Canadian Underwriter

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News Insurance

Three insurers face lawsuit on “blackout” claims

February 20, 2005 by Canadian Underwriter

Three Canadian insurers are now facing class action lawsuits stemming from claims made for perished stock and business interruption losses following the August 2003 blackout.Aviva Canada Inc., Lombard General Insurance Co. of Canada and Royal & SunAlliance Insurance Co. of

News Insurance

What’s new: In brief (February 17, 2005)

February 17, 2005 by Canadian Underwriter

The U.S. House of Representatives quickly passed the “Class Action Fairness Act” Thursday, by a vote of 279-149. The bill’s passage means it could be signed into law as early as Friday by President George W. Bush. Royal & SunAlliance

News Insurance

Death of contingent commissions “may be greatly exaggerated”: Conning

February 16, 2005 by Canadian Underwriter

Reports of the death of contingent commissions may be premature, according to a new report by Conning Research.In a study of relationships between brokers and insurers, Conning finds this dynamic is being transformed by investigations into compensation and other industry

News Insurance

Shareholder class actions settlements hit record high in 2004: NERA

February 16, 2005 by Canadian Underwriter

While the number of shareholder class action lawsuits has not increased since the passage of Sarbanes-Oxley in mid-2002, the value of settlements has skyrocketed to reach record levels in 2004, says NERA Economic Consulting in its annual study of shareholder

News Insurance

IBC sets up Atlantic commercial insurance task force

February 15, 2005 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has set up a task force to address availability and affordability of commercial insurance in Atlantic Canada. The “Atlantic Task Force” includes insurance industry and government representatives, as well as representatives of commercial and

News Insurance

One Marsh, two AIG execs plead guilty in Spitzer probe

February 15, 2005 by Canadian Underwriter

One Marsh and two AIG executives offered guilty pleas today in New York Supreme Court in the ongoing investigation into insurance industry practices spurred by New York Attorney General Eliot Spitzer.The guilty pleas stem from criminal charges of fraud and

News Climate ChangeInsuranceMergers and Aqcuisitions

What’s new: In brief (February 15, 2005)

February 15, 2005 by Canadian Underwriter

The Co-operators has teamed up with the Infant & Toddler Safety Association (ITSA) and the Ontario Ministry of Transportation to produce a “Booster Seat Guide” and DVD to educate the public on the use of child booster seats in vehicles.

News Insurance

U.S. insurers celebrate class action reform passage

February 13, 2005 by Canadian Underwriter

U.S. insurers and their commercial clients are celebrating the passage of class action reform legislation by the U.S. Senate. The Senate passed S.5, the "Class Action Fairness Act" by a vote of 72-26 on Thursday, and it is expected similar

News Insurance

What’s new: In brief (February 13, 2005)

February 13, 2005 by Canadian Underwriter

The Cayman Islands Monetary Authority says it licensed 76 new captives in 2004 to bring the total number of active captives domiciled in the Caymans to 694. The nearly 700 captives write about US$6 billion in annual premium, and report

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