Industry
The Superintendent of Financial Services has issued an interim Cease and Desist Order against a Toronto paralegal, Robert Crosbie and R.E.C. Paralegal. The order is effective immediately.Under subsection 441(4) of the Insurance Act, the Superintendent orders that Robert Crosbie, carrying on business as R.E.C. Paralegal, and any agents or representatives thereof: A. Immediately cease carrying […]
By Canadian Underwriter | May 24, 2005
2 min read
Risk
Canadian agriculture businesses are pooling together to form an Insurance Purchasing Group (IPG) in response to trends toward increasing premiums, claims penalties and a lack of specialized insurance. The IPG, dubbed the Risk Management Alliance (RMA), is meant to attract large agricultural businesses from across Canada. Members represent top quartile companies that place a priority […]
By Canadian Underwriter | May 23, 2005
1 min read
XN Risk Insurance Services Inc.’s has expanded its management liability insurance offering for development stage to mid-tier, privately held companies in Canada. As a result of this growth XN Risk will begin writing employment practices liability on a “stand-alone” basis for clients with up to 500 employees. Previously XN Risk only serviced clients with an […]
A global trend toward softening rates is prevalent in the Australian market, causing rate reductions between 5% and 20% in large corporate risks and various other commercial lines. According to the recent report by Standard & Poor’s, Australian nonlife insurers are continuing to show lower claims frequency across many commercial business lines, particularly liability lines. […]
Claims
Arthur J. Gallagher & Co., the Illinois Attorney General and Illinois’s director of insurance have reached an agreement regarding the industry-wide contingent commission investigations.Upon pleading no liability or wrongdoing, Gallagher is not required to issue an apology. Based on terms of the agreement Gallagher must develop a $27 million fund for select retail clients, although […]
By Canadian Underwriter | May 19, 2005
A brokers role may vary greatly from company to company, according to a position paper released today by the International Federation of Risk and Insurance Management Associations (IFRIMA).IFRIMA believes that the current business model established by brokers and insurers does not give enough flexibility regarding the differences inherent between brokerage services for small, medium and […]
In response to consumer requests for specialized liability products, XL Insurance (Bermuda) Ltd., a subsidiary of XL Capital Ltd. (NYSE:XL), today announced the extension of its XL Professional Lines portfolio. The Company is adding dedicated coverage for independent directors of company boards to its roster of Directors & Officers (D&O) liability products.Dubbed “A PLUS Independent”, […]
In a bid to expand services in Southern U.S., Hub International Ltd. opened a new office in New Orleans. Hub International Gulf South’s office of producers formerly members of Marsh & McLennan will provide Louisiana and nearby states with a full range of brokerage services. The next initiative will be amalgamating Hub’s producer team and […]
Kingsway Financial Services Inc. filed a preliminary prospectus for a proposed public offering of preferred units of an investment trust. The trust will only be qualified by securities regulatory authorities in Canada and will be sold by both Scotia Capital Inc. and a newly formed underwriting syndicate.The net proceeds will be utilized as a source […]
By Canadian Underwriter | May 18, 2005
The first four months of 2005 have seen consecutive declines application activity of individually underwritten life insurance in North America. April applications, according to the MIB Group Inc., mark the “third strike” and a decline of 5.0% year-over-year. Year-to-date application activity in Canada is off 2.9% compared to 3.1% for North America and 3.2% for […]
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