Risk
While commercial buyers were reporting price stabilization, brokers are reporting significant softening across accounts in the first quarter of 2005.The results of the Council of Insurance Agents and Brokers (CIAB) contrast with views expressed by risk managers in the RIMS/Advisen survey, with broker saying price decreases are the norm, while their buyers say many lines […]
By Canadian Underwriter | April 24, 2005
2 min read
Groups representing brokers and agents in the U.S. have come to blows following a speech at the recent Risk & Insurance Management Society (RIMS) Conference by Willis CEO Joe Plumeri.In the speech, Plumeri said contingent commissions should be abolished for all intermediaries, including both agents and brokers. The National Association of Professional Insurance Agents (PIA) […]
Four Canadians are members of the newly-restructured board of the Risk & Insurance Management Society (RIMS). RIMS decided last year to merge its large former board and executive committee, with new president Ellen Vinck pointing to the much smaller board’s ability to act more efficiently and effectively. Along with Vinck’s election as president for the […]
1 min read
Fitch Ratings has revised the outlook on Gen Re parent Berkshire Hathaway to negative, but says General Re’s own rating is stable. The “AAA” rating on Berkshire Hathaway is in doubt based on what the rater calls “key person risk” as a result of chairman Warren Buffet’s age, as well as the impact of current […]
By Canadian Underwriter | April 21, 2005
Commercial insurance buyers in the U.S. and Canada are reporting pricing rebounds and stabilization in the first quarter of 2005, according to benchmark survey results published by the Risk & Insurance Management Society (RIMS) and Advisen.While 2004 represented a year-long period of rate softening, rate declines fell off in many lines in early 2005, while […]
Arch Insurance Group has entered the Canadian market with the launch of branch office Arch Insurance (Canada). The official announcement was made today at the Risk and Insurance Management Society (RIMS) Conference in Philadelphia.Arch Canada will offer a range of commercial property & casualty and specialty insurance products, marketed through brokers and wholesalers, including property, […]
By Canadian Underwriter | April 20, 2005
Risk managers need to take the reigns and address their own concerns regarding broker compensation,the new president of the Risk & Insurance Management Society (RIMS) told members Tuesday.As part of the keynote panel discussion at RIMS’ annual conference in Philadelphia, new president Ellen Vinck challenged risk managers not to leave the solutions to the broker […]
By Canadian Underwriter | April 19, 2005
The CEOs of two of the world’s leading brokerages gave differing views on what the future of intermediary compensation should look like at the keynote panel discusssion at the Risk & Insurance Management Society (RIMS) Conference Tuesday.New Marsh CEO Michael Cherkasky says all brokers should discontinue accepting contingent commissions, noting “contingencies are inherently a problem” […]
Canadian risk manager Susan Meltzer was honored Monday with the highest award bestowed by the Risk & Insurance Management Society (RIMS) at the society’s annual conference in Philadelphia.Meltzer, assistant vice president of risk management for Sun Life Financial, received the Harry & Dorothy Goodell Award for “furthering the goals of risk management and RIMS through […]
By Canadian Underwriter | April 18, 2005
If insurers are to “salvage” results for the rest of this decade, it will require a permanent shift in the underwriting culture, says Robert Hartwig, chief economist for the Insurance Information Institute (III).Hartwig, commenting on 2004 yearend results for U.S. p&c insurers, says that the days when a “relatively lousy” combined ratio of 109.2% could […]
By Canadian Underwriter | April 17, 2005
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