Segment
Risk Management
What’s new: In brief (October 26, 2004)
October 26, 2004 by Canadian UnderwriterThe Property-Casualty Insurers Association of America (PCI), says the issue of broker commissions has become confused the long-standing practice of contingent commissions is being lumped in with alleged acts of wrongdoing which are not accepted by the industry. “While those…
Third quarter of commercial market softening highlighted by RIMS survey
October 26, 2004 by Canadian UnderwriterAverage commercial insurance premiums dropped for a third consecutive quarter, according to the latest release of the RIMS/Advisen Benchmark Survey of corporate risk managers in North America.The survey finds softening across many lines of business on third quarter renewals, with…
Lloyd’s challenges market to avoid “compliance silo”
October 25, 2004 by Canadian UnderwriterA recent survey of Lloyd’s managing agents found that while 78% said the most important driver of good risk management is business benefit, half of those surveyed felt compliance was the best means of achieving good risk management.These results are…
Marsh CEO resigns; S&P gives negative outlook to commercial insurers
October 25, 2004 by Canadian UnderwriterEnding weekend speculation, Marsh CEO Jeffrey Greenberg has resigned, amid civil charges filed against the international broker by New York Attorney General Eliot Spitzer. In a statement, Marsh says Greenberg “placed the interests of the company first” in resigning, and…
US commercial brokers report market competition and price softening
October 24, 2004 by Canadian UnderwriterThe average premium decline on commercial insurance accounts in the third quarter of 2004 was almost 6%, according to the latest quarterly market index from the U.S. Council of Insurance Agents and Brokers (CIAB).“Price competition has definitely returned to the…
RIMS names new executive director
October 19, 2004 by Canadian UnderwriterThe Risk & Insurance Management Society (RIMS) has chosen a new executive director to replace Jack Hampton, who exited the position this past summer. Mary Roth, most recently RIMS’ chief operating officer was named to the post. Roth has been…
ACE executive latest to plead guilty in commissions probe
October 18, 2004 by Canadian UnderwriterAn executive of insurer ACE has pled guilty to criminal misdemeanor charges related to the investigation of broker commissions being conducted by New York Attorney General Eliot Spitzer. The news came Friday, a day after Sptizer filed civil charges against…
Raters react swiftly to NY commission probe charges
October 17, 2004 by Canadian UnderwriterRating agencies are reacting to news that New York Attorney General Eliot Spitzer has filed civil charges against broker Marsh, and exacted guilty pleas from two AIG executives relative to industry placement practices.The news came last Thursday, with Spitzer accusing…
Hurricane Hazel anniversary a chance to focus on disaster preparedness: ICLR
October 17, 2004 by Canadian UnderwriterWith this weekend marking the 50th anniversary Hurricane Hazel, one industry group is using the occasion to promote disaster preparedness. The Institute for Catastrophic Loss Reduction (ICLR) says with this anniversary, and in light of the recent hurricanes wreaking havoc…
Marsh, 2 AIG execs fingered by commissions investigation
October 14, 2004 by Canadian UnderwriterNew York Attorney General Elito Spitzer Thursday announced the launch of a civil suit against brokerage Marsh over commission practices. The suit alleges the brokerage “steered unsuspecting clients to insurers with whom it had lucrative payoff agreements, and that the…
Focus changes for second phase of Silverstein coverage trial
October 13, 2004 by Canadian UnderwriterAs the second phase of the World Trade Center insurance coverage trial begins this week, one lawyer says a key difference in this case will be the “intent” of insurers.Most of the carriers who insured the WTC when the towers…
Allianz granted license as “branch” of U.S. operation
October 12, 2004 by Canadian UnderwriterAllianz’s remaining business in Canada Allianz Global Risks (AGR Canada) has received approval from the federal insurance regulator to operate as a branch of Allianz Global Risks US Insurance Company.The company also expects to receive its provincial licenses in November,…