Industry
Toronto-based Fairfax is voluntarily meeting certain filing requirements under the U.S. Sarbanes-Oxley Act two years ahead of schedule.Part of the SOX requirements include filing a management report on internal financial reporting controls, as well as the report of an independent auditor, with annual results.Fairfax says the management report included in its 2004 annual report has […]
By Canadian Underwriter | March 6, 2005
1 min read
Aon Corp. has created a US$190 million fund to compensate clients as a result of investigations in three states into contingent commissions and business practices.The fund applies to policies incepted or renewed between January 1, 2001 and December 31, 2004, the broker notes.Aon faced investigations by five different authorities attorneys general in New York, Illinois […]
2 min read
The Canadian market was “the right fit” to become the newest office established by Markel International, says the company’s CEO.Gerry Albanese says the decision to establish MINT Canadian Specialty Underwriters (MCSU) was based on several factors. “We like the location,” he explains. “It’s a sophisticated economy, a growing economy. Our products fit right in there. […]
By Canadian Underwriter | March 3, 2005
The U.S. Securities Exchange Commission (SEC) has extended the timeline for non-accelerated filers and foreign private issuers to comply with Sarbanes-Oxley (SOX).Originally, companies had to comply with Section 404 of SOX which requires management reports on the company’s internal control over financial reporting and an auditor’s report be filed with annual results for the first […]
Major European reinsurers reported a 5% decline in renewal premiums for 2005, compared to a 2% increase a year earlier, according to the annual “Renewal Roundup” by reinsurance broker Benfield Group.A combination of flat pricing, minimal increases in shares on placement and “a shortage of attractive new business opportunities” led to the decline, with only […]
The U.S. Insurance Information Institute (III) says homeowners’ insurance rates are expected to rise 2.5% in 2005, which would be the smallest increase seen in the last six years. In 2004, rates rose 3.8% and the average premium was US$660 this is expected to rise US$17 in 2005. III chief economist says some of the […]
By Canadian Underwriter | March 2, 2005
RIMS has announced the CEOs of two of the world’s largest insurance brokerages will take part in a keynote panel on the broker compensation issue at its annual conference in Philadelphia this April. Marsh CEO Michael G. Cherkasky and AON Ceo Patrick G. Ryan will headline a keynote panel which will also include Canadian Susan […]
By Canadian Underwriter | March 1, 2005
The Insurance Institute of Ontario’s 106th Convocation and Awards Night for CIP and FCIP graduates was held at the John Labatt Theatre of Toronto’s Metro Convention Centre recently, with guest speaker two-time Olympic gold-medalist Catriona LeMay Doan. K&K Insurance Group’s Susan Eadie picked up three awards: The RIMS Award, The Centennial Award and The Fellows […]
February 28, 2005
3 min read
Fairfax Financial Holdings (TSX: FFH) produced a net loss of US$17.8 million, or US$2.16 a share for 2004. The company attributes the red ink to a total loss of US$252.7 million stemming from the four U.S. hurricanes that struck in the third quarter of last year. Fairfax did, however, produce a profitable fourth quarter ending […]
Aon Corp. has created a US$190 million fund to compensate clients as a result of investigations in three U.S. states into contingent commissions and business practices. The fund applies to policies incepted or renewed from January 2001 through to the end of December, 2004, the broker notes. Aon faced investigations by five different authorities – […]
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