Industry
The Saskatchewan Wheat Pool is announcing a new insurance program for fiscal 2006 to cover grain volumes.The coverage, developed with reinsurance broker Aon Re Canada Inc., is intended to help earnings and cash flow stability in years of poor grain volumes, with grain handling being the pool’s core business. The program provides maximum payment of […]
By Canadian Underwriter | March 6, 2005
1 min read
Toronto-based Fairfax is voluntarily meeting certain filing requirements under the U.S. Sarbanes-Oxley Act two years ahead of schedule.Part of the SOX requirements include filing a management report on internal financial reporting controls, as well as the report of an independent auditor, with annual results.Fairfax says the management report included in its 2004 annual report has […]
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B.C.’s public auto insurer is posting net income of $389 million for 2004, well above the $225 million reported in 2003.The Insurance Corp. of B.C. (ICBC) reported written premiums up to $3.09 billion in 2004, up from $2.96 billion in 2003. Earned premiums rose to $3.03 billion from $2.85 billion over the same comparative period.Claims […]
Aon Corp. has created a US$190 million fund to compensate clients as a result of investigations in three states into contingent commissions and business practices.The fund applies to policies incepted or renewed between January 1, 2001 and December 31, 2004, the broker notes.Aon faced investigations by five different authorities attorneys general in New York, Illinois […]
2 min read
The Canadian market was “the right fit” to become the newest office established by Markel International, says the company’s CEO.Gerry Albanese says the decision to establish MINT Canadian Specialty Underwriters (MCSU) was based on several factors. “We like the location,” he explains. “It’s a sophisticated economy, a growing economy. Our products fit right in there. […]
By Canadian Underwriter | March 3, 2005
The U.S. Securities Exchange Commission (SEC) has extended the timeline for non-accelerated filers and foreign private issuers to comply with Sarbanes-Oxley (SOX).Originally, companies had to comply with Section 404 of SOX which requires management reports on the company’s internal control over financial reporting and an auditor’s report be filed with annual results for the first […]
Major European reinsurers reported a 5% decline in renewal premiums for 2005, compared to a 2% increase a year earlier, according to the annual “Renewal Roundup” by reinsurance broker Benfield Group.A combination of flat pricing, minimal increases in shares on placement and “a shortage of attractive new business opportunities” led to the decline, with only […]
A.M. Best has been granted “nationally recognized statistical rating organization” status by the U.S. Securities Exchange Commission (SEC). The status means Best ratings can be used to distinguish creditworthiness required under federal and state laws. A.M. Best is one of five rating agencies carrying the status, and currently carries over 600 ratings on securities issued […]
Risk
Broker commissions should be history, and broker compensation should come from the client rather than the insurer, says the keynote speaker to Wednesday’s Ontario Risk & Insurance Management Society (ORIMS) “Professional Development Day”.Felix Kloman, editor of Risk Management Reports told the audience a “Pandora’s box” has been opened by New York Attorney General Eliot Spitzer, […]
By Canadian Underwriter | March 2, 2005
Claims
Insurers, through the Institute for Catastrophic Loss Reduction (ICLR), are calling on home builders to work with the industry to create more disaster resilient homes.Speaking to the National Conference of the Canadian Home Builders’ Association (CHBA) in St. John’s, Newfoundland on Wednesday, ICLR executive director Paul Kovacs challenged builders to work with insurers on a […]
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