Industry
Zurich Financial Services confirmed late Tuesday that two employees who had been suspended earlier have now pled guilty to criminal charges of bid-rigging.Zurich had suspended the two employees, who are underwriters at its Zurich North America Commercial excess casualty business, as a result of an investigation commissioned by the insurer but carried out by an […]
By Canadian Underwriter | November 16, 2004
1 min read
Risk
Following on media reports in the U.S. of an investigation into potential abuse of “financial engineering” products, Standard & Poor’s has issued a report which cites four companies who could be targets of such an investigation.Bermuda-based ACE Ltd. disclosed this week that it received subpoenas from the U.S. Securities Exchange Commission (SEC) and New York […]
2 min read
Testifying before a Senate subcommittee on the issue of broker compensation, a representative of the world’s largest risk management organization says her group would support a ban on contingent commissions.The Risk & Insurance Management Society (RIMS), which represents commercial insurance buyers, has long advocated the need for disclusre of broker compensation agreements with insurers. Speaking […]
Auto
The Insurance Corporation of B.C. (ICBC) has just released Canadian results as part of an international study of seat and head restraints which shows that too many vehicles are rated poorly when it comes to this vital safety equipment. ICBC, as part of the International Insurance Whiplash Prevention Group (IIWPG), found in its study that […]
By Canadian Underwriter | November 15, 2004
With testimony underway in a U.S. Senate subcommittee hearing into broker compensation practices, one broker representative says the notion that insurers and brokers should have an “adversarial” relationship in order to best serve clients is “misguided”.Former Council of Insurance Agents & Brokers (CIAB) chair and Baltimore broker Albert Counselman told a subcommittee of the Senate […]
Alberta-based Peace Hills General Insurance Co. has been upgraded to “B” from “B-” with a stable outlook by A.M. Best.The rating agency says Peace Hills shows improved capitalization and strong profitability in the recent years, building on strong operations, management and reserving practices. The insurer’s risk-adjusted capitalization has improved on the back of rate increases […]
Standard & Poor’s says it will take no rating action on the three life insurers mentioned in the civil charges filed by New York Attorney General Eliot Spitzer against California intermediary Universal Life Resources. The three insurers MetLife, Prudential and UnumProvident are named as having paid Universal special compensation which Spitzer alleges motivated Universal to […]
In a press conference today, Ontario’s p&c insurers and brokers announced a new system to ensure better communication and disclosure to consumers about commissions and other practices, while maintaining the practice of contingent commissions.In response to the investigation of broker compensation in the U.S. and calls for review of compensation here in Canada, the Insurance […]
By Canadian Underwriter | November 14, 2004
New York Attorney General Eliot Spitzer, in his continuing probe of broker commissions, has filed a civil suit against San Diego-based benefits broker Universal Life Resources Inc. and its CEO Douglas Cox.The suit alleges the firm, which specializes in life and disability insurance, “steered business to insurers in exchange for lucrative payoffs and that this […]
Claims
The Canadian operation of U.K.-based Royal & SunAlliance has produced strong results for the third quarter ending September 30, 2004, with combined ratio improving to 96.3% from 99.0% a year earlier.Overall, the Canadian operation produced an underwriting profit of $10 million, a complete reversal of the $10 million underwriting loss produced for the same period […]
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