Risk
Prudential Financial Inc. recently received a subpoena from Connecticut Attorney General Richard Blumenthal. The Company plans to cooperate with the subpoena, which is regarding information about the Company’s involvement in questionable reinsurance transactions.Prudential filed its 8-K with the Securities and Exchange Commission and stated in this filing that it has instigated an ongoing review of […]
By Canadian Underwriter | June 8, 2005
1 min read
Claims
A recent advisory released by the Insurance Bureau of Canada (IBC) warns policyholders in southern Alberta to prepare in advance of possible flooding.Policyholders are told to contact their insurance company or representative as soon as possible if flooding occurs and report any damage to insurers while also taking steps to limit further damage to their […]
2 min read
Factory Mutual Insurance Co. recently issued its first private placement of a US$300 million catastrophe bond as insurance against earthquake loss in the Pacific Northwest region of the United States and Canada. Operating as FM Global, a mutual commercial and industrial property insurer, the Company instigated the transaction to protect its balance sheet and provide […]
The Spencer Educational Foundation Inc. recently established a memorial scholarship fund in honour of Thomas M. Regan, a former RIMS chapter president, who was killed on September 11, 2001, in the World Trade Centre attacks. The New York Chapter of RIMS has donated US$100,000 for the scholarship, which will be presented at the chapter’s upcoming […]
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Underwriters must develop loss prevention techniques to address businesses prone to coverage liability claims exposures arising out of discrimination, harassment and other employment practices issues, according to recent findings from the PLUS Employment and Fiduciary Issues Symposium. Panelists at the symposium suggested underwriters must begin to anticipate third-party exposures because the nature of employment practices […]
By Canadian Underwriter | June 7, 2005
Industry
In an effort to determine the prevalence of anti-competitive activity, the European Commission (EC) will soon begin to investigate Europe’s commercial insurance market. Investigations will determine if regulatory barriers led to anti-competitive behavior in insurance sectors including energy, telecommunications and transportation, according to an EC spokesperson. This initiative is reportedly unrelated to recent US insurance […]
Government elements of the Insurance Companies Act will be amended based on recent plans to introduce new legislation to modernize the corporate governance framework for Canada’s federally regulated financial institutions, according to Minister of Finance Ralph Goodale.The Insurance Companies Act regulates rules relating to rights of shareholders, policyholders and members, the role of directors, auditors […]
General Re Corp.’s former executive John Houldsworth’s recent decision to plead guilty to conspiracy concerning the AIG investigation may result in a jail term of up to five years. The term reflects the maximum penalty of the charge made against Houldsworth by the Department of Justice Investigations (DOJ).The Securities and Exchange Commission (SEC) has filed […]
Ontario’s Ministry of Transportation has launched a three-day truck and bus safety inspection blitz running from June 7 to 9, 2005. Inspection stations province wide are manned by provincial enforcement officers to inspect the condition of buses, trucks and trailers, and check whether loads are properly secured and if drivers are driving too many hours. […]
Despite record catastrophe losses, European reinsurers recently registered recorded improved profitability for 2004, according to the latest European Reinsurance Quarterly Report from Benfield.Results from six major European reinsurers exhibit earning results from non-catastrophe business held up so that overall losses were moderate, according to Benfield’s Industry Analysis and Research team spokesman Lewis Phillips. “The retention […]
By Canadian Underwriter | June 6, 2005
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