Industry
Maurice (Hank) Greenberg, the former chief executive of American International Group Inc., will not face criminal charges from New York Attorney General Eliot Spitzer, according to a recent statement from Spitzer’s office.In April Spitzer publicly announced on ABC news that his office might pursue criminal charges against Greenberg. Spitzer’s recent decision however not to press […]
By Canadian Underwriter | November 28, 2005
1 min read
The Financial Services Authority (FSA) recently announced it may force insurance brokers to disclose the fees they get from insurers unless they significantly improve the way they manage their conflicts of interest.The FSA sent a letter to chief executives quoting a study of 38 firms that indicated brokers were not handling conflicts of interest effectively […]
By Canadian Underwriter | November 25, 2005
2 min read
Willis (NYSE: WSH) recently engaged in two acquisitions and will continue making purchases in its strategic move to boost its regional business.Most recently, Willis reached agreements to buy Peruvian broker JH Asesores y Corredores de Seguros (JHA) and Brazilian benefits company K R Athos Consultoria e Corretora de Seguro de Vida (Athos). The next steps […]
By Canadian Underwriter | November 24, 2005
A Whitehorse woman who operated the Yukon-based insurance agency Territorial Insurance Solutions is facing dozens of fraud charges after leaving Yukon customers who purchased insurance through Territorial without any valid coverage.Joanne Walker recently stated she will be pleading guilty to all 28 charges against her in connection with the alleged insurance scam.Walker is not represented […]
Total integrated solution advisor and client manager for brokerages CoVirt Inc. (Canada) recently initiated the production of 20 independently owned insurance agency Equinox Marketing Centers that work through Equinox to sell products for insurance company partners. Tim Fitzpatrick, President of CoVirt Inc. says each marketing centre has a standalone VirtGate database and supporting web site […]
By Canadian Underwriter | November 22, 2005
The past year has resulted in the financial strengthening of the property & casualty insurance market however A.M. Best Co. recently released a report warning that it will take several more profitable years for the full balance sheet to be truly replenished after the softening of the market as the industry is still overcoming a […]
By Canadian Underwriter | November 21, 2005
Pet insurance revenues in North America have jumped 23% since 2004, according to the new report “Market Trends: Pet Insurance” published by the market researcher Packaged Facts.This growth is expected to continue over the next five years and Packaged Facts projects that by 2010, the pet insurance market in the U.S. and Canada will reach […]
Lloyd’s Underwriters in Canada has issued a press release “alerting brokers and policyholders that neither Marine Risks Limited of Toronto and Miami nor its representative Iain Duncan are approved coverholders or registered open market correspondents and that they have no authority from Lloyd’s to place Canadian business in the Lloyd’s market.”The release, written on the […]
By Canadian Underwriter | November 18, 2005
Swiss Re today announced it has agreed to acquire GE Insurance Solutions, the fifth largest reinsurer worldwide, from General Electric Company (GE) for US$6.8 billion.After closing of the transaction, Swiss Re estimates it will have combined revenues of 46 billion Swiss francs (about US$35 billion), based on 2004 figures, and assets of 265 billion Swiss […]
The Atlantic Task Force on Insurance Availability and Affordability has announced it will release its final report Nov. 23 at a news conference in Halifax.Established early this year, the task force has a mandate to develop recommendations to increase insurance availability and affordability for commercial and not-for-profit sectors in Atlantic Canada.The task force brings together […]
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