Industry
Macdonald Chisholm, a Nova Scotia insurance broker, recently acquired L.G. Trask Insurance Limited of Yarmouth. This acquisition reflects the commencement of one of the largest insurance brokerages in the Atlantic Provinces.”By combining the two organizations,” Mike Brien, president and CEO of Macdonald Chisholm, says, “we will be in a position to expand the scope of […]
By Canadian Underwriter | May 31, 2005
1 min read
Claims
First quarter results for Bermuda’s primary insurance and catastrophe reinsurance rates reflect a drastic softening within the sector, according to Benfield Group Ltd.’s recent Bermuda Quarterly report (BBQ). Trends toward increasing selectivity and targeted marketing defined the quarter.Bermuda’s leading reinsurers saw an overall growth of a mere 2% to $16.4 billion in Q1 2005. Benfield […]
2 min read
Risk
The Department of Homeland Security and the Transportation Security Agency recently heightened security precautions for truck drivers. A new mandate states that U.S. truckers applying to renew their hazardous-materials (haz-mat) driver’s licenses must now undergo fingerprint-based background checks. David Mitchell, director of risk control, Aon (NYSE:AOC) Risk Service’s trucking group, acknowledges this process may become […]
Peel Regional Police participation in Canada’s Road Safety Week traffic campaign resulted in the issuance of 2,100 provincial offence notices (traffic tickets), 109 license suspensions, and 19 criminal charges of impaired driving related offences. The national campaign, which ended on May 23, focused on traffic safety and the elimination of aggressive driving behaviors by motorists. […]
Royal Bank of Canada (RY on TSX & NYSE) recently reported that an increase in total revenues of $226 million, or 5% from a year ago, largely reflects the higher volumes generated by its insurance operations, including the Canadian operations of Provident Life and Accident Assurance Company (UnumProvident) since May 1, 2004. The Company reported […]
By Canadian Underwriter | May 30, 2005
Auto
Experts in the petroleum and oil sector predict the world’s oil production will peak and begin to decline as early as this year, according to the Associated Press (AP). Princeton University geologist Kenneth S. Deffeyes told AP that he anticipates “a permanent state of oil shortage.”Repercussions will include a dramatic price increase of oil products […]
Electronic links and tool upgrades are increasingly important to agents and brokers who view fast turnaround on submissions and speedy quotes and claims services as prime services provided by an insurer, according to a recent survey conducted by A.M. Best. However, survey respondents 70% represented by agents, brokers and/or advisers maintain that human support during […]
Long Island Business News, a leading regional business journal, recently recognized Roslyn Spiegel, senior vice president of Hub International Northeast, as one of Long Island’s “Top 50 Most Influential Women in Business.” This list is comprised of elite female professionals who have demonstrated exceptional leadership and growth throughout their careers, as well as have made […]
The Insurance Corporation of British Columbia (ICBC) has recently been awarded approximately $2.93 million in damages as a result of 12 fraudulent insurance claims, which occurred in Lower Mainland in the late 1990s. Each of the 12 defendants has been ordered by a B.C. Supreme Court jury to pay a part of the total sum […]
By Canadian Underwriter | May 29, 2005
Recent market activity indicates American International Group (AIG) shares are on the rise, only one day after New York Attorney General Eliot Spitzer sued the company.Gaining another $1.02 (1.8%), AIG’s shares recently added 3% leading the Company to reach its highest level since the end of March. Maurice “Hank” Greenberg, AIG’s former chief executive and […]
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