Industry
Jewelers Mutual Insurance Co. will begin offering its commercial insurance program in Canada, pending final approvals.The insurance company has partnered with Canadian Jewellers Block Insurance Services (CJB), which will represent Jewelers Mutual in Canada. The company’s programs offer customized coverage for inventory, buildings, building contents and liability; an annual dividend program for those it insures; […]
By Canadian Underwriter | August 19, 2005
1 min read
The U.S. property and casualty insurance industry boasted profits of US$41.3 billion in 2004, a 28% increase over the US$32.3 billion earned in 2003, according to Weiss Ratings Inc.Weiss reports that the p&c insurers’ continue to report positive results and the independent provider of ratings and analyses adds that, in lieu of the intense hurricane […]
By Canadian Underwriter | August 17, 2005
In the wake of recent investigations into contingency commissions and bid rigging initiated by New York Attorney General Eliot Spitzer, brokers Aon Corp. and Willis Group Holdings Ltd. have managed to successfully restructure their business practice and successfully pull themselves from a negative to stable rating and, according to Standard & Poor’s Rating Services, this […]
The U.S. Attorney’s Office of the Southern District of New York and the U.S. Securities and Exchange Commission recently subpoenaed Lloyd’s of London in regards to finite reinsurance information.The information in question is associated to transactions syndicates in the Lloyd’s market entered. The insurance commissioner of Georgia, John Oxendine, has already subpoenaed Lloyd’s this year […]
By Canadian Underwriter | August 16, 2005
Marsh & McLennan Cos. Inc. (MMC) recently came to a settlement with the District of Columbia Attorney General Robert J. Spagnoletti regarding investigations into potential antitrust violation.These antitrust investigation, looked into whether Marsh had been part of the bid-rigging scandals.Under terms of the agreement, Spagnoletti can directly monitor MMC in order to make sure the […]
Canada’s commercial property insurance industry’s pricing has become increasingly competitive, according to a recent study be A.M. Best. Direct premiums written increased only 1.5% in 2004, to approximately $5.25 billion, representing a rapid descent and unfavorable trend from 2002 when the growth rate peaked at 30%.While the overall growth rate was low in 2004, many […]
2 min read
Another former Marsh Inc. executive, William Gilman, is being investigated regarding his role in the Company’s bid-rigging scandal, according to the Wall Street Journal.Former managing and executive director of marketing at Marsh’s Global Broking unit, Gilman is currently being investigated as to the extent he was involved in contingent commissions scandal.Early in the Spitzer trials, […]
By Canadian Underwriter | August 15, 2005
Claims
A record number of tropical storms may result from the 2005 North Atlantic hurricane season, according to Tropical Storm Risk (TRS) – led by University College London’s Benfield Hazard Research Centre.Approximately 22 tropical storms, TSR reports, may form in the Atlantic basin throughout this years hurricane season. Further to their prediction, TSR says half of […]
An Environmental Protection Commission was recently formed to perform reviews and make recommendations regarding Alberta’s ability to respond to environmental incidents, according to Alberta Environment Minister Guy Boutilier.Although the suggestion of the Commission was just recently evoked, Boutilier says it will be operational immediately by reviewing best practices for responding to environmental incidents and recommending […]
Total revenue for Pethealth Inc. (TSX VENTURE:PTZ) for the second quarter of 2005 rose 22% to reach $3.5 million from $2.9 million for the same period last year.The Company’s net loss for the Q2 decreased slightly to $107,109 from $109,171 for the comparable quarter ended June 30, 2004.Pethealth’s insurance operations saw a gross written premium […]
By Canadian Underwriter | August 11, 2005
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