Canadian Underwriter

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Risk Management


News Insurance

Fitch maintains stable outlook on commercial lines despite Spitzer probe

November 1, 2004 by Canadian Underwriter

Even with the cloud of the investigation into commission practices, rating agency Fitch is maintaining its stable outlook on the U.S. commercial lines p&c sector.Recently, Standard & Poor’s said it was placing a negative outlook on the sector following a

News InsuranceMergers and Aqcuisitions

What’s new: In brief (October 31, 2004)

October 31, 2004 by Canadian Underwriter

The Supreme Court of Canada ruled that directors should not be held liable to creditors for decisions made in good faith prior to a bankruptcy, even if those decisions may have contributed to the company’s demise. In the case, in

News Insurance

Captives Conference: U.S. election could impact captive “tax havens”

October 27, 2004 by Canadian Underwriter

With the U.S. election one week away, presidential candidate John Kerry has touted his desire to deal with “tax havens”, a situation which could have implications for offshore captives.But speakers at the Strategy Institute’s “Captive Insurance Strategies” conference in Toronto

News Insurance

Captives Conference: Fronting fraught with pitfalls, but also pluses

October 27, 2004 by Canadian Underwriter

Fronting a captive is a challenging business, but one which also has the potential to provide great benefits to the fronting insurer, delegates to the Strategy Institute’s “Captive Insurance Strategies” conference in Toronto heard Wednesday.Robert Davis, senior vice president for

News Insurance

What’s new: In brief (October 26, 2004)

October 26, 2004 by Canadian Underwriter

The Property-Casualty Insurers Association of America (PCI), says the issue of broker commissions has become confused the long-standing practice of contingent commissions is being lumped in with alleged acts of wrongdoing which are not accepted by the industry. “While those

News Insurance

Third quarter of commercial market softening highlighted by RIMS survey

October 26, 2004 by Canadian Underwriter

Average commercial insurance premiums dropped for a third consecutive quarter, according to the latest release of the RIMS/Advisen Benchmark Survey of corporate risk managers in North America.The survey finds softening across many lines of business on third quarter renewals, with

News Insurance

Marsh CEO resigns; S&P gives negative outlook to commercial insurers

October 25, 2004 by Canadian Underwriter

Ending weekend speculation, Marsh CEO Jeffrey Greenberg has resigned, amid civil charges filed against the international broker by New York Attorney General Eliot Spitzer. In a statement, Marsh says Greenberg “placed the interests of the company first” in resigning, and

News Insurance

Lloyd’s challenges market to avoid “compliance silo”

October 25, 2004 by Canadian Underwriter

A recent survey of Lloyd’s managing agents found that while 78% said the most important driver of good risk management is business benefit, half of those surveyed felt compliance was the best means of achieving good risk management.These results are

News Insurance

US commercial brokers report market competition and price softening

October 24, 2004 by Canadian Underwriter

The average premium decline on commercial insurance accounts in the third quarter of 2004 was almost 6%, according to the latest quarterly market index from the U.S. Council of Insurance Agents and Brokers (CIAB).“Price competition has definitely returned to the

News Insurance

RIMS names new executive director

October 19, 2004 by Canadian Underwriter

The Risk & Insurance Management Society (RIMS) has chosen a new executive director to replace Jack Hampton, who exited the position this past summer. Mary Roth, most recently RIMS’ chief operating officer was named to the post. Roth has been

News Insurance

ACE executive latest to plead guilty in commissions probe

October 18, 2004 by Canadian Underwriter

An executive of insurer ACE has pled guilty to criminal misdemeanor charges related to the investigation of broker commissions being conducted by New York Attorney General Eliot Spitzer. The news came Friday, a day after Sptizer filed civil charges against

News Insurance

Raters react swiftly to NY commission probe charges

October 17, 2004 by Canadian Underwriter

Rating agencies are reacting to news that New York Attorney General Eliot Spitzer has filed civil charges against broker Marsh, and exacted guilty pleas from two AIG executives relative to industry placement practices.The news came last Thursday, with Spitzer accusing