Segment
Risk Management
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…
IBC and ICLR promote emergency preparedness
May 6, 2004 by Canadian UnderwriterConcurrent with national “Emergency Preparedness Week”, the Institute for Catastrophic Loss Reduction (ICLR) and the Insurance Bureau of Canada (IBC) are promoting disaster reduction and mitigation efforts in Canada.The ICLR completed a non-structural retrofit on a Halifax home to underscore…
ISO prepares terrorism exclusion wordings in advance of TRIA extension discussions
May 5, 2004 by Canadian UnderwriterWith 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 wins another round against Silverstein
May 4, 2004 by Canadian UnderwriterSwiss 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…
Hurricane Juan toll hits $113 million
May 4, 2004 by Canadian UnderwriterThe 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…
Loyalist completes turnaround for profitable 2003
April 29, 2004 by Canadian UnderwriterAfter 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…
Olympics acquires US$170 million insurance policy
April 29, 2004 by Canadian UnderwriterThe 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 brokerage amongst those subpoenaed in New York broker probe (April 28, 2004)
April 28, 2004 by Canadian UnderwriterHub 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 buys Washington construction specialty broker
April 27, 2004 by Canadian UnderwriterHub 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,…
Poor service holding commercial property carriers back: Allianz
April 25, 2004 by Canadian UnderwriterA 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…
Corporate scandals still on the minds of risk managers: Lloyd’s survey
April 25, 2004 by Canadian UnderwriterAn 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…
B.C. brokers to offer insurance premium financing vehicle
April 25, 2004 by Canadian UnderwriterThe 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…