Operations
Insurers have some reason for “cautious optimism” when it comes to silica claims, according to a new report by reinsurance broker Guy Carpenter.The report, which is a follow-up on a fall, 2004 study, notes two recent developments which auger well for insurers. First, in the case of Gomez v. Humble, Gomez had been awarded US$2 […]
By Canadian Underwriter | February 22, 2005
2 min read
One Marsh and two AIG executives offered guilty pleas today in New York Supreme Court in the ongoing investigation into insurance industry practices spurred by New York Attorney General Eliot Spitzer.The guilty pleas stem from criminal charges of fraud and bid-rigging, with Spitzer’s office saying all three were involved in “a scheme that allowed Marsh… […]
By Canadian Underwriter | February 15, 2005
1 min read
Marsh & McLennan Cos. Inc. has settled the civil charges filed by New York Attorney General Eliot Spitzer for US$850 million. The charges were filed in October, 2004, alleging misconduct at MMC’s insurance brokerage unit, Marsh Inc., in the U.S. Spitzer’s suit alleged the company had engaged in bid-rigging, but also charged that conflict of […]
By Canadian Underwriter | January 31, 2005
Calgary-based broker consolidator Anthony Clark International Insurance Brokers Ltd. (ACL) has purchased the assets of Illinois-based Schuneman Insurance Agency Inc.ACL’s U.S. subsidiary Addison York Insurance Brokers Ltd. paid $1.61 million for the Schuneman operation, financed via an existing credit facility. ACL says it expects the acquisition to add 5% to annual revenues. This is the […]
By Canadian Underwriter | January 12, 2005
With the third quarter of 2004 presenting a record 69 new securities litigation cases being filed in the U.S., this year’s total number of cases has already reached the level achieved in all of 2003.According to PriceWaterhouse Coopers LLP, in an update of its 2003 Securities Litigation Study, the record number of filings in this […]
By Canadian Underwriter | November 25, 2004
A five-week internal investigation carried out by Employers Reinsurance Corp. (ERC) has revealed "a limited number of isolated issues" that could pertain in the ongoing Spitzer investigation into questionable business bidding practices within the insurance industry. The "issues" in question involve one current and one former employee of ERC with regard to business quotations presented […]
By Canadian Underwriter | November 23, 2004
We are moving offices. This means that our Web site will be down on Friday, August 13th between 8:00 a.m. and 10:00 p.m. We apologize in advance for the inconvenience. We will work to minimize the duration of this outage while we move our Web server to the new building and restore service as quickly […]
By Canadian Underwriter | August 10, 2004
The guest speaker accepted the thanks of the luncheon chairman, and as the applause died away I rose from my seat. “A lot to think about, eh?” I said to my boss, Fred Wilson, the general manager of our company’s downtown branch. He nodded to me and got up from the table with the other […]
By Axiom | July 31, 2004
10 min read
With the sale of former Vector subsidiary Bow Valley Insurance to the brokerage’s president, Kirit Gohill, the Calgary-based company is planning to grow through acquisition.Gohill, who has also served as Vector’s Western region vice president before the company’s demise (see CU Breaking News, 03/06/2004), says he was eager to buy back the Calgary branches of […]
By Canadian Underwriter | June 6, 2004
Broker network Hub International (NYSE/TSX: HBG) posted net income up 8% in the first quarter 2004, to US$9.6 million, compared with US$8.9 million in the first quarter of 2003.This is dispute a US$1.7 million after-tax write-off following the company’s move to incorporate all of its operating units under the Hub International brand.Earnings translate to US$0.29 […]
By Canadian Underwriter | April 29, 2004
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