Segment
Risk Management
Correction: RIMS/Mercer statistical error reported
June 3, 2005 by Canadian UnderwriterA statistical error occurring in the original release of the RIMS/Mercer risk management compensation survey, resulted in incorrect information being published in Canadian Underwriter’s May 26 article, “Risk management compensation rises.” The error reflected the unintentional amalgamation of Canadian and…
What’s New: In brief (June 03, 2005)
June 3, 2005 by Canadian UnderwriterToyota Motor Co’s (TM.NYS) Prius petrol-electric hybrid sedan is facing investigation by the US regulatory authority, due to complaints of a sudden stalling of its engine. Preliminary evaluation of approximately 75,000 Prius models manufactured in 2004-2005 is being implemented by…
RS Group of Companies to merge with Strategy International Insurance Group
June 2, 2005 by Canadian UnderwriterRS Group of Companies, Inc. (OTCBB: RSG) has signed an exclusivity agreement to become a wholly-owned subsidiary of Strategy International Insurance Group, Inc (OTCBB: SGYI). The transaction identifies Strategy’s intent to acquire all RS’s outstanding shares of common stock, options…
Canadian Underwriter Web Poll: May results
June 2, 2005 by Canadian UnderwriterThe industry is pessimistic that the commercial insurance sector will be hard hit by an overall softening trend. The Canadian Underwriter Web Poll for May asked “Will commercial insurance rates soften significantly across the board through the remainder of 2005?”…
Experts say oil production is set to decline
May 30, 2005 by Canadian UnderwriterExperts in the petroleum and oil sector predict the world’s oil production will peak and begin to decline as early as this year, according to the Associated Press (AP). Princeton University geologist Kenneth S. Deffeyes told AP that he anticipates…
What’s New: In brief (May 30, 2005)
May 30, 2005 by Canadian UnderwriterLong Island Business News, a leading regional business journal, recently recognized Roslyn Spiegel, senior vice president of Hub International Northeast, as one of Long Island’s “Top 50 Most Influential Women in Business.” This list is comprised of elite female professionals…
Risk management compensation rises
May 26, 2005 by Canadian UnderwriterA compensation survey of the Canadian and U.S. risk management profession conducted jointly by the Risk and Insurance Management Society Inc. (RIMS) and Mercer Human Resource Consulting suggests that the total cash earnings of risk managers rose by between 10%-25%…
XN Risk Canada expands services
May 23, 2005 by Canadian UnderwriterXN Risk Insurance Services Inc.’s has expanded its management liability insurance offering for development stage to mid-tier, privately held companies in Canada. As a result of this growth XN Risk will begin writing employment practices liability on a “stand-alone” basis…
Canada’s agricultural industry pool together for insurance protection
May 23, 2005 by Canadian UnderwriterCanadian agriculture businesses are pooling together to form an Insurance Purchasing Group (IPG) in response to trends toward increasing premiums, claims penalties and a lack of specialized insurance. The IPG, dubbed the Risk Management Alliance (RMA), is meant to attract…
Gallagher reaches agreement, must pay $27 million through fund
May 19, 2005 by Canadian UnderwriterArthur J. Gallagher & Co., the Illinois Attorney General and Illinois’s director of insurance have reached an agreement regarding the industry-wide contingent commission investigations.Upon pleading no liability or wrongdoing, Gallagher is not required to issue an apology. Based on terms…
IFRIMA releases position paper regarding the role of a broker
May 19, 2005 by Canadian UnderwriterA brokers role may vary greatly from company to company, according to a position paper released today by the International Federation of Risk and Insurance Management Associations (IFRIMA).IFRIMA believes that the current business model established by brokers and insurers does…
Chief risk officer position, a universal mainstay
May 17, 2005 by Canadian UnderwriterChief risk officers (CROs) are multiplying in the financial services sector and expected to grow exponentially in other industries. According to a recent survey of 137 global risk managers conducted by the Economist Intelligence Unit (EIU), mounting regulatory pressures and…