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Risk Management

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British Virgin Islands reports captive growth

April 19, 2004 by Canadian Underwriter

2003 saw 57 mew captive licenses approved in the British Virgin Islands (BVI), 23% growth over 2002, reports the BVI International Financial Centre (IFC).In total, 2003 saw the BVI reach 307 captives, maintaining it as the fifth largest captive domicile

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Iraq expected to take over top spot for global terrorism risk

April 18, 2004 by Canadian Underwriter

Iraq is poised to become the top “hot spot” for terrorism risk with the U.S.-led intervention resulting in an increase in terrorist activity and kidnappings, such as the recent hostage-taking incidents, according to Aon’s counter terrorism and political risk division.

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Insurers seek to limit asbestos fund contributions

April 18, 2004 by Canadian Underwriter

U.S. insurers and reinsurers are encouraging legislators not to increase the amount companies would contribute to a national asbestos litigation fund that could be established under Senate bill S.2290. Insurers made the appeal in a joint statement from the National

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Risk reduction only response to terrorism threat: LOMA study

April 14, 2004 by Canadian Underwriter

A new study of emerging risks shows life & health insurers dealing with the threat of man-made catastrophes along with their property & casualty counterparts. The study, by international insurance research organization LOMA, concludes that insurers have a role to

News Insurance

Bermuda market sees 17 new members in first quarter

April 13, 2004 by Canadian Underwriter

The Bermuda insurance market grew by 17 new members in the first quarter of 2004, according to data from the Bermuda Monetary Authority’s Insurance Division. This is on par with first quarter 2003, although well off the “boom year” pace

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U.S insurer net income tops US$30 billion: A.M. Best

April 12, 2004 by Canadian Underwriter

U.S. insurers will post net income of US$30.8 billion for 2003, says A.M. Best, and customers can expect to feel rate relief in the coming year.Last year, net income rose more than 235% to top US$30 billion, following the US$9.2

News Insurance

Brokers in demand more than ever: Swiss Re study

April 7, 2004 by Canadian Underwriter

Commercial and reinsurance brokers are facing an increasing demand for their services, in light of the growing complexity of risks, according to the latest Swiss Re sigma study.The study looks at development of the broker market over the past 20

News Insurance

Small business concerns over insurance continue to surface

April 2, 2004 by Canadian Underwriter

In its most recent poll of members, the Canadian Federation of Independent Business (CFIB) finds that insurance continues to be a sore spot for small-to-medium sized business owners.Along with energy costs, insurance price hikes are a thorn in the side

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80% of U.S. commercial brokers want TRIA renewed

April 1, 2004 by Canadian Underwriter

With the 2005 sunset deadline for the U.S. federal government terrorism backstop fast approaching, commercial brokers are urging legislators to extend the program.In a survey of its members, the Council of Insurance Agents and Brokers (CIAB) found 80% want to

News Insurance

Travelers, St. Paul merger to take effect April 1

March 30, 2004 by Canadian Underwriter

Following shareholder support, and settlement of a shareholder lawsuit, the Travelers-St. Paul merger is set to take place April 1, the companies announce.Shareholders had approved the merger two weeks ago, with regulators following suit. The new company, St. Paul Travelers,

News Insurance

Banks turning attention to risk management: S&P

March 26, 2004 by Canadian Underwriter

A new study by Standard & Poor’s Risk Solutions suggests credit risk management is drawing the attention of banks worldwide.Following up on a 2001 survey, the survey focused on senior executives from more than 30 banks of various size and

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Anthony Clark secures US$5 million debt facility

March 24, 2004 by Canadian Underwriter

Calgary-based broker network Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has secured a US$5 million (Cdn$6.650 million) debt financing arrangement made available by Oak Street Funding LLC for the broker’s U.S. operation, Addison York Insurance Brokers Ltd.The debt arrangement,