels of the companys 2007 Q3 results,…
North American commercial lines stable, depsite downturn: Moody’s
October 31, 2007 by Canadian UnderwriterNorth Americas property and casualty commercial lines sector remains stable, although a market downturn is already underway, according to an annual report by Moodys Investor Services.Subject to the level of catastrophe activity, the number of rating actions over the next…