Industry
Sandra S. Wijnberg will resign from her position as senior vice president and chief financial officer, Marsh & McLennan Companies, Inc. (MMC) in March 2006. Wijnberg joined MMC in January 2000 to assume her current position. Previously, from 1997 through 1999, she held the position of senior vice president and treasurer of Yum! Brands, Inc. […]
By Canadian Underwriter | August 23, 2005
1 min read
Claims
Approximately 4,500 homeowners, 50 businesses and 500 vehicle owners are in the process of sending their insurance adjusters claims as a result of the torrential storms that recently swept across the greater Toronto area from Oshawa to Brampton, ON with the most damage occurring just north of Highway 401.The Insurance Bureau of Canada says the […]
Home
After serving the life and property and casualty insurance and reinsurance industry for almost 50 years, Pat King will retire from the position of chief agent and principal officer for Alea Canada. King spent 24 years with the direct writer as vice president and in 1987, King joined the Canadian Home Assurance Company as president […]
By Canadian Underwriter | August 22, 2005
2 min read
The four recent airline crashes that occurred in Canada, Italy, Venezuela and Greece, have put August on the map as the worst month for airline losses in more than three years, according to Aon Corp. The value of the most expensive insured hull the Air France Airbus crash at Toronto Pearson International Airport (all passengers […]
A series of storms, including two tornadoes, recently wreaked havoc on southern Ontario destroying homes, flipping cars, downing power lines and more. Environment Canada reports the F-2 (a “Strong” rating on the Fujita scale) tornadoes traveled with winds ranging between 180 and 240 km/hr, cutting a 300m wide perimeter of destruction per tornado.In response to […]
The U.S. Securities Exchange Commission recently served MBIA Inc. with a “Wells” notice in lieu of the retroactive reinsurance the bond insurer had purchased to cover its losses.As a result of its actions to cover losses resulting from its guarantee of bonds issued by Allegheny Health, Education and Research Foundation, MBIA may face a civil […]
Risk
Marsh & McLennan Cos. Inc.’s risk capital unit is selling an additional 1.85 million Axis Capital Holdings Ltd. common shares in a block trade, Axis Capital says. Receiving all net proceeds from the sale half of its current holdings of Axis Capital shares is the founding investor of the Pembroke, Bermuda-based specialty insurer and treaty […]
By Canadian Underwriter | August 19, 2005
U.S. district courts saw a decrease of 79% in the number of tort trials concluded between 1985 and 2003, according to a recent U.S. Department of Justice’s Bureau of Justice Statistics report.The report states that 768 tort casesprimarily personal injurywere decided in U.S. district court trials in 2003 compared with 3,604 in 1985."The growing use […]
Regarding the case, Michael Avery et al vs. State Farm Mutual Automobile Insurance Co., the Illinois Supreme Course recently ruled that the lower court made an error upon granting a group of State Farm policyholder’s class action status.Representing over 40 states seeking relief under Illinois consumer fraud claim, the policyholders alleged that the insurer used […]
More than 11 million litres of liquid manure recently spilled into Black River in the northern area of New York initially posing a concern to Kingston, ON city officials.President and CEO of Utilities Kingston Jim Keech says he is monitoring the spill and is confident that it will not reach Kingston. The spill was caused […]
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