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Underwriters must develop loss prevention techniques to address businesses prone to coverage liability claims exposures arising out of discrimination, harassment and other employment practices issues, according to recent findings from the PLUS Employment and Fiduciary Issues Symposium. Panelists at the symposium suggested underwriters must begin to anticipate third-party exposures because the nature of employment practices […]
June 30, 2005
1 min read
Damage from flooding across southern Manitoba may result in insured claims of approximately $225 million, with about 10% of this figure resulting from damage incurred to commercial property, according to Jim Rivait, vice president Insurance Bureau of Canada (IBC) prairies, Northwest Territories and Nunavut region’s. To date, Rivait says insurers covering 65% of the marketplace […]
3 min read
Aon (NYSE: AOC) recently announced the results of its 2004 Insurance Earnings Volatility Study, which reports that insurers and reinsurers exhibit the least volatile earnings. “Investors place a large amount of emphasis on earnings growth and earnings volatility … when evaluating investment opportunities,” Michael Bungert, president of Aon Re Global, says. He elaborates that less […]
OneBeacon Insurance Group, a unit within the White Mountains Insurance Group Ltd., has been subpoenaed by Connecticut officials investigating the industry for collusion with insurance brokers. OneBeacon received a subpoena from Attorney General Richard Blumenthal seeking information on conduct with brokers. The Company is cooperating with the request. Former Montana Gov. Marc Racicot is the […]
By Canadian Underwriter | June 13, 2005
By Canadian Underwriter | June 7, 2005
US property-casualty reinsurers experienced a combined ratio of 93.9% for the quarter ended March 31, compared to a combined ratio of 94% last year for a similar group of reinsurers. These results reflect a 68.2% loss ratio and a 25.7% expense ratio for the group of 26 reinsurers surveyed by the Reinsurance Association of America […]
By Canadian Underwriter | June 3, 2005
The Insurance Brokers Association of Ontario (IBAO) appointed Randy Carroll as its chief operating officer. Effective May 1, Carroll began directing the daily operations at IBAO. Preparing for this transition from his three-year tenure as director of operations for the IBAO, Carroll spent the past year working closely alongside retiring CEO Robert J. Carter. As […]
By Canadian Underwriter | May 17, 2005
The Property Casualty Insurers Association of America (PCI) is calling on state regulators to adopt a consistent approach in their investigations into the use of finite reinsurance transactions by insurers. The investigations launched earlier this year by the Securities Exchange Commission (SEC) and New York’s attorney general Eliot Spitzer into the books of the AIG […]
By Canadian Underwriter | May 16, 2005
Broker network consolidator, Hub International Ltd. (TSX: HBG), has acquired Los Angeles-based THB Intermediaries Inc. (THB) in a combined cash and stock deal. The value and terms of the purchase have not been disclosed.THB operates as a specialty reinsurance brokerage handling placement of facultative business. The brokerage operates from offices in New York, Los Angeles, […]
By Canadian Underwriter | May 4, 2005
Despite the strong results posted by the U.S. property and casualty insurance industry in 2004, this year will likely see loss costs significantly outpace premium growth, according to a special report by A.M. Best. The rating agency says the US$6.3 billion underwriting profit achieved by insurers – the first since 1978 – is the result […]
April 30, 2005
2 min read
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