Risk managers need to take the reigns and address their own concerns regarding broker compensation,the new president of the Risk & Insurance Management Society (RIMS) told members Tuesday.As part of the keynote panel discussion at RIMS’ annual conference in Philadelphia,…
The insurance industry should take recent controversy over broker compensation and use it as an opportunity for “healthy self-examination”, Willis Group CEO and chairman Joe Plumeri told an audience at the RIMS Conference in Philadelphia Monday.Plumeri says the industry needs…
The insurance industry needs to communicate better, not only in terms of full transparency with clients, but also working closely with regulators, Lloyd’s chairman Lord Peter Levene told a Philadelphia audience Monday night.Speaking to business leaders at the Philadelphia Club,…
Canadian risk manager Susan Meltzer was honored Monday with the highest award bestowed by the Risk & Insurance Management Society (RIMS) at the society’s annual conference in Philadelphia.Meltzer, assistant vice president of risk management for Sun Life Financial, received the…
“Property and casualty insurers will see dramatic declines in core earnings power beginning as early as this summer and extending into 2006,” predicts a new study by insurance industry investment banking firm Cochran, Caronia Securities LLC.The study forecasts a shortening…
Chubb Insurance Co. has launched a new product aimed at the new risks being faced by Canadian businesses, from the Internet to U.S. exports. The “MasterKey” policy provides coverage for new exposures such as event cancellation, ocean cargo, kidnap &…
The filing of frivolous lawsuits is not a significant problem, according to a survey of U.S. federal court judges.The survey, taken by the Federal Judicial Center, was intended to assess the appropriateness of “Rule 11” of the Federal Rules of…
A lawsuit launched on behalf of members of a farm co-operatives pension plan have seen their class action certified.Ontario Superior Court Justice Warren Winkler certified the suit, which stems from investment losses suffered by the Participating Co-operatives of Ontario Trusteed…
Former AIG chairman and CEO Maurice Greenberg will refuse to testify to an investigation into his level of involvement in certain accounting practices, according to a statement from Greenberg’s lawyer David Boies. Boies says that because they were unable to…
Broker Willis Group Holdings says it has reached agreements with attorneys general in New York and Minnesota which will see the company create settlement funds valued at US$51 million.In its settlement with New York Attorney General Eliot Spitzer, Willis will…
Insurers have to act on the industry underwriting cycle rather than using it as an excuse not to act, Lloyd’s CEO Nick Prettejohn told a London audience Thursday.Speaking at the Financial Services Authority’s Insurance Conference, Prettejohn says the biggest challenge…
The first in what is expected to be a series of class action lawsuits has been filed against a feed provider, with the Canadian government also named as a defendant, stemming from mad cow disease.Animal nutrition company Ridley Inc., based…