New York Attorney General Eliot Spitzer and insurer representatives each had their chance to speak on the issue of broker compensation at hearings before the New York Assembly on Friday.In his address, Spitzer outlined his investigation into allegations of bid-rigging and what he perceived as a conflict of interest inherent in contingent commissions he noted […]
By Canadian Underwriter | January 9, 2005
2 min read
Fitch Ratings says despite major moves by p&c insurers to shore up reserves over the past few years, the industry remains severely under-reserved for prior-year losses. Fitch estimates US insurers ended 2003 under-reserved by US$43.5-$61.5 billion, or 12-17% of surplus. And this impact can be felt across company results, the rating agency notes. “Chronic reserve […]
December 31, 2004
2 min read
Fitch Ratings says despite major moves by p&c insurers to shore up reserves over the past few years, the industry remains severely under-reserved for prior-year losses.Fitch estimates US insurers ended 2003 under-reserved by US$43.5-$61.5 billion, or 12-17% of surplus.And this impact can be felt across company results, the rating agency notes. “Chronic reserve deficiencies lead […]
By Canadian Underwriter | December 22, 2004
2 min read
Crawford Adjusters Canada has named John Sharoun as COO, to lead all operating units of the firm and working with CEO Glenn Gibson on a new three-year strategy for the company. Sharoun has more than 30 years industry experience, starting his career with insurers including Hartford and Allstate, and then owning his own adjusting firm. […]
By Canadian Underwriter | December 19, 2004
1 min read
Broker Aon has sold much of its stake in Bermuda-based Endurance Specialty Holdings Ltd.In a press release, Aon says it has sold basically all of its equity investment in Endurance for US$320.5 million. This included the sale of 9.8 million shares at a net realized price of US$32.70 each. Aon does retain 4.1 million stock […]
By Canadian Underwriter | December 6, 2004
1 min read
Insurers are generally reacting positively to proposed model regulations around broker compensation.The Property-Casualty Insurers Association of America (PCI) says the National Association of Insurance Commissioners’ (NAIC) model regulation of broker compensation makes sense in principle. The new regulations would require brokers to disclose all sources of compensation, including contingent commissions to clients and prospects, and […]
By Canadian Underwriter | December 2, 2004
2 min read
U.S. insurers are reacting positively to news of the re-election of George W. Bush. Despite the Bush administration’s failure to pass tort reform measures to lighten the burden of class action, asbestos or medical malpractice litigation, the Property-Casualty Insurers Association of America (PCI) says, “Tuesday’s election was a vote for free markets, less litigation, and […]
By Canadian Underwriter | November 7, 2004
1 min read
Recent studies have brought the Canadian property insurance industry to one of its biggest challenges in modern history - the knowledge that the majority of its residential property policies are underinsured by significant amounts. And although the need for immediate action is obvious, concerns within the industry about how to go about it are understandably present. The urgency of addressing this industry-wide issue demands that we all move forward and that we do so quickly.
October 31, 2004
5 min read
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.
October 31, 2004
3 min read
Ending weeks of speculation, ING made official its purchase of Allianz of Canada Inc. The Allianz portfolio of p&c business includes subsidiaries Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada (which handles group business), as well as broker consolidator Canada Brokerlink, which operates in Ontario and Alberta. The new business, which includes […]
October 31, 2004
1 min read