Segment
Risk Management
Insurers still “playing catch-up” on capital management: KPMG
December 5, 2004 by Canadian UnderwriterInsurers still have a way to go to catch up with their banking and investment industries in effectively managing capital, according to a new survey by KPMG.The “Risk and Capital Management” survey of insurers worldwide finds their responses reflect the…
2004 securities litigation cases already topping 2003
November 25, 2004 by Canadian UnderwriterWith the third quarter of 2004 presenting a record 69 new securities litigation cases being filed in the U.S., this year’s total number of cases has already reached the level achieved in all of 2003.According to PriceWaterhouse Coopers LLP, in…
Credit derivatives popular but facing liquidity challenge: Fitch
November 24, 2004 by Canadian UnderwriterThe market for single-name credit derivatives has grown in leaps and bounds in recent years, but at the same time has shown volatile performance with respect to liquidity, notes a new report by Fitch Ratings. By the end of 2003,…
U.S. study finds not-for-profits more focused on corporate governance
November 23, 2004 by Canadian UnderwriterA study of U.S. not-for profit organizations finds them more focused on corporate governance issues, but still lacking in some key governance areas.The survey of 700 organizations, conducted by accounting firm Grant Thornton International, revealed awareness of the Sarbanes-Oxley Act…
New MGA built on need for better corporate governance
November 22, 2004 by Canadian UnderwriterAlthough the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management.Executive Risk has been up…
Survey finds widespread risk manager discontent
November 18, 2004 by Canadian UnderwriterRisk managers want to see an overhaul of the current system for buying insurance coverage, according to a new survey by New York-based Advisen Ltd.In a survey of 700 risk managers, almost 75% said they want more standardization and transparency…
U.S. insurers battle back against Spitzer claims
November 17, 2004 by Canadian UnderwriterU.S. insurers had their chance to refute claims of widespread industry deception about their relationships with brokers when Property & Casualty Insurers Association of America (PCI) CEO Ernie Csiszar spoke before a Senate subcommittee this week.Csiszar’s comments came the same…
Study predicts Spitzer investigation will lower broker earnings 25%
November 17, 2004 by Canadian UnderwriterThe decision by the world’s largest brokers to discontinue using contingent commissions could chop upwards of 25% off their bottom line, according to a new study by investment firm WFG Capital Advisors.Many large brokers voluntarily chose to stop accepting contingent…
Spitzer blasts industry at Senate hearing
November 16, 2004 by Canadian UnderwriterNot unexpectedly, New York Attorney General Eliot Spitzer took several serious shots at the insurance industry in his testimony Tuesday to a Senate subcommittee looking into broker compensation issues.Spitzer told a subcommittee of the Senate Committee on Governmental Affairs that…
Two Zurich employees plead guilty to bid-rigging
November 16, 2004 by Canadian UnderwriterZurich Financial Services confirmed late Tuesday that two employees who had been suspended earlier have now pled guilty to criminal charges of bid-rigging.Zurich had suspended the two employees, who are underwriters at its Zurich North America Commercial excess casualty business,…
RIMS would support ban on contingent commissions
November 16, 2004 by Canadian UnderwriterTestifying before a Senate subcommittee on the issue of broker compensation, a representative of the world’s largest risk management organization says her group would support a ban on contingent commissions.The Risk & Insurance Management Society (RIMS), which represents commercial insurance…
U.S. brokers tout need for strong relationship with insurers to Senate hearing
November 15, 2004 by Canadian UnderwriterWith testimony underway in a U.S. Senate subcommittee hearing into broker compensation practices, one broker representative says the notion that insurers and brokers should have an “adversarial” relationship in order to best serve clients is “misguided”.Former Council of Insurance Agents…