Risk
The Financial Services Commission of Ontario (FSCO) has order two Toronto paralegals operating as “Castro and Associates” to cease and desist holding themselves out as paralegals. The interim order requires Carlos Castro, Manuel Castro and any of their representatives to stop acting as paralegals on statutory accident benefits (SABS) auto insurance claims. They must also […]
By Canadian Underwriter | December 5, 2004
1 min read
New Jersey-based Chubb Corp. is the latest to receive a subpoena from the U.S. Securities Exchange Commission related to a probe of finite risk reinsurance products.The SEC probe mirrors one being undertaken by New York Attorney General Eliot Spitzer into finite re, and other companies having received SEC subpoenas include Swiss Re and ACE Ltd.Rating […]
Industry
Cambridge, Ontario-based Gore Mutual Insurance Co. has seen its counterparty credit and financial strength ratings lowered to “BB” from “BBB” by rating agency Standard & Poor’s. The ratings are based on public data, rather than an interactive rating process, S&P notes.”The rating action reflects the company’s weak operating performance, marginal liquidity, and very high geographic […]
Insurers still have a way to go to catch up with their banking and investment industries in effectively managing capital, according to a new survey by KPMG.The “Risk and Capital Management” survey of insurers worldwide finds their responses reflect the views of industry analysts that insurers are improving their ability to manage capital, but still […]
2 min read
The financial strength of Lloyd’s, as well as its flexibility, have been evident since 9/11, according to a new report on the London market by reinsurance broker Benfield Group.Lloyd’s maintains a strong competitive position with the significant increase in market capital seen over the past three years. And while capacity for 2005 is likely to […]
By Canadian Underwriter | December 2, 2004
AIG has been served with a lawsuit alleging violations of U.S. pension plan legislation for the devaluation of the company’s stock as a result of the recent broker compensation scandals. New York law firm Wolf Popper LLP has filed the suit on behalf of participants in AIG’s 401k plan, alleging the insurer “failed to disclose […]
Economic signs in the U.S. are far from positive, according to a survey of 45 economists by Swiss Re. The biannual “economic risk” survey found economists perceive a 13% chance of a stock market crash defined as a 25% minimum decline in a major stock market index as about 13% for both the U.S. and […]
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Insurers are generally reacting positively to proposed model regulations around broker compensation.The Property-Casualty Insurers Association of America (PCI) says the National Association of Insurance Commissioners’ (NAIC) model regulation of broker compensation makes sense in principle. The new regulations would require brokers to disclose all sources of compensation, including contingent commissions to clients and prospects, and […]
Toronto-based Fairfax Financial Holdings (NYSE, TSX: FFH) is planning an offering of senior notes on the U.S. exchange. The company will offer US$150 million of its 7.75% senior notes due 2012, on condition of the closing of previously announced equity financing as well as a debt tender offer made earlier in November.The most recent offering […]
By Canadian Underwriter | December 1, 2004
The Property & Casualty Insurance Compensation Corp. (PACICC) has joined together with other financial services insolvency groups to launch a new website for consumers. The site, www.financeprotection.ca, includes information on PACICC, as well as compensation plans for savings, investments and life/health insurance. The New York Assembly’s Standing Committee on Insurance has scheduled hearings for December […]
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