Industry
U.S. insurer failures declined 48% in 2004, with 13 companies failing last year, compared to 25 in 2003, according to Weiss Ratings Inc. The majority of these were property & casualty insurers, with 10 failures last year, compared to 21 in 2003. Just 4 life & health insurers went belly up last year, compared to […]
By Canadian Underwriter | January 10, 2005
1 min read
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While insurers were pleased to see U.S. President George W. Bush pushing for asbestos reform last week, the details of the plan he supports are leaving them less than impressed. In several speeches last week, Bush touted the need for tort reform on a variety of fronts, including medical malpractice and asbestos claims. He came […]
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Risk
A.M. Best has affirmed the “A” (excellent) rating of The Guarantee Co. of North America, and the “A-” rating of its U.S. subsidiary, with a stable outlook. The ratings reflect excellent capitalization, strong operating results and a prominent market profile, partially offset by the competitive conditions of the Canadian market as it begins to soften. […]
New York Attorney General Eliot Spitzer and insurer representatives each had their chance to speak on the issue of broker compensation at hearings before the New York Assembly on Friday.In his address, Spitzer outlined his investigation into allegations of bid-rigging and what he perceived as a conflict of interest inherent in contingent commissions he noted […]
By Canadian Underwriter | January 9, 2005
The number of U.S. federal securities fraud class action lawsuits filed in 2004 rose 17%, but the loss in stock market capitalization for defendant firms shot up almost triple 2003 levels, according to a new study by the Stanford Law School and Cornerstone Research.Last year saw 212 such suits filed, compared to 181 in 2003, […]
The U.S. Coalition Against Insurance Fraud has released its list of “frauds to watch out for” in 2005.Among the top scams consumers should be on the lookout for are bogus airbags the CAIF says there have been instances where insurance companies were billed for replacement of an airbag following a collision but the airbag cavity […]
Claims
The Financial Services Commission of Ontario (FSCO) has produced two new consumer bulletins. The first, “Shop and Save on Auto Insurance”, outlines the different distribution methods for auto insurance, as well tips on premium savings, such as raising deductibles. The second, a six-page pamphlet, gives “Tips for Identifying Auto Insurance Scams” and includes such things […]
It has been a busy two days for Bermuda-based ACE Ltd., which Thursday announced it would take a US$298 million reserve charge on fourth quarter earnings as a result of asbestos & environmental liabilities, and sell three run-off reinsurance operations. Just a day before, the head of its U.S. insurance operations resigned, and parent company […]
By Canadian Underwriter | January 6, 2005
In its analysis of yearend 2003 results, New York-based Conning Research says the U.S. p&c industry has strengthened its reserve position, even if further bolstering is still required.The reserve deficiency estimate based on “schedule P” filings by insurers, which covers 10 years of data on paid and incurred loss developments is US$8 billion for yearend […]
Breckles Insurance is challenging fellow members of the Insurance Brokers of Toronto Region (IBTR) to a “fundraising challenge” to help victims of the Indonesian tsunami. Breckles’ employees will be raising as much money as they can between now and January 14, and are asking other IBTR members to do the same and to email information […]
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