Canadian Underwriter

Segment
Risk Management


News Insurance

New accounting standards for financial instruments released

January 27, 2005 by Canadian Underwriter

New standards for reporting financial instruments in corporate financial results have been officially released by Canada’s Accounting Standards Board (AcSB). The board says the standards are “a hybrid of U.S. GAAP and international standards”. “The new standards close a lot

News Insurance

U.S. House introduces new tort reform bill

January 26, 2005 by Canadian Underwriter

A new bill aimed at reducing frivolous lawsuits has been introduced to the U.S. House of Representatives by Texas Congressman Lamar Smith.The “Lawsuit Abuse Reduction Act of 2005” mirrors legislation passed by the House in the last Congress, however the

News InsuranceMergers and Aqcuisitions

What’s new: In brief (January 25, 2005)

January 25, 2005 by Canadian Underwriter

Broker Aon says the introduction of the Airbus A380 will challenge the aviation liability market, and may cause liability limits to rise for the entire industry. Much like the introduction of Pan Am’s 747 some 35 years ago, the mammoth

News Climate ChangeInsurance

Suncor shutdown expected to net significant insurance bill

January 25, 2005 by Canadian Underwriter

The shutdown of Calgary, Alberta-based Suncor Energy Inc. following a fire earlier this month, could produce a significant insurance bill as the company announces it will not be back to full production until the third quarter of this year.Suncor is

News Insurance

Lloyd’s loses one leg of arbitration over Central Fund insurance

January 25, 2005 by Canadian Underwriter

Lloyd’s of London has come up on the losing end of one decision in continuing arbitration over an insurance contract to support its new Central Fund. Lloyd’s is seeking payment from six insurers for claims under the five-year insurance contract

News Insurance

“Significant softening” reported by commercial brokers

January 24, 2005 by Canadian Underwriter

U.S. commercial insurance accounts saw significant rate softening in the last months of 2004, according to the latest quarterly survey by the Council of Insurance Agents & Brokers (CIAB).In the fourth quarter, more than 80% of small and large accounts,

News Insurance

Connecticut AG sues Marsh, ACE over state contract

January 23, 2005 by Canadian Underwriter

In what promises to be the first of several civil charges filed against insurance companies and brokers, Connecticut Attorney General Richard Blumenthal has filed suit against Marsh & McLennan’s brokerage operation and ACE Financial Solutions. Blumenthal alleges ACE paid Marsh

News Insurance

Enron, WorldCom directors contribute to settlements: Article

January 20, 2005 by Canadian Underwriter

The recent settlements by former WorldCom and Enron directors highlights the new phenomenon of directors paying to settle litigation using their own funds, according to an article by Darryl P. Rains, partner at legal firm Morrison & Foerster LLP. In

News Insurance

SOX will reveal corporate weaknesses: Fitch

January 20, 2005 by Canadian Underwriter

The implementation of section 404 of the Sarbanes-Oxley corporate governance requirements in the U.S. will likely lead to more frequent revelation of internal control problems on the part of corporations, says a new study by Fitch.The rating agency says it

News Insurance

What’s new: In brief (January 20, 2005)

January 20, 2005 by Canadian Underwriter

Oakville, Ontario-based pet insurer Pethealth (TSX Venture: PTZ) has declared a dividend of $0.12 per series one convertible preference share, payable on January 26. Pethealth issued 5 million of convertible preference shares on January 21, 2004 through a private placement,

News Insurance

Liability market softening slower than property: Willis

January 18, 2005 by Canadian Underwriter

In its “International Liability Market Review”, broker Willis says predictions that the liability market would see flat to declining pricing in the second half of 2004 were borne out. But the 10-15% declines in liability pricing paled in comparison to

News Insurance

What’s new: In brief (January 18, 2005)

January 18, 2005 by Canadian Underwriter

Alberta’s Agricultural Financial Services Corp. is giving out $2 million in premium rebates to about 7,400 farmers who purchased straight hail insurance in 2004. While 2004 was actually a high loss year for crops due to hail, past experience has