Connecticut AG sues Marsh, ACE over state contract
January 23, 2005 by Canadian UnderwriterIn what promises to be the first of several civil charges filed against insurance companies and brokers, Connecticut Attorney General Richard Blumenthal has filed suit against Marsh & McLennan’s brokerage operation and ACE Financial Solutions. Blumenthal alleges ACE paid Marsh…
Insurers need to plan reactions to rising interest rates: E&Y
November 22, 2004 by Canadian UnderwriterThe movement by the U.S. Federal Reserve to gradually increase interest rates means that insurers must plan now how they will react to this trend, says Ernst & Young LLP in its fourth quarter outlook on the insurance industry.E&Y’s “insurance…
RIMS would support ban on contingent commissions
November 16, 2004 by Canadian UnderwriterTestifying before a Senate subcommittee on the issue of broker compensation, a representative of the world’s largest risk management organization says her group would support a ban on contingent commissions.The Risk & Insurance Management Society (RIMS), which represents commercial insurance…
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…
Do not prepare for end to insurance cycles: Sinnott
June 8, 2004 by Canadian UnderwriterDespite much talk of the need to “tame the insurance cycle”, buyers should prepare themselves for continuing fluctuation in the price and availability of insurance, John T. Sinnot, senior advisor, Marsh & McLennan Cos. told delegates to the World Insurance…
On The Move (September 01, 2003)
September 1, 2003 by Canadian UnderwriterRoyal & SunAlliance Canada confirms the retirement of president and CEO Larry Simmons. Simmons took over the top spot in 2001, having previously served as COO. He will continue to head up the company until a replacement is named. The…
Curtain Call? On The Hard Market
September 1, 2003 Vikki SpencerWaiting in the wings like nervous actors on opening night, risk managers are preparing for the upcoming insurance renewal season, unsure of the reception before them. Over recent years they have received a less than warm greeting from underwriters. But, recent surveys of the commercial insurance marketplace suggest that there may well be a “turning point” near – or at the least a “moderation” of the hard market which has dictated pricing for the last two years. However, CU’s annual roundup of Canadian risk management views indicates that the hard market is far from over, although its intensity has shifted from property to casualty/liability lines. And, in light of recent catastrophes from SARS to the “blackout of 2003”, the pressure from corporate boardrooms has increased on risk managers.
Partnerships in Risk
September 1, 2003 Garry McDonell, senior vice president at Aon ReedStenhouseThe complexity of today’s business environment is largely a result of both the volume of change and the speed at which it occurs. Driven by shareholder expectations, the scrutiny of regulators and the demands of consumers, corporations are learning that managing risk is significantly different than it was even three years ago.
Underwriting, reserve issues plague industry: SIR forum
January 3, 2003 by Canadian UnderwriterSpeakers at the recent Society for Insurance Research forum pointed to lack of underwriting excellence and reserve issues as among a host of problems dragging down the insurance and reinsurance industries.“I haven’t seen an insurer CEO smile in the past…
Claims Management Strategies 2003: Competing Interests
January 1, 2003 Vikki SpencerWhat promised to be the “year of the rebound” in 2002 was anything but. Despite price hardening, claims have continued to grow, particularly with never-ending medical payouts on auto claims. And, this is just the tip of the iceberg facing…
On The Move (July 01, 2002)
July 1, 2002 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has named Anne Corbett as acting vice chair of FSCO and the Financial Services Tribunal. Corbett is a partner with law firm Borden Ladner Gervais LLP. Hub International Ltd. has appointed Joseph P.…
U.S. terror coverage backstop to get presidential backing
April 4, 2002 by Canadian UnderwriterSources are reporting that a Monday meeting and press conference scheduled by U.S. President George Bush will see him calling for the federal government to put together a terrorism reinsurance plan. The Washington Post, as well as U.S. insurance industry…