Industry
Zurich Financial Services confirmed late Tuesday that two employees who had been suspended earlier have now pled guilty to criminal charges of bid-rigging.Zurich had suspended the two employees, who are underwriters at its Zurich North America Commercial excess casualty business, as a result of an investigation commissioned by the insurer but carried out by an […]
By Canadian Underwriter | November 16, 2004
1 min read
With testimony underway in a U.S. Senate subcommittee hearing into broker compensation practices, one broker representative says the notion that insurers and brokers should have an “adversarial” relationship in order to best serve clients is “misguided”.Former Council of Insurance Agents & Brokers (CIAB) chair and Baltimore broker Albert Counselman told a subcommittee of the Senate […]
By Canadian Underwriter | November 15, 2004
2 min read
Standard & Poor’s says it will take no rating action on the three life insurers mentioned in the civil charges filed by New York Attorney General Eliot Spitzer against California intermediary Universal Life Resources. The three insurers MetLife, Prudential and UnumProvident are named as having paid Universal special compensation which Spitzer alleges motivated Universal to […]
In a press conference today, Ontario’s p&c insurers and brokers announced a new system to ensure better communication and disclosure to consumers about commissions and other practices, while maintaining the practice of contingent commissions.In response to the investigation of broker compensation in the U.S. and calls for review of compensation here in Canada, the Insurance […]
By Canadian Underwriter | November 14, 2004
New York Attorney General Eliot Spitzer, in his continuing probe of broker commissions, has filed a civil suit against San Diego-based benefits broker Universal Life Resources Inc. and its CEO Douglas Cox.The suit alleges the firm, which specializes in life and disability insurance, “steered business to insurers in exchange for lucrative payoffs and that this […]
In a press conference set for Friday, the Canadian p&c insurance industry is set to announce its plans for improving disclosure and transparency with consumers.In a joint event, representatives of the Insurance Bureau of Canada (IBC), Insurance Brokers Association of Canada (IBAC) and the Insurance Brokers Association of Ontario (IBAO) will announce plans which respond […]
By Canadian Underwriter | November 11, 2004
Continuing its financial turnaround, Montreal-based Optimum General Inc. (TSX: OGI.SV.A) is reporting its sixth consecutive quarter of profit for the third quarter ending September 30, 2004.The insurer produced net income of $742,000 ($0.06 per share) for the quarter, up from income of $411,000 ($0.04 per share) in the same quarter a year ago. Over the […]
Rating agency Fitch, in a lengthy press release, says it will maintain its negative outlook on financial services giant Fairfax Financial Holdings Ltd. irregardless of the company’s third quarter filings.Fitch had earlier placed the negative watch on the company citing, amongst other things, weak disclosure relative to its decision to buy back debt, given that […]
The Consumers Association of Canada (CAC) wants to see Ontario Finance Minister Greg Sorbara to “step aside as regulator of the insurance industry”, saying he is in conflict over the issue of broker commissions.The call comes after New Democrat MPP Peter Kormos accused Sorbara of having a conflict of interest over insurance issues because of […]
By Canadian Underwriter | November 10, 2004
Lloyd’s plan to issue 500 million of subordinated debt has been oversubscribed several times over, and the 300-year-old market announced terms of the offering Wednesday. An application to the London Stock Exchange is for a sterling tranche of 300 million at 6.875%, maturing 2025, and a second tranche of 300 million with a coupon of […]
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