Canadian Underwriter

Segment
Risk Management


News Insurance

Third quarter of commercial market softening highlighted by RIMS survey

October 26, 2004 by Canadian Underwriter

Average commercial insurance premiums dropped for a third consecutive quarter, according to the latest release of the RIMS/Advisen Benchmark Survey of corporate risk managers in North America.The survey finds softening across many lines of business on third quarter renewals, with

News Insurance

Marsh CEO resigns; S&P gives negative outlook to commercial insurers

October 25, 2004 by Canadian Underwriter

Ending weekend speculation, Marsh CEO Jeffrey Greenberg has resigned, amid civil charges filed against the international broker by New York Attorney General Eliot Spitzer. In a statement, Marsh says Greenberg “placed the interests of the company first” in resigning, and

News Insurance

Lloyd’s challenges market to avoid “compliance silo”

October 25, 2004 by Canadian Underwriter

A recent survey of Lloyd’s managing agents found that while 78% said the most important driver of good risk management is business benefit, half of those surveyed felt compliance was the best means of achieving good risk management.These results are

News Insurance

US commercial brokers report market competition and price softening

October 24, 2004 by Canadian Underwriter

The average premium decline on commercial insurance accounts in the third quarter of 2004 was almost 6%, according to the latest quarterly market index from the U.S. Council of Insurance Agents and Brokers (CIAB).“Price competition has definitely returned to the

News Insurance

RIMS names new executive director

October 19, 2004 by Canadian Underwriter

The Risk & Insurance Management Society (RIMS) has chosen a new executive director to replace Jack Hampton, who exited the position this past summer. Mary Roth, most recently RIMS’ chief operating officer was named to the post. Roth has been

News Insurance

ACE executive latest to plead guilty in commissions probe

October 18, 2004 by Canadian Underwriter

An executive of insurer ACE has pled guilty to criminal misdemeanor charges related to the investigation of broker commissions being conducted by New York Attorney General Eliot Spitzer. The news came Friday, a day after Sptizer filed civil charges against

News Insurance

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

News Climate ChangeInsurance

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

News Insurance

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

News Insurance

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

News Insurance

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

News Insurance

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,