Risk
Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry's history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
November 30, 2004
4 min read
The U.S. hurricanes and Japanese typhoons of the third quarter did deal a blow to the earnings of top European insurers, but balance sheets remained strong, according to the latest quarterly report by broker Benfield Group.In “Riders on the Storm”, Benfield notes that the combined losses of the top reinsurers – Converium, Hannover Re, Munich […]
By Canadian Underwriter | November 29, 2004
2 min read
The financial ratings of European insurers has continued to stabilize over 2004, says a report released by rating agency Standard & Poor’s (S&P). "Only five of the 20 groups covered in this report continue with a negative outlook, compared with just five stable outlooks back in May 2003," comments S&P credit analyst Hans Wright.The financial […]
By Canadian Underwriter | November 25, 2004
1 min read
Although the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management.Executive Risk has been up and running for more than a month, writing D&O cover backed fully by Lloyd’s of […]
By Canadian Underwriter | November 22, 2004
Manitoba Public Insurance (MPI) is tightening up its driver safety program, hoping for early intervention to change driver behavior.Under the “Driver Improvement and Control Program”, MPI monitors driver behavior using a system of demerit points for collisions, traffic convictions, etc., much like other provinces. Additions to the system will see the public auto insurer looking […]
By Canadian Underwriter | November 21, 2004
Fitch Ratings, following suit with Standard & Poor’s, has come out strongly against the use of finite reinsurance, saying the practice “means to disconnect the accounting results from the underlying economic reality” faced by insurers buying the product.Raters are reacting to investigation of finite reinsurance (or what S&P terms “financial engineering products”) by New York […]
By Canadian Underwriter | November 18, 2004
Risk managers want to see an overhaul of the current system for buying insurance coverage, according to a new survey by New York-based Advisen Ltd.In a survey of 700 risk managers, almost 75% said they want more standardization and transparency in insurance buying transactions. At the same time, almost 68% say their organization needs better […]
U.S. insurers had their chance to refute claims of widespread industry deception about their relationships with brokers when Property & Casualty Insurers Association of America (PCI) CEO Ernie Csiszar spoke before a Senate subcommittee this week.Csiszar’s comments came the same day New York Attorney General Eliot Spitzer also spoke to the subcommittee of the Senate […]
By Canadian Underwriter | November 17, 2004
U.S. brokers quickly spoke out against the testimony of New York Attorney General Eliot Spitzer to a Senate subcommittee looking at compensation issues Tuesday. Council of Insurance Agents and Brokers (CIAB) president Ken Crerar says, “we categorically challenge assertions that fraud, bid rigging and kickbacks are commonplace in the insurance brokerage industry. It is wrong […]
Following on media reports in the U.S. of an investigation into potential abuse of “financial engineering” products, Standard & Poor’s has issued a report which cites four companies who could be targets of such an investigation.Bermuda-based ACE Ltd. disclosed this week that it received subpoenas from the U.S. Securities Exchange Commission (SEC) and New York […]
By Canadian Underwriter | November 16, 2004
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