Risk
The organization representing North American commercial insurance buyers has not come out against broker contingent commissions, but is issuing strong words on the need for full disclosure of such arrangements. In its policy statement on compensation agreements, the Risk and Insurance Management Society (RIMS) says, “because of the complex nature of insurance transactions, a special […]
August 31, 2004
2 min read
The friends of Mike Yang are staging two events to raise funds for this industry veteran, who is recovering from a serious illness experienced last fall. Funds are needed to help Mike and his family modify their home and vehicle to accommodate his condition and recovery. The first reception is Thursday, September 23 from 5-7 […]
3 min read
Claims
Marshall and Swift/Boeckh announces the appointment of insurance industry veteran Klaas Westera to the role of business manager for Canadian operations. Westera has been involved in insurance industry technology for over 25 years, including four years as president of the Centre for Study of Insurance Operations (CSIO). Custard Insurance Adjusters Canada Inc. has appointed Tracey […]
1 min read
New guidelines offered up by the DRC Trade Show Services for insurers, adjusters and contractors were recently released via a national road-show. DRC struck a committee of indoor environmental professionals, building science engineers and restoration contractors to address what was seen as a void in mold handling practices – the need for more standardized documentation, […]
Industry
Alberta-based broker network and bank Western Financial Group (TSX: WES) saw net earnings for the first half of this year more than double to $2 million compared with the $957,000 reported for the first six months of 2003. This translates to earnings of 9 a share against the 5 a share reported the year prior […]
Montreal-based Optimum General Inc. (TSX: OGI.A) saw net income for the second quarter of this year more than double to $2.21 million (19 a share) compared with the $783,000 (7 a share) reported for the period a year ago. Much of the insurer’s financial gains resulted from stringent underwriting discipline, with the company’s combined ratio […]
International adjuster Lindsey Morden (TSX: LM) saw its net loss widen to $2.9 million (21 a share) for the second quarter of this year compared with the net loss of $2.6 million (19 a share) reported for the same period in 2003. Overall, the adjuster’s revenue dropped to $102.1 million for the most recent quarter […]
The insurance market set risk managers on a roller coaster ride since the beginning of the millennium. A long and deep soft market was cut dramatically short by the events of 9/11, sending insurance prices skyward and leaving commercial buyers reeling. Not even three years later, successive quarterly surveys show clear signs of market softening, causing risk managers to wonder if the cyclical ride of the insurance market will ever end.
By Vikki Spencer | August 31, 2004
10 min read
As risk managers emerge from what has been one of the most severe hard markets in memory, much remains to be done in the way of mending relationships between commercial insurance buyers, brokers and insurers. These three groups will converge in Winnipeg, Manitoba for the annual RIMS Canada Conference in October, and organizers Mike Maida and John Rislahti hope "Portage 2004" will provide a forum for relationships to be restored and risk managers to be renewed in their quest for enterprise risk management.
6 min read
Insuring Canada's rapidly growing film and entertainment industry is a niche business fraught with perils of ego-driven cast members, property risks and copyright lawsuits. As a result, insurance coverage remains tight and expensive, with only a handful of insurers and brokers willing to take center-stage.
By Craig Harris | August 31, 2004
9 min read
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