Claims
A spot of good news for Converium AG, which saw its rating raised by Standard & Poor’s to “BBB+” from “BBB”. The announcement follows successful completion of the reinsurer’s bid to raise US$420 million in capital through a rights issue. Commenting on the news, a Converium release states: “Converium believes that Standard & Poor’s latest […]
By Canadian Underwriter | October 17, 2004
1 min read
With this weekend marking the 50th anniversary Hurricane Hazel, one industry group is using the occasion to promote disaster preparedness. The Institute for Catastrophic Loss Reduction (ICLR) says with this anniversary, and in light of the recent hurricanes wreaking havoc in the U.S., now is the perfect time for everyone to consider their own level […]
2 min read
Industry
Rating agencies are reacting to news that New York Attorney General Eliot Spitzer has filed civil charges against broker Marsh, and exacted guilty pleas from two AIG executives relative to industry placement practices.The news came last Thursday, with Spitzer accusing Marsh of “bid rigging” and other deceptive practices relative to the placement of insurance contracts. […]
Along with other changes now in place in Alberta’s auto insurance system, the government this week said a new complaint-handling procedure is in place. The system works in conjunction with the General Insurance OmbudService (GIO) and encourages consumers with a complaint to first speak with their broker and insurer before proceeding with the GIO. If […]
By Canadian Underwriter | October 14, 2004
New York Attorney General Elito Spitzer Thursday announced the launch of a civil suit against brokerage Marsh over commission practices. The suit alleges the brokerage “steered unsuspecting clients to insurers with whom it had lucrative payoff agreements, and that the firm solicited rigged bids for insurance contracts”. Spitzer also announced that two unnamed executives from […]
Aviva Canada is planning to test a new auto rating system which would allow drivers to have premiums based on how much they use their vehicle.The new “Autograph” program will be tested early in 2005, and the insurer is currently looking for 5,000 Ontario drivers willing to test the system.The program allows drivers to track […]
Risk
While insurer Pembridge is not withdrawing from the Alberta auto market, the company is scaling back and restructuring its business there.A statement released this week says the insurer undertook a review of its operations in Alberta which led to the conclusion that to remain viable in the province it would have to “re-focus” its business.In […]
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As the second phase of the World Trade Center insurance coverage trial begins this week, one lawyer says a key difference in this case will be the “intent” of insurers.Most of the carriers who insured the WTC when the towers collapsed on September 11, 2001 as a result of terrorism were successful during the first […]
By Canadian Underwriter | October 13, 2004
3 min read
The world’s oldest insurance market is taking its first steps into the debt market as Lloyd’s announces plans to raise 500 million pounds in long-term subordinated debt.The move accompanies other strategies to finance the Society of Lloyd’s central fund, notes CEO Nick Prettejohn. Lloyd’s has also asked for direct contributions from members and set up […]
Just as the European reinsurance industry was producing strong results, global storm losses in the third quarter of 2004 stand to wipe out yearend profit forecasts, notes the quarterly review by Benfield Group.Despite good results in the first half, recent unprecedented tropical storm losses have blown away earlier profit expectations for the year,” according to […]
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