Segment
Risk Management
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…
Terrorism insurance take-up rates hold steady: Marsh
December 15, 2004 by Canadian UnderwriterIn its “Marketwatch” review of property terrorism insurance amongst commercial buyers, broker Marsh finds rates holding steady in the third quarter of 2004.The survey of 754 companies finds take-up rates holding in the mid-40% range the rate was 44% in…
What’s new: In brief (December 14, 2004)
December 14, 2004 by Canadian UnderwriterStandard & Poor’s says its ratings on insurers involved in the second World Trade Center coverage trial will not be impacted by the verdict. Although the jury found that the September 11, 2001 terrorist attacks were “two occurrences” for the…
U.S. commercial market has “short memory”: A.M. Best
December 14, 2004 by Canadian UnderwriterIn its statistical review of U.S. multi-peril Commercial lines carriers, A.M. Best shows little hope that market softening will not set in full force in 2005.The study notes that premium growth was a solid 7.5% in 2003 for the top…
Mold cited as top environmental issue by builders
December 13, 2004 by Canadian UnderwriterA new survey of builders and real estate lenders finds the majority citing mold as the top environmental concern facing the real estate industry.The survey, conducted by Hartford, Connecticut-based Environmental Assessment Group, finds more than 75% of respondents were aware…
D&O premiums decline: Tillinghast
December 9, 2004 by Canadian UnderwriterFor the first time in the last five years, directors’ and officers’ premiums dropped in 2004, according to a new study by Tillinghast. The 2004 D&O Liability Survey finds rates declined an average 10%, the first decline since 1999 for…
BC roofers form own insurance company
December 8, 2004 by Canadian UnderwriterThe Roofing Contractors Association of B.C. (RCABC) announced Wednesday that it was establishing its own insurance company, The RCA Indemnity Corp.The new insurer will be wholly owned by RCABC members and has received its license by the F.C. Financial Institutions…
U.S. commercial lines challenged by pricing peak, Spitzer probe: S&P
December 8, 2004 by Canadian UnderwriterWith commercial p&c rates having peaked already, and the industry facing myriad regulatory and legal challenges as a result of investigations by New York Attorney General Eliot Spitzer, rating agency Standard & Poor’s is maintaining its view that downgrades will…