Segment
Risk Management
What’s new: In brief (January 10, 2005)
January 10, 2005 by Canadian UnderwriterA.M. Best has affirmed the “A” (excellent) rating of The Guarantee Co. of North America, and the “A-” rating of its U.S. subsidiary, with a stable outlook. The ratings reflect excellent capitalization, strong operating results and a prominent market profile,…
Number of securities fraud suits rises slightly: study
January 9, 2005 by Canadian UnderwriterThe number of U.S. federal securities fraud class action lawsuits filed in 2004 rose 17%, but the loss in stock market capitalization for defendant firms shot up almost triple 2003 levels, according to a new study by the Stanford Law…
What’s new: In brief (January 09, 2005)
January 9, 2005 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has produced two new consumer bulletins. The first, “Shop and Save on Auto Insurance”, outlines the different distribution methods for auto insurance, as well tips on premium savings, such as raising deductibles. The…
Conning says industry reserve position is improving
January 6, 2005 by Canadian UnderwriterIn its analysis of yearend 2003 results, New York-based Conning Research says the U.S. p&c industry has strengthened its reserve position, even if further bolstering is still required.The reserve deficiency estimate based on “schedule P” filings by insurers, which covers…
Totten Group expands Western presence
January 5, 2005 by Canadian UnderwriterSpecialty insurance wholesaler Totten Group has sign a letter of intent with Alberta intermediary Davis Whitehead which will see Totten establish a presence in Western Canada.Whitehead, whose office writes primarily for Ecclesiastical Insurance Office, will continue to lead the new…
What’s new: In brief (January 04, 2005)
January 4, 2005 by Canadian UnderwriterLaw firm Miller Thomson LLP has expanded its presence into Quebec, merging with Pouliot Mercure. The Montreal-based firm has 56 lawyers, bringing Miller Thomson’s total professional staff to more than 500. The Quebec office will operate under the name Miller…
Allianz Global Risks receives provincial licenses
January 4, 2005 by Canadian UnderwriterAllianz Global Risks Canada has received its provincial licenses, following on reception of its federal license last fall.AGR Canada had been part of Allianz Insurance Co. of Canada prior to ING Canada’s acquisition of most of Allianz’s business in Canada.…
New company formed as brokerages merge
December 23, 2004 by Canadian UnderwriterThe merger of Toronto’s Jones DesLauriers & Firman (JDF) and Insurance Management Inc. (IMI) will create one of Canada’s largest privately-held insurance brokerages.The two brokerages announced this week that they will join forces to create a new incorporated company writing…
Divergent outlooks for U.S. personal v. commercial lines in 2005: S&P
December 23, 2004 by Canadian UnderwriterThe future looks very different for U.S. personal lines insurance versus its commercial lines counterpart, according to the yearend review and outlook by Standard & Poor’s.The rating agency says that while the outlook for personal lines is stable, with earnings…
S&P asks “how will brokers replace contingent commission revenue?”
December 19, 2004 by Canadian UnderwriterIn light of the investigations spurred by New York Attorney General Eliot Spitzer into broker compensation practices, and the resulting decision by most large brokers to discontinue receiving contingent commissions, the “million dollar question” is how this revenue will be…
What’s new: In brief (December 16, 2004)
December 16, 2004 by Canadian UnderwriterThe Canadian Federation of Independent Business (CFIB) says its members remain concerned over the issue of insurance pricing. In its quarterly survey of 100,000 small business owners, the CFIB finds 72% saying insurance prices have had a negative impact on…
Broker revenues dropping even before Spitzer probe: study
December 15, 2004 by Canadian UnderwriterA new study reveals “organic” revenues were dropping for the world’s largest brokers even before the impact of the U.S. compensation probe was felt.The study, by Pennsylvania-based WFG Capital Advisors LP, finds that the eight largest brokerages saw organic revenue…