Risk
On the heels of the broker compensation probe by New York Attorney General Eliot Spitzer and the civil charges filed against Marsh, Zurich Financial Services says it has suspended two employees at its Zurich North America Commercial specialty business. In a statement, Zurich says the suspensions came out of an external review currently being conducted […]
By Canadian Underwriter | November 14, 2004
1 min read
Industry
In a press conference set for Friday, the Canadian p&c insurance industry is set to announce its plans for improving disclosure and transparency with consumers.In a joint event, representatives of the Insurance Bureau of Canada (IBC), Insurance Brokers Association of Canada (IBAC) and the Insurance Brokers Association of Ontario (IBAO) will announce plans which respond […]
By Canadian Underwriter | November 11, 2004
Continuing its financial turnaround, Montreal-based Optimum General Inc. (TSX: OGI.SV.A) is reporting its sixth consecutive quarter of profit for the third quarter ending September 30, 2004.The insurer produced net income of $742,000 ($0.06 per share) for the quarter, up from income of $411,000 ($0.04 per share) in the same quarter a year ago. Over the […]
2 min read
Rating agency Fitch, in a lengthy press release, says it will maintain its negative outlook on financial services giant Fairfax Financial Holdings Ltd. irregardless of the company’s third quarter filings.Fitch had earlier placed the negative watch on the company citing, amongst other things, weak disclosure relative to its decision to buy back debt, given that […]
The U.S. Federal Reserve Board’s decision to raise the federal fund rate 25 basis points to 2.0% sets up the prospect for similar action by The Bank of Canada. While the Fed is expected to raise rates by 25 points in each of its next eight meetings, BoC is expected to raise rates twice more […]
The Consumers Association of Canada (CAC) wants to see Ontario Finance Minister Greg Sorbara to “step aside as regulator of the insurance industry”, saying he is in conflict over the issue of broker commissions.The call comes after New Democrat MPP Peter Kormos accused Sorbara of having a conflict of interest over insurance issues because of […]
By Canadian Underwriter | November 10, 2004
Risk managers in the U.K. are adamant that the current system of contingent commissions to broker needs to be abolished. In a survey by the Association of Insurance and Risk Managers (AIRMIC), 93% of corporate insurance buyers say contingent commissions should be banned or at least investigated by the U.K. Financial Services Authority (FSA). And […]
Commercial
In a letter to the National Association of Insurance Commissioners (NAIC), U.S. commercial brokers say a new system of regulating commission practices should include transparency, but also recognize the legitimacy of contingent commissions.The letter, sent to NAIC president Diane Koken by Ken Crerar, president of the Council of Insurance Agents & Brokers (CIAB), stresses that […]
Lloyd’s plan to issue 500 million of subordinated debt has been oversubscribed several times over, and the 300-year-old market announced terms of the offering Wednesday. An application to the London Stock Exchange is for a sterling tranche of 300 million at 6.875%, maturing 2025, and a second tranche of 300 million with a coupon of […]
The Canadian insurance industry’s pool for high-risk auto business, the Facility Association (FA), is calling on Nova Scotia’s insurance rate filing board to act more promptly in approving more appropriate rates as the "market of last resort". Due to regulatory interference, the FA’s rates over recent years have become attractive relative to the standard auto […]
By Canadian Underwriter | November 9, 2004
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