Kingsway inks U.S. deals, announces share offering
July 1, 2001 by Canadian UnderwriterSpecialty risk insurer Kingsway Financial Services Inc. (TSE: KFS) has entered into an “alliance” with Texas-based auto insurer Reliant American Group Inc. to market the company’s underwriting products. “We see a lot of potential for the distribution of Reliant American’s…
Tobacco litigation wars continue (June 21, 2001)
June 21, 2001 by Canadian UnderwriterThe U.S. attorney general, John Ashcroft, has announced his intention to seek settlement of the federal government’s pending multi-billion dollar lawsuit against the tobacco industry, which was initially launched in 1999 with the support of then U.S. president Bill Clinton.…
Dominion president calls for B.C. auto insurance deregulation by 2003
June 18, 2001 by Canadian UnderwriterSpeaking at the recently held AGM of the Insurance Brokers Association of British Columbia (IBABC) in Kelowna, George Cooke of the Dominion of Canada General Insurance Co. praised the "unwavering commitment" of the province’s new premier Gordon Campbell to increase…
Hub expands U.S. presence
June 18, 2001 by Canadian UnderwriterFollowing on the heels of its purchase of U.S. brokerage Kaye Group Inc., Canadian-based Hub International has picked up J.P. Flanagan Corporation. The Chicago brokerage has satellite offices in Baltimore, Cleveland, Denver and New York, and last year had annual…
Kingsway enters U.S. alliance and announces public offering
June 11, 2001 by Canadian UnderwriterSpecialty risk insurer Kingsway Financial Services Inc. (TSE: KFS) has entered into an "alliance" with Texas-based auto insurer Reliant American Group Inc. "We see a lot of potential for the distribution of Reliant American’s commercial auto, garage liability and general…
DANGEROUS WATERS: A GUIDE TO INSURING GENERAL LIABILITY MUNICIPAL PROGRAMS
June 1, 2001 David Wade, an independent risk management consultantMention Walkerton, and the immediate thought that jumps to mind is “water contamination”. The tragic deaths that occurred in Walkerton, Ontario last year as a result of contaminated water supply are a stark reminder of the importance of risk management. A proper risk management program applied by the Walkerton authorities could have averted the tragedy that took place. As such, insurers looking to underwrite general liability insurance products for municipalities need to focus on the appropriate risk containment programs applied by these insureds.
Privacy legislation: INDUSTRY COMPLIANCE
May 1, 2001 Carole Machtinger, chief privacy officer of Insurance InformatioNew marketing technologies and rising consumer concern of “information exploitation” by financial service providers has created a challenge for the insurance industry. Faced with new federal legislation under Bill-6, which affords information protection to individuals, insurers and their financial services…
“Voets Toets”
May 1, 2001 Sean van Zyl, EditorThe term “voets toets” originated from the early Dutch farm settlers in the “Cape of Good Hope”, and today is a recognized legal term in contracts within South Africa. After some extensive but mostly unrewarding “Internet research” by myself to…
DARWINISM: a new philosophy driving consolidation
April 1, 2001 Sean van Zyl, EditorIs big really better? Can companies operating in the new global order that would seem to be defining the rules of business governing the property and casualty insurance industry afford not to buy up or get out? These were pivotal issues debated by senior leaders of North American insurance companies at a “national leadership symposium” held in San Francisco and jointly sponsored by The Council of Insurance Agents and Brokers and investment banker Russell Miller Inc.
THE CYBER RISK: protecting non-property losses
April 1, 2001 Fred Shurbaji, underwriting manager of Chubb & Son's departmentIn a relatively short period in the historical record of mankind’s social development and exploration, technology advancements over recent decades have thrust us beyond what anyone three generations past could possibly have envisaged. But, with the rewards of advancement also comes risk, and similar to the charting of hidden reefs by early sea trade merchants, modern-day businesses need to identify and defend against their online technology risks – both tangible and non-tangible property.
LEGAL COUNSEL COSTS: VALUE OR NOT?
April 1, 2001 Paul Iacono, a senior partner at Iacono BrownInsurers today do not retain trial counsel. They retain counsel to prepare a case for settlement with the view that the appropriate legal resources will be available if ever needed. Unfortunately, the current working relationship of hourly billing that exists between insurers and their outside legal counselors has created an ineffective and costly process which cannot go unresolved. However, there are alternative fee solutions which can work for all parties.
Defining the Cost of Risk
April 1, 2001 Vikki SpencerThe cost of risk in Canada rose in 1999, according to a survey from the Risk and Insurance Management Society. At the same time, administration costs for risk management departments fell, giving rise to the observation that risk managers are having to do more with less. And, with the hardening of the insurance market, already evident in the 1999 results, there promises to more pressure than ever on risk mangers to stretch their resources and find creative ways to finance risk.