Risk
A new study commissioned by the Chubb Group of Insurance Companies finds 60% of private companies anticipate an employee will steal funds or equipment this year. Also, 34% say an employee may steal funds from a client. A full 39% of companies report some kind of employee theft from the company over the past few […]
By Canadian Underwriter | September 13, 2004
1 min read
Rating software vendor Compu-Quote is releasing its Alberta update for its AutoRater to respond to new legislation coming into effect October 1. Senior vice president James Nickelo says the new “premium grid” being implemented in the province may actually bring new broker clients to rating software. “Providing fast, accurate auto insurance quotes manually has never […]
By Canadian Underwriter | September 9, 2004
The global credit derivatives market (CDx) was up to US$2.8 billion of gross sold outstanding (US$3 trillion including cash collateralized debt obligations), up 71% over 2002, according to the latest study by Fitch Ratings. The rater notes that single-name credit default swaps grew 100% to US$1.9 trillion in 2003, while portfolio products (including traded indices) […]
2 min read
General Electric, parent of GE Employers Re, has re-branded its reinsurance and commercial insurance segments as GE Insurance Solutions.At a gathering in Toronto Tuesday, Peter Borst, chief agent in Canada for the reinsurance operation of GE Insurance Solutions welcomed Ken Brandt, head of P&C reinsurance, North America & Asia, who commented on the new brand. […]
By Canadian Underwriter | September 8, 2004
In its assessment of the global reinsurance sector, Fitch Ratings is predicting a 2004 combined ratio of 97%, a slight improvement over 97.2% in 2003. The prediction follows the rater’s decision in July to change the sector’s outlook to stable from negative, where it had been since late 2001. Despite this, the rater notes many […]
Aviva has sold its general insurance business in Asia to Mitsui Sumitomo Insurance in a cash transaction valued at 249 million pounds (Cdn$570 million). Aviva says it intends to focus on its long-term savings business in the region. The first ever McGannon Foundation 5 km “Fun Run” is set for Sunday, October 3, as part […]
By Canadian Underwriter | September 7, 2004
Facing a new global economic reality, insurers are just coming out of a period of difficult adjustments which lead them to a healthier, more stable financial position, says Jane Voll, chief economist for the Insurance Bureau of Canada (IBC).In her quarterly “Perspective” analysis of the market, Voll notes that since 2000 the industry has suffered […]
By Canadian Underwriter | September 6, 2004
A.M. Best and Standard & Poor’s have both downgraded Converium, with Fitch placing the company on a negative rating watch for possible downgrade. The reactions follow Converium’s announcement of a plan to restructure its North American operations from two companies into one with reduced premiums, to launch a US$420 million share issue, and possibility increase […]
By Canadian Underwriter | September 2, 2004
Market feedback from commercial brokers and risk managers indicates that insurance pricing has peaked in most non-personal lines, including the volatile directors’ and officers’ (D&O) coverage. In fact, brokers and risk managers lament that the current conditions of the insurance marketplace are deja vu of past dramatic cycle swings between a “hard” to a “soft” […]
By Sean van Zyl, Managing Editor | August 31, 2004
4 min read
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
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