Industry
American International Group (AIG) has made an offer of settlement to the Securities Exchange Commission (SEC) with regard to a civil suit brought against the company and AIG Financial Products Corp. in the Spitzer probe regarding rigged bidding and fees paid to intermediaries. Although the terms of the settlement were not released by AIG, a […]
By Canadian Underwriter | November 23, 2004
1 min read
A study of U.S. not-for profit organizations finds them more focused on corporate governance issues, but still lacking in some key governance areas.The survey of 700 organizations, conducted by accounting firm Grant Thornton International, revealed awareness of the Sarbanes-Oxley Act of 2002 (SOX) had surged since last year’s survey 83% of NFP organizations now say […]
2 min read
The general insurance arm of Desjardins Group helped boost company earnings in the first nine months of 2004, contributing to an overall return on equity of 17%. This compares with ROE of 14.7% in the first three quarters of 2003. The financial services giant also saw overall surplus earnings of $866 million in the first […]
Pethealth Inc. announced its financial results for the third quarter and nine months ended September 30, 2004. Notably, total revenue for the quarter ended September 30, 2004 was $2.99-million, up 56% over the quarter ended September 30, 2003. Net loss for the three months ended September 30, 2004 was $50,000, an 88% improvement from the […]
By Canadian Underwriter | November 22, 2004
The movement by the U.S. Federal Reserve to gradually increase interest rates means that insurers must plan now how they will react to this trend, says Ernst & Young LLP in its fourth quarter outlook on the insurance industry.E&Y’s “insurance and actuarial advisory services” (IAAS) practice says, despite the traditional view that rising interest rates […]
Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) says it will be restating its 2003 yearend financial reports after re-assessing its purchase of Vista International Insurance Brokers. The company also says it has fallen out of compliance with its lending agreements and is looking at renegotiating those agreements.The announcements came as the company reported strong […]
By Canadian Underwriter | November 21, 2004
Royal & SunAlliance Insurance plc and Royal & SunAlliance Insurance Group have seen their ratings moved to a stable outlook by Fitch Ratings. RSA has had its financial strength rating affirmed at “BBB” and its long-term at “BB+”, while RSA Insurance Group’s long-term rating is assigned as “BB-“. “The rating and new outlook of RSA […]
By Canadian Underwriter | November 18, 2004
With strong results for the third quarter ending September 30, 2004, Western Financial Group (TSX: WFS) says it is ahead of plan in terms of yearend earnings projections.Earnings for third quarter 2004 are up 53.4% to $795,000 ($0.03 per share) from $518,000 a year earlier. Year-to-date net income is up a whopping 86.1% to $2.80 […]
The decision by the world’s largest brokers to discontinue using contingent commissions could chop upwards of 25% off their bottom line, according to a new study by investment firm WFG Capital Advisors.Many large brokers voluntarily chose to stop accepting contingent commissions following an investigation by New York Attorney General Eliot Spitzer which resulted in a […]
By Canadian Underwriter | November 17, 2004
Not unexpectedly, New York Attorney General Eliot Spitzer took several serious shots at the insurance industry in his testimony Tuesday to a Senate subcommittee looking into broker compensation issues.Spitzer told a subcommittee of the Senate Committee on Governmental Affairs that insurance has essentially become “an insiders’ club”. Not only do insurance brokers receive contingent commissions […]
By Canadian Underwriter | November 16, 2004
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