Segment
Risk Management
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…
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…
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…
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…
Suncor’s oil sands loss could cost reinsurers $1 billion
May 9, 2005 by Canadian UnderwriterIn a notice addressed to property and casualty insurers, federal regulator The Office of the Superintendent of Financial Institutions (OSFI) cautions that the insured loss relating to a fire that broke out in early January of this year at Suncor’s…
Terrorism insurance uptake rises substantially in 2004: Marsh
April 28, 2005 by Canadian UnderwriterAlmost half of all large and mid-sized U.S. businesses purchased terrorism insurance in 2004, a significant increase over recent years, according to new research issued by brokerage Marsh.In 2003, just 27% of businesses had opted to buy the coverage, but…
London market issues blueprint for achieving contract certainty
April 28, 2005 by Canadian UnderwriterWith the deadline for achieving contract certainty standards looming, a blueprint for change has been sent to all brokers and insurers in the London markets, including Lloyd’s.The U.K. Financial Services Authority (FSA) has given insurers until the end of 2006…
Hub reports 71% earnings rise in first quarter
April 27, 2005 by Canadian UnderwriterChicago-based broker network Hub International Ltd. (NYSE, TSX: HBG) says its net earnings rose 71% in the first quarter of 2005 to reach US$16.5 million, or US$0.47 per share. This compares to earnings of US$9.6 million, or US$0.29 per share…
Arthur J. Gallagher sets aside US$35 million to deal with investigations
April 27, 2005 by Canadian UnderwriterBroker Arthur J. Gallagher says it has set aside US$35 million to resolve current state investigations into insurance practices.The company made the announcement as part of its first-quarter 2005 results release. In that release, the company states: “The insurance industry…
Industry’s profit position difficult to maintain: Smith
April 27, 2005 by Canadian UnderwriterDespite record profits reported by the Canadian property & casualty insurance industry last year, the industry’s position of profitability will be difficult to maintain, says Nicholas Smith, attorney in fact in Canada for Lloyd’s underwriters.Smith made the remarks at this…
What’s new: In brief (April 27, 2005)
April 27, 2005 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) has added two new tools to its Quality Improvement Process (QIP). These include the “claims service provider and risk manager partnership tool” and the “safety and loss control service provider and risk manager…