Canadian Underwriter

Segment
Risk Management


News Climate ChangeInsurance

ISO prepares terrorism exclusion wordings in advance of TRIA extension discussions

May 5, 2004 by Canadian Underwriter

With the future of the U.S. terrorism risk backstop up in the air, the Insurance Services Office (ISO) has filed conditional wordings for a terrorism insurance policy endorsement.The ISO is asking state regulators to approve the wording if Congress fails

News Climate ChangeInsurance

Hurricane Juan toll hits $113 million

May 4, 2004 by Canadian Underwriter

The insured losses arising from Hurricane Juan’s assault on Nova Scotia last fall have risen to $113 million, signaling the need for better disaster prevention, says the Insurance Bureau of Canada (IBC).In November, the IBC had pegged insured losses from

News Climate ChangeInsurance

Swiss Re wins another round against Silverstein

May 4, 2004 by Canadian Underwriter

Swiss Re came out ahead in the latest legal round against World Trade Center leaseholder Larry Silverstein. A New York jury found in favor of the reinsurer that it is bound by the Wilprop policy form for its portion of

News Insurance

Loyalist completes turnaround for profitable 2003

April 29, 2004 by Canadian Underwriter

After successive quarters in the red, and following a restructuring process, The Loyalist Insurance Group (TSX Venture: LOY) has posted a profit for 2003 of $185,000. Although modest, the income comes against a lost of almost $3.9 million for 2002.Results

News Insurance

Olympics acquires US$170 million insurance policy

April 29, 2004 by Canadian Underwriter

The International Olympic Committee (IOC) has, for the first time, purchased a large-scale insurance policy on its next games, to be held in Athens this summer.The US$170 million policy covers the interests of National Olympic Committees and International Federations, and

News Insurance

Hub brokerage amongst those subpoenaed in New York broker probe (April 28, 2004)

April 28, 2004 by Canadian Underwriter

Hub International’s Kaye Insurance Associates Inc. is amongst a group of brokerages who are being asked to provide information to New York Attorney General Eliot Spitzer as part of a probe into contingent commissions.Also receiving subpoenas thus far are Marsh,

News Insurance

Hub buys Washington construction specialty broker

April 27, 2004 by Canadian Underwriter

Hub International Ltd. has established its 11th “hub”, this time in the Pacific Northwest U.S., with the purchase of Seattle, Washington-based Bush, Cotton & Scott, LLC. The brokerage specializes in general insurance and surety bonding for construction firms in Washington,

News Insurance

Poor service holding commercial property carriers back: Allianz

April 25, 2004 by Canadian Underwriter

A new survey from Allianz Global Risks US Insurance Co. shows dissatisfaction with the level of service being provided by commercial property carriers. In its survey, Allianz finds that 90% of property brokers have recommended clients to change carriers on

News Insurance

Corporate scandals still on the minds of risk managers: Lloyd’s survey

April 25, 2004 by Canadian Underwriter

An overwhelming majority of risk managers feel that the U.S. market has not seen the last of the major corporate scandals, according to a survey by Lloyd’s.A full 89% of risk managers, responding to a survey conducted at the Risk

News Insurance

B.C. brokers to offer insurance premium financing vehicle

April 25, 2004 by Canadian Underwriter

The Insurance Brokers Association of B.C. (IBABC) says its members will offer a new premium financing program to small businesses through a partnership with Scotiabank and technology firm GHR Systems Inc.IBABC executive director says the move is a response to

News Insurance

D&O market growing: Willis

April 22, 2004 by Canadian Underwriter

The troubled directors’ and officers’ (D&O) market is actually growing in capacity, with “competition and creativity” being witnessed among carriers, says a new report by international brokerage Willis. While the past two to three years have seen skyrocketing rates and

News Insurance

U.S. commercial property rates down 10% in 2003: Aon

April 22, 2004 by Canadian Underwriter

Despite growing uncertainty around terrorism risk, the U.S. commercial property segment saw rates drop by about 10% last year, says Aon Corp. Insurers benefited from an absence of catastrophe losses last year, as well as returned strength in investment returns.