Segment
Risk Management
Insurers unruffled by class action reform delay
June 3, 2004 by Canadian UnderwriterInsurers are unconcerned by the delay of voting on class action reform by the U.S. senate. Senate majority leader Bill Frist of Tennessee had tried to force cloture on the bill, the “Class Action Fairness Act”, but agreed to delay…
Risk retention groups on the rise
May 31, 2004 by Canadian UnderwriterRisk retention groups (RRGs) are on the upswing, according to data compiled by the U.S.-based Risk Retention Reporter.In 2003, RRG premiums rose to US$1.73 billion dollars, up from US$1.27 billion in 2002. In the last 17 years, RRG premiums have…
What’s new: In brief (May 30, 2004)
May 30, 2004 by Canadian UnderwriterA.M. Best has placed the “B++” (very good) rating of Federated Life under review with developing implications as a result of its sale to Western Financial Group by parent Northbridge Financial. The rater says it will meet with Western management…
Risk managers see conflict in contingent commissions: survey
May 26, 2004 by Canadian UnderwriterDespite risk managers and brokers shrugging off investigations of contingent commission arrangements, a new survey suggests commercial insurance buyers do see such payments as a conflict of interest.The study, “A Season of Discontent” by Advisen, shows 69% of the 331…
26% of companies target of employee lawsuit: Chubb
May 25, 2004 by Canadian UnderwriterOne-in-four privately held companies has been the target of an employee lawsuit in the past few years, according to a new study by New Jersey-based Chubb Group.In fact, 44% of the companies surveyed said they expect to be the target…
EPL verdicts on the rise
May 24, 2004 by Canadian UnderwriterJury awards in employment practices liability (EPL) cases in the U.S. rose 18% last year, according to new research by Pennsylvania-based Jury Verdict Research. The study notes the median EPL award rose to US$250,000, including cases for discrimination and wrongful…
Lloyd’s results highlight strong rebound
May 24, 2004 by Canadian UnderwriterOfficial results for 2003 from Lloyd’s for 2003 highlight the London market’s strong rebound since 9/11, and give evidence to overall industry trends of strong underwriting performance dragged by lingering liability issues from prior years.Lloyd’s is reporting net pre-tax profit…
Airlines see rates fall in first quarter 2004
May 12, 2004 by Canadian UnderwriterThe average premiums facing the aviation industry dropped by 14% during the first quarter of 2004, says a new report by London-based Aon Ltd. While just 7% of the market renews in the first quarter, Aon says those airlines report…
US commercial reserves continue to haunt industry
May 11, 2004 by Canadian UnderwriterDespite strong profits achieved by U.S. property & casualty insurers in 2003, reserving issues continue to plague the industry, leading Standard & Poor’s to maintain its “negative” outlook on the commercial sector.Although commercial insurers added more than US$40 billion to…
RIMS: Risk managers comment on “excellence”
May 11, 2004 by Canadian UnderwriterIn light of the shift in risk management focus away from insurance-buying and toward loss control, risk managers need to look at their own role within the corporation, according to a survey by the Risk & Insurance Management Society (RIMS)…
Danier Leather to appeal $15 million shareholder suit
May 10, 2004 by Canadian UnderwriterToronto-based Danier Leather says it will appeal an Ontario Superior Court verdict which could amount to a $15 million payout.The verdict stems from a 1998 initial public offering (IPO), which spawned a class action suit alleging the company and two…
Commercial industrial focus paying off for GCAN
May 9, 2004 by Canadian UnderwriterToronto-based GCAN insurance company has seen its “A” (excellent) rating affirmed by A.M. Best, a sign of “the continuation of the good results we’ve had for five years”, says president Andy Henke.Henke says the company’s focus on commercial industrial risks…