Canadian Underwriter

Segment
Risk Management


News Insurance

U.S. judges say frivolous lawsuits not on the rise

April 11, 2005 by Canadian Underwriter

The filing of frivolous lawsuits is not a significant problem, according to a survey of U.S. federal court judges.The survey, taken by the Federal Judicial Center, was intended to assess the appropriateness of “Rule 11” of the Federal Rules of

News Insurance

Farm co-operatives’ pension class action certified

April 11, 2005 by Canadian Underwriter

A lawsuit launched on behalf of members of a farm co-operatives pension plan have seen their class action certified.Ontario Superior Court Justice Warren Winkler certified the suit, which stems from investment losses suffered by the Participating Co-operatives of Ontario Trusteed

News InsuranceMergers and Aqcuisitions

What’s new: In brief (April 11, 2005)

April 11, 2005 by Canadian Underwriter

Former AIG chairman and CEO Maurice Greenberg will refuse to testify to an investigation into his level of involvement in certain accounting practices, according to a statement from Greenberg’s lawyer David Boies. Boies says that because they were unable to

News Insurance

Willis to pay US$51 million to settle New York, Minnesota investigations

April 10, 2005 by Canadian Underwriter

Broker Willis Group Holdings says it has reached agreements with attorneys general in New York and Minnesota which will see the company create settlement funds valued at US$51 million.In its settlement with New York Attorney General Eliot Spitzer, Willis will

News Insurance

“Cycle” should not be industry “alibi”: Prettejohn

April 7, 2005 by Canadian Underwriter

Insurers have to act on the industry underwriting cycle rather than using it as an excuse not to act, Lloyd’s CEO Nick Prettejohn told a London audience Thursday.Speaking at the Financial Services Authority’s Insurance Conference, Prettejohn says the biggest challenge

News Insurance

First “mad cow” lawsuit hits feed provider

April 7, 2005 by Canadian Underwriter

The first in what is expected to be a series of class action lawsuits has been filed against a feed provider, with the Canadian government also named as a defendant, stemming from mad cow disease.Animal nutrition company Ridley Inc., based

News Insurance

What’s new: In brief (April 06, 2005)

April 6, 2005 by Canadian Underwriter

Despite news that several German industrial insurers facing fines by the country’s antitrust authority, Standard & Poor’s says no rating actions will be taken on companies named. S&P rates eight of the ten insurers who have been accused of acting

News Climate ChangeInsurance

Lloyd’s profits for 2004 hit GBP1.36 billion

April 6, 2005 by Canadian Underwriter

Lloyd’s of London says pre-tax profits for the 2004 year of account will be GBP1.36 billion, despite net claims of GBP1.2 billion from the U.S. hurricanes. 2004 does represent a decline from 2003, when the London market recorded GBP1.89 billion

News Insurance

Spitzer says civil resolution likely for AIG

April 4, 2005 by Canadian Underwriter

New York Attorney General Eliot Spitzer says the current investigation into AIG will likely result in a civil resolution.Spitzer’s office is currently investigating certain non-traditional insurance transactions undertaken by AIG, and the accounting for those transactions. In a statement, Spitzer

News Insurance

Aon names new CEO; XL names Canadian manager

April 4, 2005 by Canadian Underwriter

Global broker Aon Corp. has named Gregory C. Case as president and CEO. The move follows the previously announced retirement of founding CEO Patrick G. Ryan, who will serve as executive chairman of the board for Aon.Case was most recently

News Insurance

What’s new: In brief (April 04, 2005)

April 4, 2005 by Canadian Underwriter

The Catholic diocese of St. George’s in Newfoundland is seeking a 45-day extension to file its proposal for bankruptcy. The filing is a means to stay proceedings in civil actions against the dioceses by 36 victims of sexual abuse. The

News Insurance

Moody’s predicts GBP1 billion profit for Lloyd’s in 2005

April 3, 2005 by Canadian Underwriter

Moody’s Investor Service says the Lloyd’s market could produce overall profit of GBP1.2 billion, or 9% of capacity for the 2005 year of account. The “meaningful” profit expected by Moody’s assumes a normal loss year, and would lead to an