Risk

On the Move (August 01, 2004)

Groupe Promutuel has named Adrien Viens as its new president, following the departure of former president Mario Fortier for health reasons. Viens is president of Promutuel Gaspesie – les Iles since 1998, and sits of the board of Groupe Promutuel, Promutuel Capital trust company, and Promutuel Guarantee Fund. *** Kingsway Financial Services has promoted Claude […]

July 31, 2004

2 min read

Risk

Cyber Wars

Part of being competitive in today's business world means having a stake in the ever-expanding cyber universe. But as the virtual world grows, so do the potential sources of risk.

July 31, 2004

4 min read

Risk

Modest improvement for U.K. insurers in 2003

U.K. non-life insurers posted modest underwriting gains in 2003, according to statistics from A.M. Best.Returns filed with the rater indicate an industry combined ratio of 94%, down from 98% for 2002. A.M. Best says, however, that results have probably peaked, with company returns showing on a gross basis that the only major class showing an […]

By Canadian Underwriter | July 29, 2004

1 min read

Risk

Event cancellation market stabilizing: Willis

The event cancellation insurance market which took a roller-coaster ride after 9/11 is leveling off, according to a new report from international broker Willis.The study says premiums and terms in the event cancellation market are stabilizing despite ongoing turmoil in the Middle East and the continued instances of global terrorism events. Event cancellation insurance spiked […]

By Canadian Underwriter | July 26, 2004

2 min read

Stability in reinsurance sector challenged by soft market: A.M. Best

The onset of the soft market will challenge reinsurers to maintain the stability shown in strong results over the past two years, according to a new report by A.M. Best.2003 was a strong year for reinsurers in the U.S., Europe and particularly Bermuda, with the top 15 Bermuda reinsurers posting a combined ratio of 89.3% […]

1 min read

2003 a far cry from 2002 for Canadian insurers: A.M. Best

The massive turnaround effected by Canadian insurers, who turned the worst-ever performance of 2002 into the very profitable 2003, is examined in a new A.M. Best statistical study.With the industry posting a combined ratio of 98.4%, return on equity of 12.4% and an underwriting profit of $524 million, 2003 will be remembered as a year […]

1 min read

What’s new: In brief (July 20, 2004)

U.K. risk managers are welcoming word from the Financial Services Authority (FSA) that they will not be considered “intermediaries” under the new U.K. regulations. The Association of Insurance & Risk Managers (AIRMIC) says a letter it received from the FSA means most risk managers will not have to apply for a license from the regulator […]

1 min read

U.K. firms more likely to put risk specialist in charge of corporate governance

In a comparative study of companies in the U.K., U.S., Germany, France and the Netherlands, British firms were more likely to have a specific risk specialist to handle corporate governance functions, while U.S. firms largely put primary responsibility for this function with the CFO.The study by CODA Financials Inc. finds 38% of U.K. companies have […]

1 min read

RIMS members report rates dropping across all lines

The soft market is well on its way, evidenced by findings in the second quarter 2004 Risk and Insurance Management Society (RIMS)/Advisen benchmark survey which show half of all commercial accounts seeing rate decreases on renewal.The survey of risk managers finds commercial premiums fell by an average 18% during the quarter, and even the previously […]

2 min read

What’s new: In brief (July 14, 2004)

Kingsway Financial Services has promoted Claude Smith to the role of vice president and chief information officer. Smith has been with the company four years, and most recently held the same titles with subsidiary Kingsway General Insurance. Kingsway Financial has also named Andrew Wright as assistant vice president, reinsurance and risk management. Wright is a […]

1 min read