Industry
PHILADELPHIA – Search-and-rescue crews found a body in mangled train cars Wednesday, hours after an Amtrak passenger train derailed and overturned on the nation’s busiest rail corridor. The death toll increased to seven, with more than 200 people injured, some critically. Philadelphia’s mayor said the train’s data recorder has been recovered, but officials warned that […]
By Canadian Underwriter | May 13, 2015
3 min read
Emerging cyber security and fraud risks are prompting the vast majority of surveyed financial services firms to increase their investment in risk management capabilities over the next two years, notes the latest Accenture 2015 Global Risk Management Study. The fourth edition of the study, first published in 2009, is based on responses from 470 senior […]
4 min read
Brokers who figure out customer segmentation will continue to grow, suggested Gerry De Lauro, SVP, Group & Affinity with HUB International Limited at the Analytics for Insurance Canada conference in Toronto on Tuesday. De Lauro said during his presentation – titled Maximize the broker-underwriter relationship to share insights on customer segments and discover new business […]
Insurity, Inc. reports that its acquisition of Montreal-based insurance software firm Oceanwide Inc. will allow it to offer even greater value to existing customers of both companies while strengthening its market position and ability to address the broad needs of domestic and international insurance carriers, MGAs and program administrators. The Oceanwide brand will be retained […]
2 min read
The death toll from crashes caused by faulty ignition switches in 2.6 million older General Motors small cars has reached 100. The number was updated Monday by attorney Kenneth Feinberg, who was hired by GM to compensate victims. It’s the first acknowledgement by the company that the defective switches have caused at least 100 deaths. […]
By Canadian Underwriter | May 12, 2015
Merger and acquisition (M&A) activity in the insurance industry is rising, although the number of deals remains well below levels seen before the financial crisis of 2008-08, says a new study released on Tuesday by Swiss Re. The latest Swiss Re sigma study, titled M&A in insurance: start of a new wave?, noted that globally, […]
A Toronto politician suggested Monday there has been “no report” to City Council on the causes of an explosion last September that damaged electrical infrastructure at City Hall, and city staff are being asked to provide more detail this summer. “I believe it is important to understand what occurred in City Hall on September 25, […]
Allianz Group’s net income increased 11.3% to 1.937 billion euros in the first quarter of 2015 compared with 1.740 billion euros in the first quarter of 2014. The Property-Casualty insurance segment saw the largest hike in net income, rising 42.9% to 922 million euros in 2015 Q1 compared with 645 million euros in 2014 Q1. […]
EXOR S.p.A. announced Tuesday it is increasing, to US$6.8 billion, its offer to buy PartnerRe Ltd., a reinsurer and commercial insurance carrier whose board of directors previously agreed to merge with Axis Capital Holdings Ltd. Both PartnerRe and Axis are based in Pembroke, Bermuda and offer coverage in Canada from offices in Toronto. On Jan. […]
Ulrich Kadow, who has held a variety of positions within Allianz Global Corporate & Specialty (AGCS), has been named the company’s chief agent for Canada. Effective immediately, Kadow will lead AGCS’s commercial insurance business in Canada, notes a statement from AGCS, Allianz Group’s specialist corporate insurer. Reporting to Arthur Moossmann, president and CEO of AGCS […]
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