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Third-party claims require underwriters to develop loss prevention techniques

Underwriters must develop loss prevention techniques to address businesses prone to coverage liability claims exposures arising out of discrimination, harassment and other employment practices issues, according to recent findings from the PLUS Employment and Fiduciary Issues Symposium. Panelists at the symposium suggested underwriters must begin to anticipate third-party exposures because the nature of employment practices […]

By Canadian Underwriter | June 7, 2005

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US first quarter reinsurance results

US property-casualty reinsurers experienced a combined ratio of 93.9% for the quarter ended March 31, compared to a combined ratio of 94% last year for a similar group of reinsurers. These results reflect a 68.2% loss ratio and a 25.7% expense ratio for the group of 26 reinsurers surveyed by the Reinsurance Association of America […]

By Canadian Underwriter | June 3, 2005

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IBAO appoints chief operating officer

The Insurance Brokers Association of Ontario (IBAO) appointed Randy Carroll as its chief operating officer. Effective May 1, Carroll began directing the daily operations at IBAO. Preparing for this transition from his three-year tenure as director of operations for the IBAO, Carroll spent the past year working closely alongside retiring CEO Robert J. Carter. As […]

By Canadian Underwriter | May 17, 2005

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PCI stresses need for uniform approach in finite re probes

The Property Casualty Insurers Association of America (PCI) is calling on state regulators to adopt a consistent approach in their investigations into the use of finite reinsurance transactions by insurers. The investigations launched earlier this year by the Securities Exchange Commission (SEC) and New York’s attorney general Eliot Spitzer into the books of the AIG […]

By Canadian Underwriter | May 16, 2005

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Hub acquires U.S. specialty reinsurance brokerage

Broker network consolidator, Hub International Ltd. (TSX: HBG), has acquired Los Angeles-based THB Intermediaries Inc. (THB) in a combined cash and stock deal. The value and terms of the purchase have not been disclosed.THB operates as a specialty reinsurance brokerage handling placement of facultative business. The brokerage operates from offices in New York, Los Angeles, […]

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Claims costs for 2005 will outpace premium growth

Despite the strong results posted by the U.S. property and casualty insurance industry in 2004, this year will likely see loss costs significantly outpace premium growth, according to a special report by A.M. Best. The rating agency says the US$6.3 billion underwriting profit achieved by insurers – the first since 1978 – is the result […]

April 30, 2005

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What’s new: In brief (April 25, 2005)

Restoration network Disaster Kleenup International (Canada) Ltd. has launched a software pilot program with Symbility Solutions Inc. The pilot is to determine the effectiveness of Symbility’s software in estimating property claims. The 60-day test begins on June 1. “By removing paper from the process and allowing estimates to be completed and transmitted on site, we […]

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Analyst predicts “dramatic decline” in p&c earnings power

“Property and casualty insurers will see dramatic declines in core earnings power beginning as early as this summer and extending into 2006,” predicts a new study by insurance industry investment banking firm Cochran, Caronia Securities LLC.The study forecasts a shortening of p&c cycles, from the historical eight years to two or three years. The firm […]

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Former PACICC CEO Kennedy dies at age 71

Alex Kennedy, former CEO of the Property and Casualty Insurance Compensation Corporation (PACICC), has passed away at the age of 71.Kennedy was born in Scotland, and graduated with his Master of Arts and Bachelor of Laws from the University of Glascow. In Scotland, he was a member of the Law Society and gained experienced in […]

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U.S. insurers produce first underwriting profit since 1978

2004 marks the first underwriting profit produced by U.S. p&c insurers in more than 25 years, a feat which boosted net income and surplus to record highs, according to date released by the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI).2004 saw insurers bring in net income of US$38.7 billion, […]

2 min read