Risk
How a proactive broker can reduce the financial risk for policyholders
By Reg Riddles, Paul Kovacs and Jim Harries, PACICC | May 31, 2006
6 min read
Marsh & McLennan Companies, Inc. (MMC) reported its 2006 Q1 consolidated revenues were US$3 billion – a 1% decline from 2005 Q1. Marsh’s overall net income in 2006 Q1 was US$416 million, compared with US$134 million in 2005 Q1. “A number of noteworthy items affected first quarter results in both 2006 and 2005,” Marsh noted […]
May 31, 2006
1 min read
North America’s commercial insurance industry remained a buyers’ market in 2005 and shows no signs of hardening any time soon, according to the 2005 Annual Benchmark Survey from the Risk and Insurance Management Society (RIMS). In the executive summary of the survey, Bradford notes almost every class of business tracked for the survey showed a […]
2 min read
Social hosts of parties where alcohol is served do not owe a duty of care to public users of highways, the Supreme Court of Canada has ruled in Childs v. Desormeaux. Insurers were watching the case with interest because of its implications on how homeowners insurance, which would pay out for social host liability, might […]
The wind-up of the reinsurance business of Cavell Insurance Company became the centre of a recent Ontario Court of Appeal judgment concerning the enforcement of foreign court orders.The Ontario Appeal Court decision upheld a U.K. court order, even though the U.K. order did not meet a traditional requirement: typically, only the final judgment of a […]
By Canadian Underwriter | May 30, 2006
The Autorit des marchs financiers (AMF) has published a working document on the regulation of derivatives markets in Qubec. The document outlines the orientation the AMF is taking for the development of a proposed regulatory framework. The approach is for the regulator to identify several key “core principles” with which the regulated entities will comply. […]
By Canadian Underwriter | May 29, 2006
The long-term counterparty credit and insurer financial strength ratings on Swiss Reinsurance Co. and its core operating companies will remain on CreditWatch with negative implications, according to Standard & Poor’s Ratings Services. Swiss Re and its entities were placed on CreditWatch on Nov. 18, 2005, following the reinsurers announcement that it agreed to acquire U.S.-based […]
By Canadian Underwriter | May 26, 2006
The commercial insurance industry remained a buyers’ market in 2005 and shows no signs of hardening any time soon, according to the 2005 Annual Benchmark Survey from the Risk and Insurance Management Society (RIMS).The 2005 survey revealed that the total cost of risk (TCOR) was down for the first time since 2001. Following 9/11, insurance […]
By Canadian Underwriter | May 25, 2006
Aon Consulting, the human capital consulting organization of Aon Corporation (NYSE:AOC), a provider of risk management services, has launched a new corporate investigations group.The new group will “assist organizations worldwide with their most complex corporate investigations, while ensuring they adhere to regulatory standards,” a company press release says.”This group works with law firms, corporations, governmental […]
Lloyd’s chief executive Richard Ward has sent a letter to the market outlining proposals to promote contract certainty.The letter includes proposals that would streamline the way insurance contracts are checked, produced and issued.The changes outlined in Ward’s letter follow consultation with the market, Lloyd’s says in a press release posted on its Web site. “The […]
By Canadian Underwriter | May 23, 2006
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