Industry
The “lingering cloud” of reserve strengthening promises to hang over U.S. p&c insurers 2004 results, despite rising profits, says a new report by Standard & Poor’s.S&P says insurers were looking for vastly improved returns last year on the back of prior-year premium increases, but these “periodic glimpses of rising profitability” will likely be overshadowed by […]
By Canadian Underwriter | February 8, 2005
2 min read
U.S. insurers are expected to be a bit more cautious in their information technology (IT) investments in 2005, according to a new study by TowerGroup. Technology spending is expected to remain relatively flat in 2005, at US$36.4 billion compared to US$35.3 billion last year.”We expect the current climate for insurance to mitigate aggressive technology investments […]
By Canadian Underwriter | February 7, 2005
1 min read
In a conference call last week, ACE Ltd. CEO Evan Greenberg says the insurer will ask the court to dismiss civil charges filed by Connecticut Attorney General Richard Blumenthal.Blumenthal filed the civil case late last month, alleging ACE paid broker Marsh a “secret” US$50,000 commission to steer a US$80 million state contract to the insurer.In […]
By Canadian Underwriter | February 6, 2005
Western Financial Group has successfully netted $22.25 million from its offering of subscription receipts. The offering was made in part to fund the company’s acquisition of Federated Life Insurance Co. and the subscription receipts can be redeemed for a share of Western Financial once that acquisition is complete. Western Financial expects to receive regulatory approval […]
By Canadian Underwriter | February 3, 2005
A full year into the implementation of the federal Protection of Information Privacy and Electronic Documents Act (PIPEDA), many issues remain unresolved for insurers, lawyers told delegates of the Ontario Insurance Adjusters Association (OIAA) Claims 2005 Conference in Toronto Wednesday.Lawyer Lee Samis, of Samis & Co., says there is still a great deal that is […]
By Canadian Underwriter | February 2, 2005
The Insurance Bureau of Canada (IBC) is heading to North Bay to spend the month promoting “Injury Prevention Month”. “This campaign is designed to communicate important safety messages to people of all ages and to bring practical support for all the good work already undertaken in this community,” IBC vice president of public affairs and […]
By Canadian Underwriter | February 1, 2005
Voluntary mediation is becoming an attractive alternative to trial in many insurance-related cases, a panel of lawyers told the Joint Conference sponsored by the Canadian Insurance Claims Managers Association (CICMA) and Canadian Independent Adjusters Association (CIAA), Tuesday in Toronto.The legal panel offered a “Cross Canada Claims Check Up”, giving delegates the status of various legal […]
Standard & Poor’s has assigned the following ratings to Fairfax Financial Holdings’ US$750 universal shelf, registered with Canadian and U.S. regulators: “BB” senior debt; “BB-” subordinated debt; and “B+” preferred stock. S&P does not expect significant amounts of incremental debt to be part of any offerings under the shelf, but notes Fairfax may offer subordinated […]
Despite a record level of catastrophe losses in 2004, reinsurers appear to be giving in somewhat to soft market pressures, according to a review of 2004/2005 renewals by broker Benfield. The report says that the most recent renewals saw increasing competition which pressured underwriters to reduce prices. “While 2004/5 renewals were orderly, there were signs […]
January 31, 2005
Law firm Miller Thomson LLP has expanded its presence into Quebec, merging with Pouliot Mercure. The Montreal-based firm has 56 lawyers, bringing Miller Thomson’s total professional staff to more than 500. The Quebec office will operate under the name Miller Thomson Pouliot. *** Hub International has continued its re-branding campaign in early 2005, announcing that […]
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