Claims
When faced with a crisis threatening a company’s reputation, senior executives that respond immediately with compassion, empathy and humility may speed the recovery from the loss and improve the organization’s capital value in the long run.Bruce Abrams of AIG, cited an example of an airplane crash where the CEOs of the airlines involved each had […]
By Canadian Underwriter | April 29, 2008
2 min read
Industry
The Ontario Bar Association (OBA) has bestowed its 2008 Award for Excellence in Insurance Law to Geoffrey D. Adair of Adair Morse LLP and John F. Evans of Evans Sweeny Bordin LLP.The OBA award recognizes members for exceptional achievements, distinguished service and contributions in the areas of leadership, advocacy, teaching, writing and/or legislative reform.Adair is […]
1 min read
The Ontario Court of Appeal is currently picking its way through a difficult fraud case that has pitted a credit union suffering substantial losses against its two insurers.The Iroquois Falls Community Credit Union, represented at the appeal court by its liquidator, claimed it had suffered substantial losses “due to the dishonest and/or fraudulent acts of […]
Companies expanding globally, outsourcing their business operations and adding new IT systems are making themselves more vulnerable to fraud, according to a report from Kroll, a risk consulting company.The latest Kroll Global Fraud Report highlights the growing danger of supply chain fraud to businesses worldwide. Large companies have increasingly become ‘extended enterprises’ by globalizing, outsourcing […]
By Canadian Underwriter | April 28, 2008
Small to mid-size companies are more likely to experience a loss to corporate assets outside the United States or Canada than larger companies, according to a Chubb Group of Insurance Companies (NYSE: CB) 2008 Multinational Risk Survey. “Compared to companies with annual revenues of more than [US]$1 billion, smaller companies experienced at least a 50% […]
Integro Ltd., an international insurance brokerage and risk management firm, is sponsoring the MSA/Baron Outlook Reports for 2008 for risk managers across Canada. The report will be distributed to 150 Ontario Risk & Insurance Management Society (RIMS) and RIMS Canada risk managers.” Integro is committed to creative, cost-effective risk management solutions based on superior analytics […]
The Insurance Council of British Columbia, which regulates the province’s brokers, has published new guidelines for its General Continuing Education (C/E) Program, including a focus on strictly insurance-related aspects of the business.As of June 1, 2008, the General C/E Program content will exclude “non-insurance areas” of education related to the business of insurance agents, adjusters […]
Arch Capital Group Ltd. (NASDAQ: ACGL) has reported a declining net income of US$189.4 million for 2008 Q1, compared to its profit of US$198.6 million for 2007 Q1.The combined ratio was 86.2% in 2008 Q1 a change from 2007 Q1’s 83.4%. Gross premiums written decreased from US$1.2 billion in 2007 Q1 to US$1.05 billion. Net […]
By Canadian Underwriter | April 25, 2008
Bermuda-based property and casualty (re)insurers have bounced back from two years of unprecedented losses to post strong results in 2006 and 2007, but “industry fundamentals are expected to continue deteriorating,” A.M. Best says in a special report.The Bermuda P&C sector posted a net income in 2007 of about US$11.4 million, down almost 1% from its […]
The number of storms in the Atlantic basin will likely be above average, with an increased chance of hurricane landfall in the United States this year, predicts AccuWeather.com.Joe Bastardi, AccuWeather.com Hurricane Center chief meteorologist, released his early predictions for the 2008 hurricane season. He points to the waning La Nina conditions and a continued warm […]
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