Industry
The Ontario Securities Commission (OSC) has released for discussion new guidelines for accounting and disclosure for publicly-traded companies. The guidelines follow a Toronto Stock Exchange (TSX) announcement last fall that provincial securities regulators would now set the standards for corporate governance.The proposals released to industry groups are guidelines for best practices for corporate governance and […]
By Canadian Underwriter | January 23, 2004
1 min read
Risk
Nearly two in every five privately-held U.S. companies anticipates lawsuits aimed at their directors and officers from shareholders, customers or vendors this year, notes a new study sponsored by New Jersey-based Chubb Group.The survey of private company risks, conducted by Impulse Research Corp., found that 37% of executives expect lawsuits aimed at their company from […]
2 min read
Global CEOs understand the need for enterprise-wide risk management (ERM), but say there are many barriers to full implementation, according to the 7th annual Global CEO Survey by PricewaterhouseCoopers.The survey found CEOs confident of future growth in revenue (80% of the 1,400 surveyed expect growth in the short to medium term), but concerned over a […]
U.K.-based reinsurance broker Benfield Group is predicting reinsurers will maintain price discipline through 2004, with some leveling off of rates but slim chance of a dramatic softening.Speaking of the 2003-2004 renewal season, the broker notes that reinsurers did continue the trend of underwriting discipline, with some flattening of property catastrophe rates and less steep increases […]
By Canadian Underwriter | January 22, 2004
Calgary-based Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF) is planning a non-brokered private placement of up to 468,750 units priced at $1.28 each, for total gross proceeds of $600,000. Each unit contains one common share and one share purchase warrant the warrant entitles the holder to purchase a further common share for […]
Commercial property rates fell 8.8% in the last quarter of 2003, marking the first major rate decline since 2000, according to the quarterly survey by the Risk and Insurance Management Society (RIMS) and Advisen Ltd.Risk managers report not only are property rates dropping, but, exclusive of inflationary increases, other lines are flattening or experiencing significantly […]
Fairfax’s Fairmont Specialty Group Inc. which includes the remaining business of former subsidiaries TIG Insurance Group and Ranger Insurance Group says U.S. regulators have given a "thumbs up" to the company’s structure and capitalization.The announcement prompted rating agency A.M. Best to place under review with developing implications the financial strength ratings of Fairmont Insurance Co. […]
By Canadian Underwriter | January 21, 2004
TD Bank’s insurance arm has purchased the Canadian personal lines book of Liberty Mutual, a subsidiary of Boston-based Liberty Group. Meloche Monnex, which sells personal home and auto insurance as TD Insurance Home and Auto and under its own name, will become the largest direct writer of p&c insurance in Canada, and join the top […]
Claims
While it may not come as news to Canadian insurers, a new U.S. study confirms that in that country, auto injury losses are skyrocketing despite a decline in serious injuries due to auto accidents.The study, by Pennsylvania-based Insurance Research Council (IRC), finds that in the last five years, auto injury claim amounts have grown at […]
By Canadian Underwriter | January 20, 2004
Auto
About 90% of the auto insurance companies in Alberta had filed for rate rebates or credits as of January 14, although customers may wait months to actually receive their rebate.The rollbacks are part of a provincial government plan to reform the auto insurance system which began with a rate freeze on October 30, 2003, and […]
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