Bermuda-based ACE Ltd., listed on the NYSE, has acquired the global property and casualty insurance operations of CIGNA Corporation for US$3.45 billion. Subject to regulatory approval by the end of June this year, the deal will be cash financed which Ace says will be raised through the issue of new stocks and debts. The purchase […]
January 31, 1999
2 min read
Last November I provided a presentation in Boston, Mass. on "Automated Fraud Control" to an audience of senior American insurance executives. While all nodded in agreement with my salient points, that being internal fraud within the insurance industry is on the rise and needs to be addressed sooner than later, I was left with the feeling that most of the listeners were too aghast at the thought that their employees might be capable of stealing.
December 31, 1998
4 min read
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. Insurance Institute of Ontario: Special Centennial Showcase Luncheon. More for information, call 416-362-8586. Royal York Hotel, Toronto, ON. Jan. […]
December 31, 1998
1 min read
The change occurring in traditional business roles, and to some extent the outright turmoil this is causing in certain quarters of the property and casualty insurance industry, continues to hold centre stage at professional gatherings. Preparing for the future, dealing with new technology, merger mania and how to strike strategic alliances have been served up […]
December 31, 1998
3 min read
By Stephen Markson, a director of Forensic Systems Group and Craig Malcolm, managing partner of Forensic Accounting & Investigative Services Regardless of whether the new millennium starts on January 1, 2000 or 2001, its advent will provide abundant opportunities for new and almost undetectable fraud schemes rising from the resulting disruption many predict will come […]
December 31, 1998
4 min read
The Canadian aviation insurance market is relatively small in the global picture, notes Mike Wills, manager of marine and aviation at Royal & SunAlliance. The Canadian industry’s total aviation net premiums amounted to Cdn$83.8 million for 1997 compared with the previous year’s total of $89.5 million. However, despite its modest size, the Canadian market has […]
December 31, 1998
2 min read
Counting both independent and in-house insurance adjusters among its member base, the Ontario Insurance Adjusters Association (OIAA) requires a special breed of leader. The captain of this team must respect and grasp the sometimes contradictory priorities of its different faction members. Garth Roscoe is the leader as well as referee on the adjusting field.
December 31, 1998
5 min read
In the early days of environmental underwriting companies were often unaware of the full risk involved. For many companies the risks they took on and subsequent claims were not foreseen. For others, while the possibility of large claims may have been considered, the full consequences of the exposure were not. Investigation and litigation of environmental […]
December 31, 1998
6 min read
Consolidation and cost cutting became the corporate buzzwords of the 1980s and 1990s, with operators from insurance to retail-chains through to the aviation industry embracing downsizing and cheaper marketing and delivery systems. The aviation business emerged from this process, particularly on the large commercial airline side, with a concentration of ownership at the manufacturing level […]
December 31, 1998
7 min read
The recently held Employers Reinsurance Corporation seminar on Y2K risks delivered some serious food for thought. The most startling of the information revealed was delivered by the first three speakers who provided a broad outline of the technology disruption likely to impact not only on financial services but on the global economy as a whole. […]
December 31, 1998
3 min read