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U.S. analysts are predicting property & casualty insurers will post a combined ratio of 98.9% in 2005, despite a slow down in premium growth, according to results of the Insurance Information Institute’s (III) annual “Groundhog Forecast”. Analysts from various investment and research firms say the industry’s combined ratio should be on par with the 98.7% […]
January 31, 2005
2 min read
Stephen Mallory, former managing director of Marsh Canada, has been named president and CEO of Hub International Ontario Ltd. Mallory succeeds Nelson Tilander, who although leaving the CEOs role after six years for an indefinite medical leave, will remain as chair of the board. Mallory has more than 23 years of industry experience, having served […]
By Canadian Underwriter | January 30, 2005
1 min read
U.S. commercial insurance accounts saw significant rate softening in the last months of 2004, according to the latest quarterly survey by the Council of Insurance Agents & Brokers (CIAB).In the fourth quarter, more than 80% of small and large accounts, and 90% of medium accounts saw their rates either hold firm or decline, brokers say. […]
By Canadian Underwriter | January 24, 2005
While insurers were pleased to see U.S. President George W. Bush pushing for asbestos reform last week, the details of the plan he supports are leaving them less than impressed. In several speeches last week, Bush touted the need for tort reform on a variety of fronts, including medical malpractice and asbestos claims. He came […]
By Canadian Underwriter | January 10, 2005
New York Attorney General Eliot Spitzer and insurer representatives each had their chance to speak on the issue of broker compensation at hearings before the New York Assembly on Friday.In his address, Spitzer outlined his investigation into allegations of bid-rigging and what he perceived as a conflict of interest inherent in contingent commissions he noted […]
By Canadian Underwriter | January 9, 2005
Fitch Ratings says despite major moves by p&c insurers to shore up reserves over the past few years, the industry remains severely under-reserved for prior-year losses. Fitch estimates US insurers ended 2003 under-reserved by US$43.5-$61.5 billion, or 12-17% of surplus. And this impact can be felt across company results, the rating agency notes. “Chronic reserve […]
December 31, 2004
Fitch Ratings says despite major moves by p&c insurers to shore up reserves over the past few years, the industry remains severely under-reserved for prior-year losses.Fitch estimates US insurers ended 2003 under-reserved by US$43.5-$61.5 billion, or 12-17% of surplus.And this impact can be felt across company results, the rating agency notes. “Chronic reserve deficiencies lead […]
By Canadian Underwriter | December 22, 2004
Crawford Adjusters Canada has named John Sharoun as COO, to lead all operating units of the firm and working with CEO Glenn Gibson on a new three-year strategy for the company. Sharoun has more than 30 years industry experience, starting his career with insurers including Hartford and Allstate, and then owning his own adjusting firm. […]
By Canadian Underwriter | December 19, 2004
Broker Aon has sold much of its stake in Bermuda-based Endurance Specialty Holdings Ltd.In a press release, Aon says it has sold basically all of its equity investment in Endurance for US$320.5 million. This included the sale of 9.8 million shares at a net realized price of US$32.70 each. Aon does retain 4.1 million stock […]
By Canadian Underwriter | December 6, 2004
Insurers are generally reacting positively to proposed model regulations around broker compensation.The Property-Casualty Insurers Association of America (PCI) says the National Association of Insurance Commissioners’ (NAIC) model regulation of broker compensation makes sense in principle. The new regulations would require brokers to disclose all sources of compensation, including contingent commissions to clients and prospects, and […]
By Canadian Underwriter | December 2, 2004
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