Willis continues growth in Vancouver
December 1, 2005 by Canadian UnderwriterContinuing to strategic move to strengthen its presence in key North American markets, Willis Group Holdings (NYSE: WSH) recently expanded its Canadian operations into Vancouver, BC. Willis recently welcomed Maurice Gesner, Sandie Morton, and Chris Zuberec to its growing Vancouver…
Large company insolvency increasingly common
October 26, 2005 by Canadian UnderwriterThe recent rumblings about large companies possibly seeking bankruptcy protection should serve as a warning to the Large company insolvency that is sweeping the market may hurt smaller businesses and, according to global trade credit insurer Euler Hermes Canada, the…
What’s New: In brief
October 5, 2005 by Canadian UnderwriterCanada-specific software solutions developer PowerSoft and provider of technology solutions for the p&c insurance industry Applied Systems Canada have integrated PowerSoft’s PowerQuote rate comparison and sales tool with Applied Systems’ agency management systems, The Agency Manager (TAM) and TAMOnline. Making…
Staying In the Loop
July 1, 2005 Pierre Michel, chief agent for Canada at Partner Re SAThe cycle debate is a well-weathered road that deserves a revved up peddle down memory lane. In the November 2004 issue of CU, contributions to the cover story “Reinsurance Strategies 2005: Stability?” discussed conclusions surrounding the infamous “industry price cycle” as challenged by worldwide developments of the day. Today the issues are different and the reinsurance market has different repercussions to face in regards to the ever-changing price cycle – a cycle that may currently be showing it’s “good side.”
Ontario legislation to fine ‘polluters’ for accidental spills
June 13, 2005 by Canadian UnderwriterThe Ontario government has passed a law mandating that companies found polluting the environment will be fined on the spot.Under Bill 133, government inspectors are now awarded the power to fine companies up to $100,000 a day and individual employees…
Precarious Optimism…
April 1, 2005 Sean van ZylWith a return on equity (ROE) of just over 18%, negative claims cost growth, nearly an eight percentage point reduction in the combined ratio to 90.7%, and a healthy boost to companies’ surplus coffers, the Canadian property and casualty insurance…
E&S premiums up 28% in 2003: A.M. Best
September 21, 2004 by Canadian UnderwriterThe U.S. excess & surplus (E&S) lines industry saw direct premiums rise 28% in 2003, compared to just 12% growth in the overall property & casualty industry, according to a new report by A.M. Best.E&S writers saw premiums jump 62%…
Silica Liability: Ready to Explode
August 1, 2004 Vikki SpencerStill reeling from the onslaught of asbestos lawsuits clogging up U.S. courts, insurers worldwide must be shaking their heads to learn of a new threat coming down the pipe – silica liability. While crystalline silica has been a known industrial hazard since the early 1900s, 2003 saw a wave of new lawsuits fueled by the same trial lawyers filing asbestos claims. As the number of silica deaths drops each year, why is the industry just now feeling the tremors of mass silica litigation?
Global Political Risks – Post-9/11
March 1, 2004 Sean van Zyl, EditorSuicide bombings in Baghdad continue to see a rising toll in deaths of “reconstruction” foreign workers and military personnel…Ongoing conflict between Palestinians and Israelis continues to produce reprisal acts of violence…A coup de tat in Haiti results in mass civil…
Canadian Risk Managers: Change in the Air
November 1, 2003 Vikki SpencerThree years ago, risk managers were focused on how to promote their profession. Now, for better or worse, risk management is center stage. But, what will risk managers do with their newfound fame? At this year’s RIMS Canada conference, risk managers “took the bull by the horns” and talked about how to make the most out of the intense pressure they are currently under, to finally advance the cause of enterprise risk management in their organizations.
Risk Management: Changing Times
September 1, 2003 by Canadian UnderwriterNo one would disagree that the world of risk management has changed completely over recent years. Risk managers of today have to contend with corporate scandals and property risk exposures that before the 9/11 terrorist attacks were inconceivable. For many risk managers this is also the first real hard insurance market they have encountered during their careers. It is in such times that the role of professional bodies become invaluable to their members. And, as veteran risk managers Glen Frederick and Anne Chalmers prepare for this year’s RIMS Canada conference to be held in Victoria, B.C., they promise that the event will be very much focused on the tools and solutions available to risk managers during such volatile times.
Insurers face US$250 million price tag on U.S. breast implant case
August 29, 2003 by Canadian UnderwriterA recent Minnesota Supreme Court ruling could see insurers paying out as much as US$250 million in claims related to breast implants. 3M, also known as the Minnesota Mining and Manufacturing Company, went to court with 29 insurers who balked…