Risk

ACE executive latest to plead guilty in commissions probe

An executive of insurer ACE has pled guilty to criminal misdemeanor charges related to the investigation of broker commissions being conducted by New York Attorney General Eliot Spitzer. The news came Friday, a day after Sptizer filed civil charges against international brokerage Marsh for alleged “bid rigging” and other fraudulent acts related to the placement […]

By Canadian Underwriter | October 18, 2004

2 min read

Risk

Stellar first-half could be dampened by storms: III

Despite a strong performance by the U.S. property & casualty insurance industry in the first half of 2004, these results will likely be all but wiped out by the spate of hurricanes hitting the southeastern U.S. this fall, notes Robert Hartwig, chief economist for the Insurance Information Institute (III).In his analysis of first-half results, Hartwig […]

By Canadian Underwriter | October 18, 2004

2 min read

Risk

Pembridge cuts back business in Alberta

While insurer Pembridge is not withdrawing from the Alberta auto market, the company is scaling back and restructuring its business there.A statement released this week says the insurer undertook a review of its operations in Alberta which led to the conclusion that to remain viable in the province it would have to “re-focus” its business.In […]

By Canadian Underwriter | October 14, 2004

2 min read

Risk

Can D&O risk be quantified?

Quantifying directors’ and officers’ (D&O) exposures is not only possible, but necessary in the current environment where shareholder lawsuits proliferate, says one analytics company.Advisen Ltd. co-founder David Bradford says insurers must look beyond more traditional tools to new metrics for understanding this risk. “Securities class actions have become a dominating source of (D&O) claims,” he […]

By Canadian Underwriter | October 12, 2004

2 min read

Chubb tops claims survey again; industry numbers high

Despite public backlash over auto insurance rates over the past few years, the industry continued to score relatively high marks for claims satisfaction in its largest market. The Ontario auto claims satisfaction survey, which includes 50 writers of personal lines auto, saw the industry score 84% overall, down just 1% from last year. And again […]

2 min read

MPI study highlights motorcycle risk

Despite rising premiums for motorcyclists in Manitoba, other drivers continue to subsidize this high-risk group, according to a new survey released by that province’s public insurer.Analysis of claims figures shows that for motorcyclists to pay premiums consistent with their share of claims costs, their rates would have to increase by 37%, says Manitoba Public Insurance […]

2 min read

"Significant strides" made in corporate governance: Moody’s

In a study of 169 U.S. and Canadian entities over the past year, rating agency Moody’s says great strides have been made towards better corporate governance.Among the improvements, Moody’s finds greater commitment by directors for such functions as risk management, oversight and controls, with directors less likely to "rubber stamp" acquisitions or other large investments. […]

1 min read

What’s new: In brief (October 07, 2004)

SGI Canada kicked off its last “Charity Curling Classic” Thursday, wrapping up a 12-year tradition which has raised more than $250,000 for local charities. The five-day event features some of the biggest names in international curing Canada’s Guy Hemmings, Jan Betker and Randy Ferbey, Sweden’s James Dryburgh and Americans Pete Fenson and Cassie Johnson. The […]

1 min read

What’s new: In brief (October 06, 2004)

As expected, drug maker Merck is already facing lawsuits after pulling its pain medication Vioxx from the shelves. The company announced the move last week, in response to concerns over the drug’s side effects. Vioxx is used widely by arthritis sufferers. One class action suit, filed in the Illinois courts by Chicago-based Kenneth B. Moll […]

1 min read

What’s new: In brief (October 05, 2004)

The 2004 recipient of the Don Stuart Award, risk management’s highest honor, is Joseph Restoule. Restoule, accompanied by wife Patti, accepted the award Tuesday at the RIMS Canada Conference in Winnipeg. Restoule is director of risk & insurance for NOVA Chemicals Corp., a position he has held for 13 years. He has also been involved […]

2 min read