Risk
A Manhattan federal jury has found Timothy Harcharik, a one-time risk management director for cell phone distributor Brightpoint, liable on three counts of aiding and abetting securities fraud for his part in a finite reinsurance deal, A.M. Best reports.Harcharik told A.M. Best and the court he was unaware the arrangement of a fraudulent finite insurance […]
By Canadian Underwriter | May 29, 2007
2 min read
Industry
Specialized directors and officers (D&O) liability insurance created specifically for small micro-cap companiesthe Micro Cap Preferred policyis now being offered by Chubb Insurance Company of Canada. A D&O liability lawsuit, including settlement, judgment and legal expenses, can cost millions of dollars, David Williams, senior vice president, Canadian manager for Chubb Specialty Insurance, said in a […]
1 min read
Claims
Regulatory overkill is the largest risk facing the global insurance industry, according to the Center for the Study of Financial Informations (CFSI) latest Banana Skins survey, conducted for the first time for the insurance industry, in conjunction with PricewaterhouseCoopers LLP.The Top 10 banana skins threatening to trip up the global insurance industry include: too much […]
Risk exposure in the emerging world of privacy legislation is becoming a high priority for a wide range of industries due to a number of public security breaches demanding increased privacy awareness, according to a regulatory practice letter by KPMGs financial industry regulatory advisory services unit in the United States.Managing the collection, maintenance, use and […]
Desjardins Financial Security has reported the strongest first quarter in the companys history. The company reported 2007 Q1 net earnings of Cdn$49.8 million, a 65.3% increase from 2006 Q1. Insurance premium income rose by Cdn$60.1 million in 2007 Q1, to Cdn$580.5 million. That brought total insurance, annuity and other premium income to Cdn$783.7 million for […]
By Canadian Underwriter | May 28, 2007
BMO Insurance will be the official insurance services supporter of the FIFA U-20 World Cup Canada 2007, making BMO Insurance one of the four national supporters of the tournament.We are very proud to be a part of the FIFA U-20 World Cup, said Gordon Henderson, senior vice-president, insurance at BMO Financial Group.This tournament is going […]
Property and casualty companies enjoyed 20% or more returns on equity in 2006, but even a minor change in the economic environment can lower these numbers, Canadas acting financial superintendent told attendees of the 2007 Property and Casualty Insurance Industry Forum in Cambridge, Ontario. Julie Dickson, acting superintendent of the Office of the Superintendent of […]
The Office of the Superintendent of Financial Institutions (OSFI) in 2007 is preparing to move to International Financial Reporting Standards (IFRS).[OSFI] will soon begin to determine the implications for Canadian financial institutions and supervisors, Julie Dickson, OSFIs acting superintendent, told the House of Commons Standing Committee on Finance on May 27, 2007.This will include developing […]
New, polluter-pay environmental legislation in the European Union is based on a new liability regime under public law and will create unprecedented loss complexes for which claims experience is not yet available, according to a recent report by Swiss Re.It is important for the insurance industry to assess the exposure inherent in these new scenarios.The […]
By Canadian Underwriter | May 25, 2007
Crawford & Company (Canada) Inc. is expanding their strategic global alliance with MJM Investigations into Canada. MJM provides investigative products and services to insurance carriers and is Crawfords preferred provider of both surveillance services and global insurance fraud mitigation and claims services worldwide.I am pleased to announce the expansion of our global partnership with MJM […]
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