Echoing a similar trend in Canada, commercial insurance premiums in the United States are declining in 2006 Q3, continuing a phenomenon over the past two quarters, according the quarterly RIMS Benchmark Survey, prepared by the industry analyst Advisen.In the United…
Achieving price discipline and not preparing for catastrophes should be the primary focus for insurers and reinsurers when considering their own risk management practices, Aon Re Services president Bryon G. Ehrhart told the Aon Re Canada’s Rendezvous 2006 in Mississauga.Ehrhart…
Aon Corporation (NYSE: AOC) has reported a 2006 Q3 net income of US$106 million, compared to $122 million during the same period last year.The company’s risk and insurance brokerage services revenue increased 5%, to US$1.3 billion, with organic revenue growth…
Marsh & McLennan Companies, Inc. (MMC) has reported its 2006 Q3 consolidated net income more than doubled, from US$69 million last year to US$176 million in 2006. In addition, consolidated revenues for 2006 Q3 stood at US$2.9 billion, an increase…
Western Financial Group has acquired a 25% initial interest in Hayhurst Elias Dudek Inc. (HED), the largest independent insurance broker/administrator in Manitoba.HED is one of the largest independently owned insurance brokers in Canada, with approximately 190 employees nationwide. HED’s head…
Canadian insurers must engage in an ongoing dialogue with industry regulators to avoid a “death by best practices,” according to a panelist speaking at the Insurance Bureau of Canada’s sixth annual regulatory affairs symposium in Toronto.Paul Belanger, a partner at…
Buoyed by a relatively quieter hurricane season in 2006 than in 2005, Arch Capital Group Ltd. (NASDAQ: ACGL) reports that net income available to common shareholders was US$185.8 million for 2006 Q3.In contrast, the group reported a net loss of…
Allianz was perhaps the only insurer to finalize exclusions in its World Trade Center (WTC) policy coverage prior to the building’s 2001 destruction in a terrorist attack, but ended up paying out anyway because a lower U.S. court didn’t recognize…
The firm of Hughes Amys LLP has joined seven law firms from coast to coast to form the ARC Group Canada Inc.The ARC Group is a network of independent law firms across Canada focusing on the areas of insurance law…
Heading into an El Nino year, Canadian insurers and reinsurers should be reminded that the 1998 Ice Storm which caused more than $CD1 billion in damage losses in eastern Ontario and Quebec also happened during an El Nino year, panelists…
New catastrophe-modeling capabilities can help insurers avoid the painful consequences of underinsuring properties, according to a panelist at A.M. Best’s Insurance & Technology Conference, e-Fusion, in Boston.In its report on the conference, A.M. Best cites George Davis, a vice president…
Beaufort Underwriting Agency Ltd, on behalf of its managed syndicate MSF Pritchard – Syndicate 318, has licensed Risk Management Solutions (RMS)’ RiskLink catastrophe modeling platform. This license agreement is a response to what Beaufort views as the increasingly critical role…