Industry
Fronting a captive is a challenging business, but one which also has the potential to provide great benefits to the fronting insurer, delegates to the Strategy Institute’s “Captive Insurance Strategies” conference in Toronto heard Wednesday.Robert Davis, senior vice president for ACE Captive Solutions says many fronting arrangements are established on the basis of need. For […]
By Canadian Underwriter | October 27, 2004
2 min read
Just one day on the job and new Marsh CEO Michael Cherkasky has led a major overhaul of the brokerage’s business practices. Under the new scheme, the brokerage will not only stop the practice of contingent commissions, as previously announced, but will also make “all revenue streams 100% transparent to clients”. This means clients will […]
By Canadian Underwriter | October 26, 2004
Associations representing Canadian brokers says allegations of “hidden commissions” being paid by insurers is unfair to reputable, professional brokers. The Insurance Brokers Associations of Canada (IBAC) and Ontario (IBAO) have released statements responding to events in the U.S., as well as a call by the Consumers Association of Canada (CAC) for government to investigate what […]
Saskatchewan Government Insurance has withdrawn its request to raise auto rates 10% next year for the province’s drivers.SGI says the decision comes after an external actuary’s audit predicting its “auto fund” will be in an improved position heading into next year. The government auto insurer says it will also continue with its planned “safe driver […]
By Canadian Underwriter | October 22, 2004
1 min read
The average rate on auto insurance dropped 8.75%, according to filings approved by the Financial Services Commission of Ontario (FSCO) for the first nine months of 2004.While the average decline in the third quarter alone was just under 2%, this follows a drop of 3.59% in the second quarter and the 10.15% decrease seen in […]
A.M. Best has added issuer credit ratings to complement its financial strength ratings on insurers. The ICRs have already been assigned to non-operating holding companies, but will now be added for operating companies in the reinsurance and some non-U.S. markets. U.S. p&c or life insurers will not see the ratings generally. Converium has seen its […]
By Canadian Underwriter | October 21, 2004
Reflecting on the situation facing Ontario insurers a year ago, company CEOs say the picture this year is a much healthier one.A panel of insurance company CEOs addressed the industry’s financial outlook as well as the lingering issue of public image, at the Insurance Brokers Association of Ontario Convention in Toronto. While the industry has […]
3 min read
Topping both the list for the “most stolen” and “highest theft cost” this year is the Subaru Impreza (WRX 4DR AWD), according to the Insurance Bureau of Canada (IBC).In data compiled on 2002-2003 models, the Impreza had the highest theft frequency per 1,000 vehicles, as well as the highest theft claim cost per vehicle, for […]
By Canadian Underwriter | October 20, 2004
It should be a case of “status quo” for reinsurance renewals, despite reports of market softening and the impact of hurricanes hitting the U.S. this fall.Speaking at the 3rd annual Aon Re Rendezvous in Mississauga Tuesday, Aon Re Americas vice chairman Ross McKenzie says while the spate of four major hurricanes which hit the U.S. […]
By Canadian Underwriter | October 19, 2004
Rating agencies are reacting to news that New York Attorney General Eliot Spitzer has filed civil charges against broker Marsh, and exacted guilty pleas from two AIG executives relative to industry placement practices.The news came last Thursday, with Spitzer accusing Marsh of “bid rigging” and other deceptive practices relative to the placement of insurance contracts. […]
By Canadian Underwriter | October 17, 2004
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