Canadian Underwriter

Segment
Risk Management


News Insurance

Commercial rates continue moderate decline: RIMS

February 3, 2005 by Canadian Underwriter

Commercial insurance rates continued their moderate decline for the fourth straight quarter, finds the latest market survey by the Risk & Insurance Management Society (RIMS) and Advisen.The fourth-quarter 2004 benchmark survey took in its greatest number of respondents ever, and

News Climate ChangeInsurance

What’s new: In brief (February 02, 2005)

February 2, 2005 by Canadian Underwriter

Lloyd’s of London has estimated its losses from the South Asian tsunami at GBP100 million, net of reinsurance. “A significant proportion of these losses will be within businesses’ planning assumptions for expected catastrophe loss costs,” notes a Lloyd’s statement. While

News Insurance

MMC settles with Spitzer for US$850 million

January 31, 2005 by Canadian Underwriter

Marsh & McLennan Cos. Inc. has settled the civil charges filed by New York Attorney General Eliot Spitzer for US$850 million. The charges were filed in October, 2004, alleging misconduct at MMC’s insurance brokerage unit, Marsh Inc., in the U.S.

News Insurance

What’s new: In brief (January 31, 2005)

January 31, 2005 by Canadian Underwriter

St. Paul Travelers has added US$868 million to its prior year loss reserves. The newly combined companies completed an internal review which resulted in a reserve charge of US$922 million for adverse development on prior year asbestos losses, and US$84

News Insurance

What’s new: In brief (January 30, 2005)

January 30, 2005 by Canadian Underwriter

Stephen Mallory, former managing director of Marsh Canada, has been named president and CEO of Hub International Ontario Ltd. Mallory succeeds Nelson Tilander, who although leaving the CEOs role after six years for an indefinite medical leave, will remain as

News InsuranceMergers and Aqcuisitions

Canadian market set for interesting year in 2005: Cook

January 30, 2005 by Canadian Underwriter

2005 is shaping up to be an interesting year for Canada’s property & casualty insurance industry, says Omega Insurance Holdings CEO Philip Cook. Cook looked into his crystal ball to outline “33 trends” the industry may see this year, speaking

News Insurance

Colorado probe of title insurers could have significant impact on sector: Fitch

January 27, 2005 by Canadian Underwriter

News that the Colorado Insurance Department may sanction nine unnamed title insurers for allegedly paying kickbacks to homebuilders could have far-reaching implications for the entire title insurance industry, says Fitch Ratings.The rating agencies says it believes that along with Colorado,

News Insurance

New accounting standards for financial instruments released

January 27, 2005 by Canadian Underwriter

New standards for reporting financial instruments in corporate financial results have been officially released by Canada’s Accounting Standards Board (AcSB). The board says the standards are “a hybrid of U.S. GAAP and international standards”. “The new standards close a lot

News Insurance

U.S. House introduces new tort reform bill

January 26, 2005 by Canadian Underwriter

A new bill aimed at reducing frivolous lawsuits has been introduced to the U.S. House of Representatives by Texas Congressman Lamar Smith.The “Lawsuit Abuse Reduction Act of 2005” mirrors legislation passed by the House in the last Congress, however the

News InsuranceMergers and Aqcuisitions

What’s new: In brief (January 25, 2005)

January 25, 2005 by Canadian Underwriter

Broker Aon says the introduction of the Airbus A380 will challenge the aviation liability market, and may cause liability limits to rise for the entire industry. Much like the introduction of Pan Am’s 747 some 35 years ago, the mammoth

News Climate ChangeInsurance

Suncor shutdown expected to net significant insurance bill

January 25, 2005 by Canadian Underwriter

The shutdown of Calgary, Alberta-based Suncor Energy Inc. following a fire earlier this month, could produce a significant insurance bill as the company announces it will not be back to full production until the third quarter of this year.Suncor is

News Insurance

Lloyd’s loses one leg of arbitration over Central Fund insurance

January 25, 2005 by Canadian Underwriter

Lloyd’s of London has come up on the losing end of one decision in continuing arbitration over an insurance contract to support its new Central Fund. Lloyd’s is seeking payment from six insurers for claims under the five-year insurance contract