Segment
Risk Management
U.S. boardroom-spying case puts D&O insurers on alert
September 15, 2006 by Canadian UnderwriterA recent boardroom-spying incident at Hewlett-Packard Co. is putting a spotlight on “pretexting,” the latest scandalous corporate behavior to put providers of directors and officers (D&O) insurance on alert, according to an article published by A.M. Best.According to the Sept.…
Marsh to eliminate 750 staff positions
September 15, 2006 by Canadian UnderwriterMarsh & McLennan Companies, Inc. (MMC) is planning to save about US$350 million by 2008, in part through the reduction or attrition of 750 staff positions.“Beginning a year ago, we initiated an effort to rationalize MMC’s IT infrastructure, institutionalize firm-wide…
ESIS Canada open for business in Toronto
September 15, 2006 by Canadian UnderwriterESIS, a risk management services company, has opened an office in Toronto under the name ESIS Canada, Inc. ESIS Canada will offer clients in the United States and Canada access to claims management and a wide range of risk control…
Increased sea temperatures linked to stronger hurricanes
September 13, 2006 by Canadian UnderwriterCritics may dismiss the dangers of global warming, but increasing sea temperatures are nonetheless linked to more intense Atlantic hurricanes, according to the 2006 edition of the annual publication, the Hazard & Risk Science Review.Researched and edited by Professor Bill…
What’s New: In Brief (September 12, 2006)
September 12, 2006 by Canadian UnderwriterThe Precept Group, a full-service insurer based in Waterloo, Ontario, is donating money to help build Canada’s first solar park The Precept Group Inc. announced it will be donating money to The Sunpark Challenge to help buy the solar panels…
Global reinsurers’ financial strength declines
September 11, 2006 by Canadian UnderwriterFinancial strength in the global reinsurance sector has declined over the past five years to the point that, when taken on a stand-alone basis, no reinsurer is currently rated higher than ‘AA-,’ according to a recent report published by Standard…
Reinsurers’ electronic data portrayed as a legal landmine
September 11, 2006 by Canadian UnderwriterReinsurers need to remember that electronic records represent potential legal landmines and should be treated cautiously, attendees of a New York reinsurence conference heard recently.“Reinsurance once was thought of as a business governed by gentlemen’s agreements sealed with handshakes in…
Standard & Poor’s increases rating cap on cat bonds
September 7, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services has revised its criteria for rating natural catastrophe bonds to increase the rating cap on such bonds to ‘AA.’ “The criteria revision is in response to the evolution of the natural catastrophe bond market,” S&P’s…
Benfield profits up, as is global demand for cat insurance
September 7, 2006 by Canadian UnderwriterBenfield Group Limited (“Benfield” or “the Group”), an independent reinsurance and risk intermediary, has reported its group operating revenue has increased 28.5% over the first half of 2006 to 252.1 million (CD$524.6 million).The Group also reported an increase of 35.3%…
Competition and soft rates challenge commercial property market
August 31, 2006 by Canadian UnderwriterUnderwriting within the Canadian commercial property segment during 2005 saw a sharp increase in net loss ratio, dampening overall industry results.Events that contributed to the poor results include the Suncor Oil Sands Facility and increased storm activity throughout the country…
Global warming to complicate control of wildland fires
August 30, 2006 by Canadian UnderwriterA recent report published by an assembly of global fire ecologists indicates recent climate change will hinder our ability to manage wildland fire and apply prescribed fire across the landscape.The Association for Fire Ecology’s report, “San Diego Declaration on Climate…
Risk managers welcome new scholarship
August 28, 2006 by Canadian UnderwriterThe Spencer Educational Foundation, Inc. recently introduced a new scholarship fund totaling US$100,000. The Risk and Insurance Management Society, Inc. (RIMS)’s Atlanta Chapter donated the funds for the new scholarship, called the “RIMS Atlanta Chapter Scholarship.” RIMS says that all…