Segment
Risk Management
Travelers, St. Paul merger to take effect April 1
March 30, 2004 by Canadian UnderwriterFollowing shareholder support, and settlement of a shareholder lawsuit, the Travelers-St. Paul merger is set to take place April 1, the companies announce.Shareholders had approved the merger two weeks ago, with regulators following suit. The new company, St. Paul Travelers,…
Banks turning attention to risk management: S&P
March 26, 2004 by Canadian UnderwriterA new study by Standard & Poor’s Risk Solutions suggests credit risk management is drawing the attention of banks worldwide.Following up on a 2001 survey, the survey focused on senior executives from more than 30 banks of various size and…
Anthony Clark secures US$5 million debt facility
March 24, 2004 by Canadian UnderwriterCalgary-based broker network Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has secured a US$5 million (Cdn$6.650 million) debt financing arrangement made available by Oak Street Funding LLC for the broker’s U.S. operation, Addison York Insurance Brokers Ltd.The debt arrangement,…
Travelers and Equitas settle for US$245 million
March 23, 2004 by Canadian UnderwriterIn an attempt to close a chapter on outstanding asbestos claims, Travelers Property Casualty has agreed to receive a settlement of US$245 million from Equitas, the reinsurer charged with settling claims on behalf of Lloyd’s underwriters.The US$245 settles net claim…
Reinsurance recoverables dragging p&c industry recovery: E&Y
March 15, 2004 by Canadian UnderwriterQuestions about the long-term sustainability of p&c industry profitability linger in the wake of an already waning hard market, suggests a new report by Ernst & Young LLP. The “Financial Services Market Overview” notes that rate increases are expected for…
RIMS Canada Council takes message to Parliament Hill
March 15, 2004 by Canadian UnderwriterThe body representing Canada’s risk managers has staged its first annual meeting with federal representatives in Ottawa, aimed at increasing the profession’s profile with regulators and legislators. The RIMS Canada Council (RCC), mirroring the “RIMS on the Hill” event staged…
Royal SunAlliance Canadian arm improves, but hampered by FA losses
March 12, 2004 by Canadian UnderwriterWith the release of Royal & SunAlliance Insurance Group’s results, the Canadian operations are posting improved operating results, however Facility Association (FA) losses are hampering the effect of prince increases and reduced exposures.Overall, the parent company is reporting a pre-tax…
Reinsurers continue to expect downgrades: S&P
March 12, 2004 by Canadian UnderwriterReinsurers may be blanching at a new “North American Insurance Industry Report Card” by Standard & Poor’s which suggests the sector can expect to see downgrades outweigh upgrades this year.Commenting on the reinsurance sector, for which S&P maintains a negative…
U.S. Chamber survey identifies worst states for tort
March 12, 2004 by Canadian UnderwriterMississippi has again taken on the dubious honor of being the worst state in which to defend a liability case, says the annual “State Liability Systems Ranking Study” released by the U.S. Chamber of Commerce “institute for legal reform”. West…
Global aviation market “precarious”: Aon
March 11, 2004 by Canadian UnderwriterA new report by international broker Aon suggests the global aviation market is facing a very uncertain future with premiums falling last year.Aviation losses were down in 2003 to the lowest level in history in 2003, and rates fell by…
Lindsey Morden hands off U.S. TPA business
March 10, 2004 by Canadian UnderwriterFairfax’s Lindsey Morden Group has agreed to sell its U.S. third-party administration (TPA) businesses, which include RSKCo Services and Cunningham Lindsey Claims Management Inc. (CMI). The new owner, Broadspire Services Inc., says the two companies will be merged into its…
Insurers need to take action on ERM: PWC report
March 9, 2004 by Canadian UnderwriterInsurers are doing a lot of thinking about enterprise-wide risk management (ERM) programs, but not taking enough action, suggests a new study by PriceWaterhouseCoopers. Insurers see the value in ERM in meeting their financial goals, the study shows, but also…