Industry
My car’s headlights showed a wild blizzard of flying snow ahead of us. We slithered sideways turning the corner, and I spun the wheel in the opposite direction to straighten up. A car going the other way hooted its horn angrily then quickly disappeared into the wall of darkness behind. “Whoopsie, Dave!” my boss Fred […]
By Axiom | December 31, 2004
11 min read
The Registered Insurance Brokers of Ontario (RIBO) recently published its new regulations on broker disclosure. RIBO, the self-regulatory body for general insurance brokers in Ontario, is responding to controversy begun in the U.S. over the level of disclosure related to broker commissions, specifically contingent commissions. In its rules on “conflict of interest”, RIBO says brokers […]
December 31, 2004
2 min read
This is the last installment of Canadian Underwriter’s Daily News for 2004 we will be returning on January 3rd with our regular coverage of Canadian insurance industry news.The staff of Canadian Underwriter wishes everyone a happy and healthy holiday season, and best wishes in the New Year!
By Canadian Underwriter | December 23, 2004
1 min read
Risk
The merger of Toronto’s Jones DesLauriers & Firman (JDF) and Insurance Management Inc. (IMI) will create one of Canada’s largest privately-held insurance brokerages.The two brokerages announced this week that they will join forces to create a new incorporated company writing about $150 million in annual premiums, specializing in transportation, construction/builders risk, manufacturing, property management and […]
The U.S. Securities Exchange Commission (SEC) is investigating the insurance investment funds managed by Marsh & McLennan Cos. Ltd.In a filing this week, MMC acknowledge receipt of an SEC subpoena as part of a formal investigation. “The request for information seeks documents and other information concerning related-party transactions in which a director, executive officer or […]
The future looks very different for U.S. personal lines insurance versus its commercial lines counterpart, according to the yearend review and outlook by Standard & Poor’s.The rating agency says that while the outlook for personal lines is stable, with earnings prospects favorable for the first half of 2005, earnings have likely already peaked in commercial […]
Kingsway Financial Services and its U.S. holding company, Kingsway America Inc., have had their ratings affirmed by Dominion Bond Rating Service, based on its consistent execution of strategy and strong underwriting performance. Specific note was taken of improvement in the Canadian operations, which posted a 95.5% combined ratio for the first nine months of 2004. […]
Home
Fitch Ratings says despite major moves by p&c insurers to shore up reserves over the past few years, the industry remains severely under-reserved for prior-year losses.Fitch estimates US insurers ended 2003 under-reserved by US$43.5-$61.5 billion, or 12-17% of surplus.And this impact can be felt across company results, the rating agency notes. “Chronic reserve deficiencies lead […]
By Canadian Underwriter | December 22, 2004
Life and health insurers are following in the footsteps of their general insurance counterparts, announcing a plan for public disclosure of intermediary relationships and incentives from insurers. “”Not only in North America but around the world, developments in the financial services industry make it clear that customer information and transparency are fundamental to that trust […]
Auto
The Insurance Corp. of B.C. says two residents of the provinces have pleaded guilty to charges stemming from providing false information to the public auto insurer in two separate incidents.In the first case, Ahmad Reza Ahmadj of New Westminster, B.C. pled guilty to giving false information following a hit-and run accident in September, 2003. The […]
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