Industry
Former chief executive officer of American International Group Ltd. (AIG) Maurice “Hank” Greenberg recently claimed, through legal representation, that he questioned the misrepresentation of the Company’s net worth.A white paper submitted to the Securities and Exchange Commission in representation of the former CEO. The paper has since, landed in the hands of the Associated Press, […]
By Canadian Underwriter | August 5, 2005
1 min read
Claims
Canada’s Transportation Safety Board investigators examining the recent Air France Flight 358 crash at Toronto’s Pearson International Airport are not able to analyze the black box flight recorders because the appropriate tools to decode it are not available. Instead, the Board is sending both the flight data and cockpit voice recorder to France for inspection.Lead […]
Premiums in the commercial insurance industry continued along the path of an 18-month long down market, according to the RIMS Benchmark Survey – compiled by Advisen Ltd. yet the market suggests it may still be poised for a change.Renewal prices balanced between stabilization and a slight increase for some lines of business, but indicators of […]
By Canadian Underwriter | August 4, 2005
2 min read
Kingsway Financial Services Inc. financial results for the second quarter and six months ended June 30, 2005 indicate that the Company’s net income increased 10% to $36.7 million compared to $33.3 million in the second quarter of 2004. The Company set a record net income for the six months ended June 30, 2005 of $83.5 […]
Four more guilty pleas have recently been added to the roster of charges relating to the Spitzer’s bid rigging investigations.The most recent please come from three former Marsh & McLennan brokers. In addition, a former Zurich Financial underwriter divulged his involvement in the bid rigging for excess casualty insurance.Former Marsh brokers Regina Hatton and Todd […]
Risk
Marsh & McLennan Companies Inc. earnings have recently been lowered in its insurance services and investment management divisions. In addition, the Company’s restructuring charges have reduced the second-quarter profit to 57%.In the April to June period, the Company’s net income totaled $166 million, $0.31/share and this represents a fall from $389 million, $0.73/share, at the […]
By Canadian Underwriter | August 3, 2005
La Runion Arienne of Paris an aviation insurance pool is responsible for the hull and liability coverage for the Air France jetm (the airbus A340-300 plane) that recently crashed on Toronto Pearson International Airport’s landing.Approaching to Toronto from Paris, carrying 297 passengers and 12 crew members, the plan ran off the runway and subsequently burst […]
An overwhelming 77.78% of individuals associated to Canada’s insurance industry believe that insurers should not feel obliged to volunteer coverage for damages incurred to property as a result of catastrophic flooding. The Canadian Underwriter Web Poll for July 2005 asked “Should the onus be on insurers to volunteer monetary aid when catastrophic flooding occurs regardless […]
Hub International Limited (TSX: HBG) and The Chubb Corporation (NYSE: CB) recently entered into an agreement for Hub to acquire Chubb’s personal lines insurance brokerage business, Personal Lines Insurance Brokerage, Inc. (PLI). The transaction is expected to close within 60 days, subject to customary closing conditions. Terms were not announced, although Hub indicated that valuation […]
By Canadian Underwriter | August 2, 2005
The number of hurricanes and tropical storms anticipated to form in this year’s Atlantic hurricane season has been increased, according to The National Oceanic and Atmospheric Administration (NOAA).The administration recently released its updated outlook, which references an expected 18 to 21 tropical stormsnine to 11 of which will become hurricanesthat will form during the current […]
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