Industry
Another former Marsh Inc. executive, William Gilman, is being investigated regarding his role in the Company’s bid-rigging scandal, according to the Wall Street Journal.Former managing and executive director of marketing at Marsh’s Global Broking unit, Gilman is currently being investigated as to the extent he was involved in contingent commissions scandal.Early in the Spitzer trials, […]
By Canadian Underwriter | August 15, 2005
1 min read
The December acquisition of Allianz Canada has bolstered ING Canada Inc.’s second quarter profits by 30% to reach $223.6 million, or $1.67 a share compared to $172.4 million or $1.84 per share the same time last year.The Company’s second quarter revenue rose 23.4% to $1.11 billion. The purchase of the Canadian company from Munich’s Allianz […]
By Canadian Underwriter | August 11, 2005
Domestic premiums growth is slowing while commercial market conditions show evidence of improved growth, according to a recent report from A.M. Best Co. Net written premiums in U.S. captives increased by a mere 3.6% to $9.2 billion, a slight decrease from the 4.7% premium growth in 2003, but a marked reduction from 2002 when growth […]
By Canadian Underwriter | August 9, 2005
AXIS Capital Holdings Limited (NYSE: AXS) recently implemented an agreement with JPMorgan Partners a private equity affiliate of JPMorgan Chase & Co. and related entities to buy approximately 7.8 million of AXIS Capital’s common shares in a block trade. These shares to be sold do not include 3.8 million shares owned by J.P. Morgan Capital, […]
An international takeover of Alberta’s oil sands is at hand according to recent statements by Bank of Montreal strategists. The U.S. Securities and Exchange Commission is deciding whether to update the original 1970 rules on measuring oil reserves. Under current rules, large portions of any oil sands project’s assets cannot be booked as reserves. Applying […]
By Canadian Underwriter | August 8, 2005
2 min read
The Consumers’ Association of Canada recently called on Insurance Corporation of British Columbia (ICBC) to make further cuts to auto insurance rates for BC drivers.”ICBC again announced record profits,” Bruce Cran, president of the association, says. “By the end of this year ICBC will be sitting onmore than a billion dollars.”ICBC recently reported a net […]
Former chief executive officer of American International Group Ltd. (AIG) Maurice “Hank” Greenberg recently claimed, through legal representation, that he questioned the misrepresentation of the Company’s net worth.A white paper submitted to the Securities and Exchange Commission in representation of the former CEO. The paper has since, landed in the hands of the Associated Press, […]
By Canadian Underwriter | August 5, 2005
Premiums in the commercial insurance industry continued along the path of an 18-month long down market, according to the RIMS Benchmark Survey – compiled by Advisen Ltd. yet the market suggests it may still be poised for a change.Renewal prices balanced between stabilization and a slight increase for some lines of business, but indicators of […]
By Canadian Underwriter | August 4, 2005
Kingsway Financial Services Inc. financial results for the second quarter and six months ended June 30, 2005 indicate that the Company’s net income increased 10% to $36.7 million compared to $33.3 million in the second quarter of 2004. The Company set a record net income for the six months ended June 30, 2005 of $83.5 […]
Four more guilty pleas have recently been added to the roster of charges relating to the Spitzer’s bid rigging investigations.The most recent please come from three former Marsh & McLennan brokers. In addition, a former Zurich Financial underwriter divulged his involvement in the bid rigging for excess casualty insurance.Former Marsh brokers Regina Hatton and Todd […]
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