With the future of the U.S. terrorism risk backstop up in the air, the Insurance Services Office (ISO) has filed conditional wordings for a terrorism insurance policy endorsement.The ISO is asking state regulators to approve the wording if Congress fails…
Swiss Re came out ahead in the latest legal round against World Trade Center leaseholder Larry Silverstein. A New York jury found in favor of the reinsurer that it is bound by the Wilprop policy form for its portion of…
The insured losses arising from Hurricane Juan’s assault on Nova Scotia last fall have risen to $113 million, signaling the need for better disaster prevention, says the Insurance Bureau of Canada (IBC).In November, the IBC had pegged insured losses from…
After successive quarters in the red, and following a restructuring process, The Loyalist Insurance Group (TSX Venture: LOY) has posted a profit for 2003 of $185,000. Although modest, the income comes against a lost of almost $3.9 million for 2002.Results…
The International Olympic Committee (IOC) has, for the first time, purchased a large-scale insurance policy on its next games, to be held in Athens this summer.The US$170 million policy covers the interests of National Olympic Committees and International Federations, and…
Hub International’s Kaye Insurance Associates Inc. is amongst a group of brokerages who are being asked to provide information to New York Attorney General Eliot Spitzer as part of a probe into contingent commissions.Also receiving subpoenas thus far are Marsh,…
Hub International Ltd. has established its 11th “hub”, this time in the Pacific Northwest U.S., with the purchase of Seattle, Washington-based Bush, Cotton & Scott, LLC. The brokerage specializes in general insurance and surety bonding for construction firms in Washington,…
A new survey from Allianz Global Risks US Insurance Co. shows dissatisfaction with the level of service being provided by commercial property carriers. In its survey, Allianz finds that 90% of property brokers have recommended clients to change carriers on…
An overwhelming majority of risk managers feel that the U.S. market has not seen the last of the major corporate scandals, according to a survey by Lloyd’s.A full 89% of risk managers, responding to a survey conducted at the Risk…
The Insurance Brokers Association of B.C. (IBABC) says its members will offer a new premium financing program to small businesses through a partnership with Scotiabank and technology firm GHR Systems Inc.IBABC executive director says the move is a response to…
Commercial insurance buyers report falling rates in property and general liability lines, signs of a softening market, according to the first-quarter 2004 edition of the Risk and Insurance Management Society (RIMS)/Advisen Benchmark Survey.Property rates fell by 1.5%, RIMS members say,…
The troubled directors’ and officers’ (D&O) market is actually growing in capacity, with “competition and creativity” being witnessed among carriers, says a new report by international brokerage Willis. While the past two to three years have seen skyrocketing rates and…