Risk
Executives are increasingly looking to protect their personal assets through the purchase of stand-alone “side A” directors’ and officers’ (D&O) cover, according to a new study by international broker Willis.The coverage, designed to protect directors and officers when the company cannot indemnify them, is increasingly being purchased by those in Fortune 1000 companies surveyed.The average […]
By Canadian Underwriter | September 23, 2004
1 min read
Industry
American International Group (AIG) announced this week it has received notice from the U.S. Securities Exchange Commission (SEC) that it may face a civil action for alleged violation of federal securities laws.SEC staff are recommending the action against AIG and its AIG Financial Products Corp. (AIGFP) relative to an investigation of transactions between an AIGFP […]
By Canadian Underwriter | September 22, 2004
Western Financial Group has named Jim Dinning as chair of the board, to replace James A. Robb. Dinning had been vice chair of the board, and company CEO Scott Tannas says the change is in anticipation opportunities the company is facing in the western Canadian financial services market. Bill Yuill has also been appointed to […]
Despite signs of sluggishness in the U.S. economy, the Federal Reserve Board shows no signs of being deterred from its measured approach to raising federal fund rates, notes a report by Swiss Re chief economist Kurt Karl.”The Fed [Tuesday] reinforced its often-mentioned intent to raise the federal funds rate to a more neutral level, by […]
Claims
Insured loss estimates from Hurricane Ivan have been downgraded by risk modeling agency Risk Management Solutions (RMS) to US$3-$6 billion. This is on top of an estimated US$1-$2 billion in insured losses in the Caribbean, with the majority in the Cayman Islands.More than half of the damages occurred in Florida, notes an RMS release, and […]
2 min read
Lloyd’s chairman Lord Peter Levene called Texas “a state at risk” and called upon the city’s business to do more in terms of improving security and risk management. “Many companies have improved their security measures considerably since September 11th, but there is still little consistency as security standards vary greatly,” he said. He adds that […]
By Canadian Underwriter | September 21, 2004
Fairfax Financial Holdings (TSX: FFH) says it will buy back up to 950,000 of its subordinate voting shares, representing less than 10% of its public float of over 13 million outstanding subordinate voting shares. “Fairfax is making this normal course issuer bid because it believes that in appropriate circumstances its subordinate voting shares represent an […]
The U.S. excess & surplus (E&S) lines industry saw direct premiums rise 28% in 2003, compared to just 12% growth in the overall property & casualty industry, according to a new report by A.M. Best.E&S writers saw premiums jump 62% in 2002, and then followed this up with substantial growth last year, capitalizing on hard […]
Co-operators General Insurance Co. of Guelph, ON has seen its “BBB-” rating affirmed and its outlook revised to positive by rating agency Standard & Poor’s.”The financial strength rating on CGIC reflects the insurance company’s position as one of Canada’s larger property and casualty insurers, and its strong capitalization, asset quality and liquidity,” says S&P analyst […]
Home
U.S. insurers are reacting with something less than enthusiasm to a Democratic proposal for an asbestos fund.Senate Minority Leader Tom Daschle of South Dakota put forward the proposal, which would establish a fund of US$140 billion for victims of asbestos-related diseases. Daschle had previously proposed a fund of US$145 billion.The amount is now the same […]
By Canadian Underwriter | September 20, 2004
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