Industry
A hacker with access to a Canadian Internet provider hijacked net traffic from large foreign networks to steal more than US$83,000 in virtual currency over a four-month period, a cyber security company said Monday. Researchers with the U.S.-based Dell SecureWorks said the hacker’s attack started last February and stopped in May, after the Canadian Internet […]
By Canadian Underwriter | August 12, 2014
2 min read
Industrial insurance specialist Allianz Global Corporate & Specialty (AGCS) announced on Tuesday the availability of new cyber security coverage in the wake of growing cyber criminality threatening Canadian companies. “The sheer number and evolving sophistication of security threats renders it virtually impossible for any organization to guarantee total security. Thus, effective risk transfer is an […]
Economical Insurance has opened its new national processing centre at the company’s Riverbend facility in Kitchener, Ont., which it calls a “major milestone in its business transformation program.” Hiring for the new centre, which officially opened Monday, began in March to fill more than 140 new jobs, which the insurer says demonstrates its commitment to the […]
By Canadian Underwriter | August 11, 2014
TORONTO – None of Ontario’s utilities use the same model of so-called “smart” meters that has been linked to fires in Saskatchewan, the province’s electricity regulator said Monday. Thirty-six of 77 utilities in Ontario use smart meters from U.S.-based Sensus Inc., but none are the Generation 3.3 model used in Saskatchewan, said Ontario Energy Board […]
By The Canadian Press | August 11, 2014
Consulting firm Optis Partners is predicting “robust” activity in mergers and acquisitions of insurance agencies in Canada and the United States, noting that High River, Alta.-based Western Financial Group Inc. has done 18 transactions from the beginning of 2011 through the first half of 2014, while the eighth most active buyer during that time was […]
3 min read
VANCOUVER – Four months after B.C.’s public auto insurer identified a multimillion-dollar billing error, cheques are being mailed to customers reimbursing them for the mix-up. The Insurance Corporation of B.C. announced in April that some of its optional insurance customers had been assigned an incorrect vehicle description for as much as six years, meaning their […]
1 min read
Zurich Insurance Group has reported a business operating profit of $2.6 billion, with net income attributable to shareholders of $2.1 billion for the first half of 2014. Business operating profit was up 15% compared with the first half of 2013, with BOP for the second quarter totaling $1.2 billion. All figures are in U.S. dollars. […]
By Canadian Underwriter | August 8, 2014
EGI Financial Holding Inc. has reported a net loss of $603,000 for the second quarter of 2014 – down from net income of approximately $8.7 million in the same quarter of 2013 – with strong results in Canada overshadowed by poor performance in the company’s International division. “The strong results in Canada and Investments have […]
A new study that received input from 38 property and casualty commercial lines carriers in the United States shows insurers are exploring how premium audit practices efficiency can help improve profitability, Ward Group reports. Results showed a noticeable increase in executive level focus on premium audit practices over the past three years, notes a statement […]
By Canadian Underwriter | August 7, 2014
CNA Financial Corp. announced Thursday it has appointed John Hennessy as president and chief operating officer of CNA Canada, effective Sept.15. Hennessy will replace Gary Owcar, who is retiring. Chicago-based CNA has also appointed David Brosnan, a former executive with ACE Canada, as chief executive of CNA Insurance Company Ltd. (CNA Europe), effective Aug. 18. […]
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