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Cat bond market grows in 2004: Guy Carpenter

April 3, 2005 by Canadian Underwriter

The global catastrophe bond market grew 17% in 2004, according to a joint study released by reinsurance broker Guy Carpenter & Co. and MMC Securities Corp.Measuring total outstanding risk capital, yearend 2004 reached US$4.04 billion, compared to US$3.45 billion at

News Insurance

What’s new: In brief (April 03, 2005)

April 3, 2005 by Canadian Underwriter

Standard & Poor’s says the “BBB+” financial strength rating of St. Paul Travelers Cos. Inc. will not be impacted by news the company will divest itself of its ownership interest in Nuveen Investments Inc. St. Paul Travelers will now record

News Insurance

Bermuda market “stirred, not shaken” by hurricanes: Benfield

March 31, 2005 by Canadian Underwriter

Despite the unprecedented hurricane losses of 2004, the Bermuda market managed strong returns last year, according to the latest “Bermuda Quarterly” issued by broker Benfield Group.Analyzing results of the top Bermuda underwriters, Benfield says the group eked out a respectable

News Insurance

Canadian Underwriter Web Poll: March results

March 31, 2005 by Canadian Underwriter

In March, Canadian Underwriter asked online readers: “Do you expect to see contingent commissions disappear altogether from the insurance industry?” 268 total responses were tallied with more than 74% saying they do not expect to see contingent commissions to disappear.

News InsuranceMergers and Aqcuisitions

What’s new: In brief (March 31, 2005)

March 31, 2005 by Canadian Underwriter

The Ontario government’s “Consumer Protection Act”, which comes into force on July 30, will require the use of aftermarket parts in auto repairs to be identified in writing to the consumer. In a bulletin to members, Hamilton District Autobody Repair

News Insurance

AIG admits Gen Re transaction improperly accounted for

March 30, 2005 by Canadian Underwriter

AIG admitted Wednesday that finite reinsurance transactions dating back to 2000-2001 with Berkshire Hathaway’s Gen Re was improperly documented, and at the same time said it would be even later in filing its 10-K annual financial reports.AIG says it will

News Insurance

Greenberg to give up non-executive chairman’s role

March 29, 2005 by Canadian Underwriter

The retirement of AIG CEO and chairman Maurice “Hank” Greenberg at the end of this week will be a complete on. Despite an earlier statement that Greenberg would remain as non-executive chairman of the company while stepping down as president

News Insurance

Rating agency in no hurry to issue upgrades

March 29, 2005 by Canadian Underwriter

With lingering concerns over the long-term prospects for the p&c industry, rating agency A.M. Best says it will be in no rush to issue upgrades.The rating agency notes the record profitability experienced by the U.S. and Canadian industry in 2004,

News Insurance

Pricing to stabilize but deductibles stay where they are: Aon

March 23, 2005 by Canadian Underwriter

Commercial insurance pricing is likely to stabilize, with increased capacity and competition in 2005, but the high deductibles and retentions taken during the recent hard market will likely remain in place. This, according to the annual “Insurance Market Overview” published

News Insurance

Some of most popular film locales are riskiest: study

March 23, 2005 by Canadian Underwriter

Aon has released a “Risk in Global Filmmaking” map which shows 70 countries with “high-risk” status, as compared to 55 last year. Some of the riskiest locations are also the most popular, including Mexico, Thailand, the Philippines and South Africa,

News Insurance

Compensation scandal ups broker workload: Best

March 22, 2005 by Canadian Underwriter

A new survey by A.M. Best finds the current controversy over broker compensation systems is forcing all brokers and agents to do more work, specifically in providing information, answering questions and filling out paperwork.The survey, published by Best’s Review magazine,

News Insurance

What’s new: In brief (March 21, 2005)

March 21, 2005 by Canadian Underwriter

Brokerage Heath Lambert Group says it will now charge a 1% (of premium) flat rate for work carried out on behalf of insurers. The “broker insurer services commission” (BISC) is a response to the industry’s ongoing controversy over broker compensation,