Canadian Underwriter

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Risk Management


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

Commercial rates dropping: RIMS survey

April 22, 2004 by Canadian Underwriter

Commercial insurance buyers report falling rates in property and general liability lines, signs of a softening market, according to the first-quarter 2004 edition of the Risk and Insurance Management Society (RIMS)/Advisen Benchmark Survey.Property rates fell by 1.5%, RIMS members say,

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.

News Insurance

CIAB survey shows reduced commercial risk pricing for 1-Q

April 20, 2004 by Canadian Underwriter

The latest quarterly market index produced by the U.S.-based The Council of Insurance Agents & Brokers (CIAB) suggests that pricing of commercial business either declined or remained flat across the various size segments of the marketplace during the first quarter

News Insurance

British Virgin Islands reports captive growth

April 19, 2004 by Canadian Underwriter

2003 saw 57 mew captive licenses approved in the British Virgin Islands (BVI), 23% growth over 2002, reports the BVI International Financial Centre (IFC).In total, 2003 saw the BVI reach 307 captives, maintaining it as the fifth largest captive domicile

News Insurance

Iraq expected to take over top spot for global terrorism risk

April 18, 2004 by Canadian Underwriter

Iraq is poised to become the top “hot spot” for terrorism risk with the U.S.-led intervention resulting in an increase in terrorist activity and kidnappings, such as the recent hostage-taking incidents, according to Aon’s counter terrorism and political risk division.

News Insurance

Insurers seek to limit asbestos fund contributions

April 18, 2004 by Canadian Underwriter

U.S. insurers and reinsurers are encouraging legislators not to increase the amount companies would contribute to a national asbestos litigation fund that could be established under Senate bill S.2290. Insurers made the appeal in a joint statement from the National