Industry
Strategic Underwriting Managers Inc., an independent managing general agent (MGA), has announced it has acquired Montreal-based MGA Morin Elliott Associés Ltée, whose expertise in property risks will complement SUM Insurance’s focus on casualty products. Each company will continue to run separately, notes a statement from the SUM Insurance Group of Companies. The terms of the […]
By Canadian Underwriter | July 14, 2015
2 min read
Zurich Insurance Company Ltd. has registered as a lobbyist with the federal government, indicating in a public filing it is lobbying on three recently-passed laws, one of which makes data breach notification mandatory across Canada. “The nature of cyber security is evolving so quickly it can be difficult for businesses to keep track of the […]
By Canadian Underwriter | July 13, 2015
5 min read
DETROIT – General Motors’ faulty ignition switches were responsible for at least 124 deaths and 266 injuries, according to a fund set up to compensate the victims. The fund, run by attorney Kenneth Feinberg, said Monday it has finished processing the 4,342 claims it received by the Jan. 31 deadline. Of those, 80 per cent […]
Munich Reinsurance America, Inc. and Comet, a developer of ground mobile robotics pilot projects, announced last week that they have commenced a “feasibility study” focused on autonomous vehicle (AV) data and market development opportunities. Autonomous vehicles are expected to make driving safer, but they also pose new questions about risk and liability, which the feasibility […]
Treatment of drivable claims – when a car is damaged, but still drivable – is a key factor fuelling polled Canadian drivers’ increasing dissatisfaction with the auto insurance claims process, note survey results released Monday by J.D. Power. Drivers taking part in J.D. Power’s 2015 Canadian Auto Claims Satisfaction study voiced they are significantly less […]
3 min read
The Toronto-based Insurance Brokers Association of Ontario (IBAO) announced on Monday that Jim Murphy has been selected as the organization’s next CEO. Murphy comes to IBAO from the Canadian Association of Accredited Mortgage Professionals (CAAMP), where he served 11,500 members as president and CEO since 2007. “I’m looking forward to working with the board and […]
PartnerRe Ltd., whose board of directors is recommending the insurer merge with Axis Capital Holdings Ltd., said Friday a shareholders’ vote is being postponed to Aug. 7 from July 24. Both PartnerRe and Axis Capital write reinsurance and commercial primary insurance worldwide, both have Toronto branch offices and both are based in Pembroke, Bermuda. Both […]
By Canadian Underwriter | July 10, 2015
HALIFAX – Officials say several buildings were destroyed today when a major fire broke out at a concrete plant outside Halifax. Mike Blackburn of Halifax Regional Fire says the blaze was reported at about 5 a.m. at Ocean Contractors Ltd. on Cono Drive. He says the fire has been put out but more than 30 […]
By The Canadian Press | July 10, 2015
1 min read
Insurance carriers other than Aviva Canada and Co-operators General Insurance Company are “sure to” announce overland flood coverage in Canada, and those who do not risk losing market share, MSA Research Inc. suggested in a recent report. “The risk to insurers that don’t offer flood is clear,” wrote Joel Baker, founder, president and chief executive […]
Evolving threats and increased demand from multinational clients has prompted ACE Group to increase insurance capacity of as much as US$100 million or 100 million euros for terrorism, political violence and war risks. The new totals are double what they previously were, namely US$50 million or 50 million euros, notes a statement Thursday from ACE […]
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