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Risk Management


News InsuranceMergers and Aqcuisitions

Fairfax 2004 earnings hit by hurricanes

February 13, 2005 by Canadian Underwriter

Fairfax Financial Holdings (TSX, NYSE: FFH) is reporting a net loss of US$17.8 million, or US$2.16 per share, for 2004, heavily impacted by US$252.7 million in losses stemming from the four U.S. hurricanes in the third quarter of the year.

News Insurance

What’s new: In brief (February 10, 2005)

February 10, 2005 by Canadian Underwriter

Aon Corp. has set aside US$50 million for possible settlements resulting from investigations into industry practices in New York and other U.S. states. The company says US$43 million of this is allocated to its insurance brokerage and risk arm, while

News Insurance

Marsh finds financial/HR threats keeping business owners up at night

February 9, 2005 by Canadian Underwriter

In its “2004 Marsh Canada Corporate Risk Review”, the broker finds several key threats are front-of-mind for small and medium-sized businesses, and these threats go well beyond traditional property hazards.In a survey of organizations from a variety of industries where

News Insurance

Insurers progressing with ERM, but not focused on economic capital tie-in: Tillinghast

February 8, 2005 by Canadian Underwriter

Insurers are making progress in their efforts to implement enterprise risk management (ERM), but their success depends to some extent on their ability to link ERM to economic capital, says a new report by Tillinghast.While insurers say they want to

News Insurance

“Good news” for D&O buyers, says Willis

February 8, 2005 by Canadian Underwriter

In its “market survey” of directors’ and officers’ liability coverage outside the U.S. market, broker Willis says by the end of 2004 there was “good news” for buyers in terms of increasing competition in the marketplace.While insurers started off 2004

News Insurance

S&P expects US$13 billion in reserve additions for 2004

February 8, 2005 by Canadian Underwriter

The “lingering cloud” of reserve strengthening promises to hang over U.S. p&c insurers 2004 results, despite rising profits, says a new report by Standard & Poor’s.S&P says insurers were looking for vastly improved returns last year on the back of

News Insurance

Lloyd’s CEO calls for “change in behavior”

February 8, 2005 by Canadian Underwriter

The London market needs to bring about a change in behavior if it is to meet the expectations of clients and regulators in a shifting insurance world, Lloyd’s CEO Nick Prettejohhn told the Insurance Institute of London this week.Given the

News Insurance

Insurers striving for balance in 2005: Heath Lambert

February 7, 2005 by Canadian Underwriter

Despite the tumult of hurricanes, typhoons and tsunamis in 2004, insurers maintained a discipline last year that they hope will carry into 2005, according to the annual “State of the Market” report by broker Heath Lambert.2004 saw insurers display “a

News Climate ChangeInsurance

What’s new: In brief (February 07, 2005)

February 7, 2005 by Canadian Underwriter

Zurich Financial Services Group says claims relating to the South Asian tsunami disaster of December 26, 2004 will cost US$65 million, after tax and net of reinsurance (US$90 million pre-tax). Zurich also revised upward its estimate of losses from the

News InsuranceMergers and Aqcuisitions

What’s new: In brief (February 06, 2005)

February 6, 2005 by Canadian Underwriter

Zurich Financial Services Group says it will pay Equitas US$547 million to commute policies purchased from Zurich’s Centre operation by Lloyd’s syndicates reinsured by Equitas. Zurich says the agreement ends Centre’s exposure to those syndicates. “This commutation represents significant progress

News Insurance

ACE to fight Connecticut civil suit

February 6, 2005 by Canadian Underwriter

In a conference call last week, ACE Ltd. CEO Evan Greenberg says the insurer will ask the court to dismiss civil charges filed by Connecticut Attorney General Richard Blumenthal.Blumenthal filed the civil case late last month, alleging ACE paid broker

News Climate ChangeInsurance

S&P comments on potential non-renewal of TRIA

February 3, 2005 by Canadian Underwriter

With no clear indication that the U.S. Congress will extend the Terrorism Risk Insurance Act (TRIA) beyond its December 31, 2005 sunset, the insurance industry is already seeing the potential impact of TRIA’s non-renewal, says a new report by Standard