Risk
Despite record catastrophe losses, European reinsurers recently registered recorded improved profitability for 2004, according to the latest European Reinsurance Quarterly Report from Benfield.Results from six major European reinsurers exhibit earning results from non-catastrophe business held up so that overall losses were moderate, according to Benfield’s Industry Analysis and Research team spokesman Lewis Phillips. “The retention […]
By Canadian Underwriter | June 6, 2005
1 min read
Former General Re executive John Houldsworth has plead guilty to one count of conspiracy regarding the accounting investigations into American International Group (AGI). Houldsworth, a former executive at Berkshire Hathaway’s General Re unit and former chief executive of Gen Re’s Cologne Re Dublin unit in Ireland, admitted his criminal role in conspiring to misstate AIG’s […]
A statistical error occurring in the original release of the RIMS/Mercer risk management compensation survey, resulted in incorrect information being published in Canadian Underwriter’s May 26 article, “Risk management compensation rises.” The error reflected the unintentional amalgamation of Canadian and US data that reflected inaccurate compensation trends. The correct data, citing only US data, states […]
By Canadian Underwriter | June 3, 2005
RS Group of Companies, Inc. (OTCBB: RSG) has signed an exclusivity agreement to become a wholly-owned subsidiary of Strategy International Insurance Group, Inc (OTCBB: SGYI). The transaction identifies Strategy’s intent to acquire all RS’s outstanding shares of common stock, options and all other outstanding equity securities. Subject to negotiation and execution of a definitive merger […]
By Canadian Underwriter | June 2, 2005
How can broker principals get more productivity from their account executives (AEs)? Give them back their creative energy and let them polish their networking skills. However, their lack of discipline must also be turned into advantage through a “business development center” (BDC). Most brokerages structure their operations along “servicing lines”, rather than sales. Thus, you […]
By Rick Bauman, President, Bauman Consulting Incorporated | May 31, 2005
4 min read
The road forward is a bumpy one for auto insurance companies in light of recent politically-inspired rants regarding regulation reforms, which are set to challenge insurers during a softening cycle that has been further compromised by bouts of bad press brought on by poorly defined financial result releases and questionable contingent commissions, to name but a few of the industries hurdles.
May 31, 2005
6 min read
After the volatile financial performance of the property and casualty insurance industry over the past five years, coupled with the public attacks of politicians and regulatory agencies last year, insurers are facing "rocky times" as they scramble to regain consumer confidence and maintain underwriting discipline, say speakers at this year's Canadian Insurance Congress, which was recently held in Banff, Alberta. The top concern of the insurance industry is the potential of new draconian regulations being brought into place in light of the controversy sparked by the numerous and ongoing regulatory investigations into intermediary remuneration arrangements and the use of finite reinsurance contracts - the outcome of which could be a significantly different operating landscape.
By Sean van Zyl, Editor | May 31, 2005
11 min read
Little did the drafters of the U.S. Declaration of Independence know how intensely to heart their call to free speech and revolutionary thinking would be taken by risk managers who recently met in Philadelphia for the annual Risk & Insurance Management Society (RIMS) conference. The city - which saw the foundation of liberty - was the site of frank dialogue between risk managers, brokers and insurers concerning the alarming regulatory issues now facing the property and casualty insurance industry.
By Vikki Spencer | May 31, 2005
7 min read
The past three years has seen an unprecedented level of intervention by provincial governments in the setting of auto insurance prices. Over this period, an estimated $1.3 billion in auto insurance premiums has come under direct price controls in the form of mandatory rebates, rollbacks and price freezes. This number will move even higher when further mandatory price dictates come into effect this month in the province's of Alberta and Newfoundland.
By Jane Voll, chief economist at the Insurance Bureau of Canada | May 31, 2005
Despite the higher profitability achieved by Canadian property and casualty insurers for 2004, the industry is unlikely to maintain this earnings momentum through this year and into 2006, according to the recently released fourth quarter 2004 “MSA/Baron Outlook Report”. The report expects that developing pricing weakness in commercial lines, combined with the auto rate rollbacks […]
2 min read
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