Risk
The U.K. non-life insurance market has enjoyed stronger results in the past two year, but this kind of improvement is unlikely to last, predicts Fitch Ratings.In a new report, “Enjoy it While it Lasts but not too much”, the rating agency says improved underwriting combined with “benign” financial markets and a lack of domestic catastrophes, […]
By Canadian Underwriter | April 5, 2005
2 min read
Auto
B.C.’s public auto insurer says its program to uncover fraudulent claims resulted in $70 million in savings in 2004.The Insurance Corp. of B.C. (ICBC) says these savings include denied claims, money recovered and its estimate of savings generated through fraud prevention. In total, 84 criminal charges were laid against 56 people based on ICBC investigations […]
1 min read
New York Attorney General Eliot Spitzer says the current investigation into AIG will likely result in a civil resolution.Spitzer’s office is currently investigating certain non-traditional insurance transactions undertaken by AIG, and the accounting for those transactions. In a statement, Spitzer says, “the board and current management of the company are now cooperating with this investigation. […]
By Canadian Underwriter | April 4, 2005
Claims
On the heels of last year’s unprecedented Atlantic hurricane season, well-known forecaster Prof. William Gray is anticipating another stormy season for 2005.Gray and his team of researchers at Colorado State University say 2005 will likely see above-average hurricane activity during the Atlantic season, which generally runs from June to November. They are also predicting above-average […]
Industry
Global broker Aon Corp. has named Gregory C. Case as president and CEO. The move follows the previously announced retirement of founding CEO Patrick G. Ryan, who will serve as executive chairman of the board for Aon.Case was most recently head of the financial services practice for consulting firm McKinsey & Co. and prior to […]
The Catholic diocese of St. George’s in Newfoundland is seeking a 45-day extension to file its proposal for bankruptcy. The filing is a means to stay proceedings in civil actions against the dioceses by 36 victims of sexual abuse. The diocese says it needs the time to complete assessments of the value of certain holdings, […]
The Canadian Association of Mutual Insurance Companies (CAMIC) told membership it will be looking to respond to federal legislation and increase its own numbers through the rest of 2005, at the association’s “Mid-Year Meeting” in Toronto last week.CAMIC president Normand Lafreniere says among the association’s lobbying points will be to push for more federal money […]
By Canadian Underwriter | April 3, 2005
Moody’s Investor Service says the Lloyd’s market could produce overall profit of GBP1.2 billion, or 9% of capacity for the 2005 year of account. The “meaningful” profit expected by Moody’s assumes a normal loss year, and would lead to an expectation of GBP6 billion in profit for the years 2002-2005.”For 2005, although rates have reduced, […]
Standard & Poor’s says the “BBB+” financial strength rating of St. Paul Travelers Cos. Inc. will not be impacted by news the company will divest itself of its ownership interest in Nuveen Investments Inc. St. Paul Travelers will now record Nuveen as a discontinued operations and as such record a tax charge of US$690 million […]
The global catastrophe bond market grew 17% in 2004, according to a joint study released by reinsurance broker Guy Carpenter & Co. and MMC Securities Corp.Measuring total outstanding risk capital, yearend 2004 reached US$4.04 billion, compared to US$3.45 billion at the end of 2003. 2004 also represented a dramatic 41% increase over the US$2.86 billion […]
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