Risk

What’s New: In Brief (February 16, 2007)

Joseph A. Hardy has been appointed account development executive of Compliance Management Inc. (CMI). Working out of CMIs Markham office, Hardy will be responsible for compliance risk management in Canada. With more than 20 years working with large corporations in the risk management field, Hardy has also served as the president of Ontario Risk & […]

By Canadian Underwriter | February 16, 2007

1 min read

Risk

Marsh & McLennan report 500% increase in profit

Marsh & McLennan Companies Inc. (MMC) reported a hefty 2006 Q4 profit of US$226 million, an increase of more than 500% over 2005’s final quarter.Full-year consolidated net income was US$990 million, compared with US$404 million in 2005.Risk and insurance services revenues in the fourth quarter increased 4% to US$1.4 billion, or 5% on an underlying […]

By Canadian Underwriter | February 14, 2007

1 min read

Risk

AON releases 2006 financial results

AON Corporation (NYSE: AOC) has reported a 2006 Q4 profit of US$224 million, compared with a 2005 Q4 net income of US$224 million.Throughout all of 2006, AON reported a net income of US$721 million, compared to a reported net income $737 million for 2005.According to an AON release, risk and insurance brokerage services revenue increased […]

By Canadian Underwriter | February 9, 2007

1 min read

Risk

FSA moves to more “principles-based regulation”

The Financial Services Authority (FSA) has announced that it intends to focus on the organization’s move towards more principles-based regulation (MPBR).The Business Plan for 2007/8 outlines increased spending on financial capability and key investments to be made in people, information systems and the way the FSA regulates, to facilitate the move towards MPBR.”More principles-based regulation […]

By Canadian Underwriter | February 6, 2007

1 min read

Identity theft declines in United States

Identity theft in the U.S. is on the decline, according to the 2007 Identity Fraud Survey Report by Javelin Strategy & Research (Javelin), which also identified risk differentiators between age and income demographics.”Identity fraud is dropping in the United States down by an estimated 12% over the previous year, which translates into a total fraud […]

1 min read

RIMS survey finds drop in D&O premium rates

Directors and officers (D&O) and workers’ compensation reported the largest decreases in premium rates in the fourth quarter of 2006, according to the Risk and Insurance Management Society, Inc. (RIMS)’s Benchmark Survey.Commerical insurance premiums experienced some of the most dramatic rate changes of 2006, says a RIMS press release.Specifically, D&O and workers’ compensation reported sharp […]

1 min read

Hub International acquires Bart Proud Insurance

Hub International Limited (NYSE: HBG) (TSX: HBG) has continued its penetration of the transportation insurance market, acquiring New Jersey-based Bart Proud Insurance (Proud). Proud, with US$3 million in revenue, has entered into a definitive purchase agreement with Hub International Pennsylvania (HUB Pennsylvania). “The proposed transaction will support Hub International’s initiative to expand its transportation insurance […]

2 min read

Marsh sells Putnam to Great-West Lifeco for US$3.9 billion

Marsh & McLennan Companies, Inc. (MMC) has announced the sale of Putnam Investments to Great-West Lifeco Inc., a financial services holding company controlled by Canada-based Power Financial Corporation, for US$3.9 billion in cash.Putnam Investments is a global money management firm with about 3,000 employees and more than 68 years of investment experience. It had US$192 […]

1 min read

BC fights auto theft

February is Auto Crime Enforcement Month in British Columbia and the provincial government police, and ICBC are working together to reduce auto crime. Auto theft is linked to almost every other common crime, such as break and enters, mail theft, purse snatching and armed robbery. Drug addicted car thieves steal vehicles to help them commit […]

1 min read

Magnitude of global political risk increases: Aon

The overall level of global political risk decreased in 2006, but the magnitude and complexity of risks facing companies around the world has increased, according to Aon’s Political & Economic Risk Map. The risk map surveyed 214 countries; of these, 15 countries posed less of a risk in 2007 compared to 2006, marking the first […]

January 31, 2007

1 min read