Industry
Insurance carriers need to change the tools they use to manage risk, and insurance professionals can help clients manage risk by using cognitive computing, Aite Group LLC suggested in a recent research note. Boston-based Aite Group announced Thursday the release of an Impact Note, titled Insurance: The Next Generation, by Jamie Bisker, an Aite Group […]
By Canadian Underwriter | December 18, 2014
2 min read
Allianz Group plans to sell the Fireman’s Fund Insurance Company’s (FFIC) personal lines insurance business in the United States, which is focused on high net worth customers, to ACE Limited for US$365 million by means of renewal rights arrangement. An Allianz SE statement issued Thursday notes that Allianz SE and ACE Limited announced the definitive […]
3 min read
A recent Court of Appeal for Ontario ruling will be “very well received by municipalities” concerned about legal liability for keeping roads and bridges in a reasonable state of repair, a municipal liability and auto insurance expert with Lerners LLP suggests. In a decision released Dec. 11, the province’s appeal court overturned a ruling that […]
By Canadian Underwriter | December 17, 2014
5 min read
Property and casualty insurance industry groups in the United States are expressing disappointment and frustration at the Senate’s non-passage of legislation to reauthorize the Terrorism Risk Insurance Act (TRIA). “AIA is incredibly disappointed that the Senate failed to pass the House-approved (417-7) six-year TRIA reauthorization bill prior to adjourning,” Leigh Ann Pusey, president and CEO […]
Dublin-based XL Group plc confirmed Wednesday that it is in preliminary talks with Catlin Group Ltd. to potentially acquire the company and form a combined entity. “Both XL and Catlin – respected, innovative, global P&C firms – are well positioned on their own,” XL’s CEO Mike McGavick said in a statement issued Wednesday. “However, we […]
Former Aviva Canada executive Greg Dunn has been appointed president and CEO of the Mass Group of Insurance Brokerages, effective Jan. 1, 2015. Dunn has extensive experience in senior leadership roles in the property and casualty insurance industry, including at Aviva Canada, which he joined in 2004 and where was most recently executive vice president of national […]
By Canadian Underwriter | December 16, 2014
1 min read
Two weeks after announcing the acquisition of an insurer in Malaysia, Toronto-based Fairfax Financial Holdings Ltd. announced it has agreed to acquire some of QBE Insurance Group Ltd.’s operations in Eastern Europe. Fairfax said in a Dec. 16 press release it has entered an acquisition agreement with QBE Insurance (Europe) Ltd. Fairfax anticipates that QBE […]
A bill proposing to have the United States government continue to provide a backstop for commercial insurance covering terrorism into 2015 is going back to the Senate, after the House of Representatives voted Dec. 10 in favour of amendments. Risk and Insurance Management Society (RIMS) Inc. earlier warned that any company with “facilities, employees or […]
By Canadian Underwriter | December 15, 2014
6 min read
WINNIPEG — An RCMP officer who investigated a fatal house fire in a Manitoba aboriginal community says people trying to fight the flames didn’t have a chance without a fire truck. Const. Mark Stienwandt with the Island Lake RCMP told an inquest into two fatal fires on northern reserves that the house in St. Theresa […]
By The Canadian Press | December 15, 2014
ISO, a Verisk Analytics business, has announced the availability of new coverage options to prepare insurers for the rise of commercial drones around the world. Recently filed on a multi-state basis for a June 2015 implementation, the options modify coverage under ISO’s Commercial General Liability and Commercial Liability Umbrella/Excess programs, notes a statement from the […]
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