Segment
Risk Management
What’s new: In brief (April 04, 2005)
April 4, 2005 by Canadian UnderwriterThe Catholic diocese of St. George’s in Newfoundland is seeking a 45-day extension to file its proposal for bankruptcy. The filing is a means to stay proceedings in civil actions against the dioceses by 36 victims of sexual abuse. The…
Moody’s predicts GBP1 billion profit for Lloyd’s in 2005
April 3, 2005 by Canadian UnderwriterMoody’s Investor Service says the Lloyd’s market could produce overall profit of GBP1.2 billion, or 9% of capacity for the 2005 year of account. The “meaningful” profit expected by Moody’s assumes a normal loss year, and would lead to an…
Cat bond market grows in 2004: Guy Carpenter
April 3, 2005 by Canadian UnderwriterThe global catastrophe bond market grew 17% in 2004, according to a joint study released by reinsurance broker Guy Carpenter & Co. and MMC Securities Corp.Measuring total outstanding risk capital, yearend 2004 reached US$4.04 billion, compared to US$3.45 billion at…
What’s new: In brief (April 03, 2005)
April 3, 2005 by Canadian UnderwriterStandard & Poor’s says the “BBB+” financial strength rating of St. Paul Travelers Cos. Inc. will not be impacted by news the company will divest itself of its ownership interest in Nuveen Investments Inc. St. Paul Travelers will now record…
Bermuda market “stirred, not shaken” by hurricanes: Benfield
March 31, 2005 by Canadian UnderwriterDespite the unprecedented hurricane losses of 2004, the Bermuda market managed strong returns last year, according to the latest “Bermuda Quarterly” issued by broker Benfield Group.Analyzing results of the top Bermuda underwriters, Benfield says the group eked out a respectable…
Canadian Underwriter Web Poll: March results
March 31, 2005 by Canadian UnderwriterIn March, Canadian Underwriter asked online readers: “Do you expect to see contingent commissions disappear altogether from the insurance industry?” 268 total responses were tallied with more than 74% saying they do not expect to see contingent commissions to disappear.…
What’s new: In brief (March 31, 2005)
March 31, 2005 by Canadian UnderwriterThe Ontario government’s “Consumer Protection Act”, which comes into force on July 30, will require the use of aftermarket parts in auto repairs to be identified in writing to the consumer. In a bulletin to members, Hamilton District Autobody Repair…
AIG admits Gen Re transaction improperly accounted for
March 30, 2005 by Canadian UnderwriterAIG admitted Wednesday that finite reinsurance transactions dating back to 2000-2001 with Berkshire Hathaway’s Gen Re was improperly documented, and at the same time said it would be even later in filing its 10-K annual financial reports.AIG says it will…
Greenberg to give up non-executive chairman’s role
March 29, 2005 by Canadian UnderwriterThe retirement of AIG CEO and chairman Maurice “Hank” Greenberg at the end of this week will be a complete on. Despite an earlier statement that Greenberg would remain as non-executive chairman of the company while stepping down as president…
Rating agency in no hurry to issue upgrades
March 29, 2005 by Canadian UnderwriterWith lingering concerns over the long-term prospects for the p&c industry, rating agency A.M. Best says it will be in no rush to issue upgrades.The rating agency notes the record profitability experienced by the U.S. and Canadian industry in 2004,…
Pricing to stabilize but deductibles stay where they are: Aon
March 23, 2005 by Canadian UnderwriterCommercial insurance pricing is likely to stabilize, with increased capacity and competition in 2005, but the high deductibles and retentions taken during the recent hard market will likely remain in place. This, according to the annual “Insurance Market Overview” published…
Some of most popular film locales are riskiest: study
March 23, 2005 by Canadian UnderwriterAon has released a “Risk in Global Filmmaking” map which shows 70 countries with “high-risk” status, as compared to 55 last year. Some of the riskiest locations are also the most popular, including Mexico, Thailand, the Philippines and South Africa,…