What’s new: In brief (June 07, 2004)
June 7, 2004 by Canadian UnderwriterAnthony Clark International founders John and Peter Podorieszach await the decision of the Alberta Securities Commission (ASC) on whether orders will be made following the ASC’s finding that the Podorieszachs breached the Securities Act. A panel of the ASC decided…
RIMS 2004: Tough Talk
June 1, 2004 Vikki SpencerThe property and casualty insurance industry’s mantra of late has become, “how can we stop the cycle”? At this year’s RIMS Conference in San Diego, commercial clients urged insurers to find a way to avoid the startling price increases of the past two and a half years, and temper the behemoth known as the “insurance cycle”. Insurers say this can be done, but caution that everyone – carriers, buyers and legislators – must be part of the solution.
Former Pilot Execs Face FSCO Charges
June 1, 2004 by Canadian UnderwriterIn an unprecedented move, the Financial Services Commission of Ontario (FSCO) has filed charges against two former Pilot Insurance Co. executives for “directly or indirectly furnishing false, misleading or incomplete information” to the insurance regulator. Former Pilot CEO Stu Kistruck…
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…
FSCO charges leave former Pilot CEO “surprised and disappointed”
May 13, 2004 by Canadian UnderwriterOne of the men facing charges from Ontario’s insurance regulator says those allegations have left him “surprised and disappointed”. Stu Kistruck, former CEO of Pilot Insurance Co. says it is difficult at this time to comment on the charges he…
FSCO lays charges against two former Pilot execs
May 12, 2004 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) confirms that charges have been laid against two former executives of Pilot Insurance Co. for allegedly providing the regulator with false information. Former Pilot CEO Stuart Kistruck and CFO Colin Simpson face two…
What’s new: In brief (May 11, 2004)
May 11, 2004 by Canadian UnderwriterCitigroup and its Travelers Insurance Co. have had their debt ratings affirmed by Moody’s following settlement of claims relative to the WorldCom class action lawsuit. Citigroup announced a US$4.95 billion special charge for the suit and other litigation reserves. With…
WTC ruling favors most insurers
May 2, 2004 by Canadian UnderwriterThe jury is still out for Swiss Re, but many of the insurers on the World Trade Center (WTC) policy have received a positive verdict from a Manhattan jury. The jury said that many of the insurers, including Lloyd’s, are…
Moments In Time (May 01, 2004)
May 1, 2004 by Canadian UnderwriterEach month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
Brokers add voice to IKEA commercial controversy
April 4, 2004 by Canadian UnderwriterCanadian brokers are adding their own voice to industry condemnation of an IKEA television ad which many say promotes insurance fraud.In a letter to Advertising Standards Canada, Insurance Brokers Association of Canada (IBAC) CEO Dan Danyluk makes formal complaint against…
IKEA Ruffles Insurance Feathers
April 1, 2004 by Canadian UnderwriterCanadian brokers have added their own voice to broad insurance industry disapproval of an IKEA television ad recently aired which many believe promotes insurance fraud. In a letter to Advertising Standards Canada, Insurance Brokers Association of Canada (IBAC) CEO Dan…
70 Years of Insurance
April 1, 2004 Vikki SpencerWhen Norman Jardine published the first edition of Canadian Underwriter in 1934, “in the interests of fire and casualty insurance in Canada”, the world was a very different place. The population stood at about 10.5 million, the country was weathering…