Industry
Despite improvement in the results posted by European insurers and reinsurers since 2002, next year promises to be a challenging one for the market, says rating agency Standard & Poor’s.In its report on the European market, S&P says European insurers have dealt with some of the key issues facing them prior to 2002, including: excessive […]
By Canadian Underwriter | November 29, 2004
1 min read
Canadian insurers produced an after-tax profit of $1.8 billion for the third quarter of this year, more than double the $890 million that companies reported for the same period in 2003, according to industry financial data collected by the Office of the Superintendent of Financial Institutions (OSFI). Much of the net gain made by the […]
By Canadian Underwriter | November 28, 2004
A hearing by the New York Insurance Department into possible violations by brokerage Marsh has been postponed. The hearing, originally set for November 26 has now been moved into next year, rescheduled for January 18. The reason for the delay given by the NYID is the ongoing investigation by New York Attorney General Eliot Spitzer […]
2 min read
The market for single-name credit derivatives has grown in leaps and bounds in recent years, but at the same time has shown volatile performance with respect to liquidity, notes a new report by Fitch Ratings. By the end of 2003, the total credit derivatives (CDx) market had reached almost US$3 trillion in gross notional positions, […]
By Canadian Underwriter | November 24, 2004
Thanks to stronger performance in equity markets, the segregated fund market in Canada is stabilizing, notes a new report by rating agency A.M. Best.According to Best data, at yearend 2003, the top 20 seg fund insurers accounted for basically the entire market, totaling $92 billion in assets. In fact, the top 10 companies manage more […]
The legal settlement deal which American International Group (AIG) recently announced that it had struck in principle with the Securities Exchange Commission (SEC) and the U.S. Department of Justice (DOJ) will cost the company’s shareholders about US$126 million, according to a company statement. The settlement, which AIG stresses does not admit or deny any wrongdoing […]
By Canadian Underwriter | November 23, 2004
Nova Scotia’s opposition party, the NDP, has once again taken charge at insurers by adding their voice to the furor surrounding the payment of broker contingency commissions. Citing research carried out by federal regulator, the Office of the Superintendent of Financial Institutions (OSFI), which suggests that the insurance industry paid brokers across the country about […]
American International Group (AIG) has made an offer of settlement to the Securities Exchange Commission (SEC) with regard to a civil suit brought against the company and AIG Financial Products Corp. in the Spitzer probe regarding rigged bidding and fees paid to intermediaries. Although the terms of the settlement were not released by AIG, a […]
A study of U.S. not-for profit organizations finds them more focused on corporate governance issues, but still lacking in some key governance areas.The survey of 700 organizations, conducted by accounting firm Grant Thornton International, revealed awareness of the Sarbanes-Oxley Act of 2002 (SOX) had surged since last year’s survey 83% of NFP organizations now say […]
The general insurance arm of Desjardins Group helped boost company earnings in the first nine months of 2004, contributing to an overall return on equity of 17%. This compares with ROE of 14.7% in the first three quarters of 2003. The financial services giant also saw overall surplus earnings of $866 million in the first […]
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