Industry
Nova Scotia’s opposition party, the NDP, has once again taken charge at insurers by adding their voice to the furor surrounding the payment of broker contingency commissions. Citing research carried out by federal regulator, the Office of the Superintendent of Financial Institutions (OSFI), which suggests that the insurance industry paid brokers across the country about […]
By Canadian Underwriter | November 23, 2004
1 min read
American International Group (AIG) has made an offer of settlement to the Securities Exchange Commission (SEC) with regard to a civil suit brought against the company and AIG Financial Products Corp. in the Spitzer probe regarding rigged bidding and fees paid to intermediaries. Although the terms of the settlement were not released by AIG, a […]
A study of U.S. not-for profit organizations finds them more focused on corporate governance issues, but still lacking in some key governance areas.The survey of 700 organizations, conducted by accounting firm Grant Thornton International, revealed awareness of the Sarbanes-Oxley Act of 2002 (SOX) had surged since last year’s survey 83% of NFP organizations now say […]
2 min read
The general insurance arm of Desjardins Group helped boost company earnings in the first nine months of 2004, contributing to an overall return on equity of 17%. This compares with ROE of 14.7% in the first three quarters of 2003. The financial services giant also saw overall surplus earnings of $866 million in the first […]
Pethealth Inc. announced its financial results for the third quarter and nine months ended September 30, 2004. Notably, total revenue for the quarter ended September 30, 2004 was $2.99-million, up 56% over the quarter ended September 30, 2003. Net loss for the three months ended September 30, 2004 was $50,000, an 88% improvement from the […]
By Canadian Underwriter | November 22, 2004
The movement by the U.S. Federal Reserve to gradually increase interest rates means that insurers must plan now how they will react to this trend, says Ernst & Young LLP in its fourth quarter outlook on the insurance industry.E&Y’s “insurance and actuarial advisory services” (IAAS) practice says, despite the traditional view that rising interest rates […]
Risk
Although the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management.Executive Risk has been up and running for more than a month, writing D&O cover backed fully by Lloyd’s of […]
Auto
Human deaths due to vehicles colliding with animals on U.S. roads are on the rise, according to the Insurance Institute for Highway Safety (IIHS). The IIHS says in 2003, such fatalities rose 27%, to 201. This is almost double the average number of deaths seen in the mid-1990s. And most of these deaths were preventable, […]
By Canadian Underwriter | November 21, 2004
Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) says it will be restating its 2003 yearend financial reports after re-assessing its purchase of Vista International Insurance Brokers. The company also says it has fallen out of compliance with its lending agreements and is looking at renegotiating those agreements.The announcements came as the company reported strong […]
Claims
Two recent investigations by the Insurance Corp. of B.C. (ICBC) have led to three separate people pleading guilty to filing fraudulent claims.In the first case, Cameron Louis Simpson of Surrey pled guilty and was ordered to pay $2,875 in fines and charges for filing a fraudulent accident claim. ICBC says Simpson filed a bodily injury […]
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