Industry
Arthur J. Gallagher & Co. released Sunday its financial results for the three months ending March 31, 2014, reporting an 18% year-over-year increase in net earnings and a 4% year-over-year increase in risk management revenue. Itasca, Illinois-based Arthur J. Gallagher, which has offices in Canada, reported brokerage revenues of $568.6 million in the first quarter, […]
By Canadian Underwriter | April 7, 2014
1 min read
ACE Group announced Friday its new Global Cyber Risk Practice, aimed at taking on the growing risks around privacy and network security. The new division comes after a December 2013 study by ACE in Europe, which suggested that cyber risk was a top-three emerging risk issue for businesses based in the region, with 40% of […]
By Canadian Underwriter | April 4, 2014
2 min read
The federal Liberal finance critic expressed concern Thursday about a proposal from the ruling Conservatives that could lead to regulations enabling the demutualization of property and casualty insurance companies. Scott Brison, Liberal MP for Kings Hants, Nova Scotia, spoke about Bill C-31, which was tabled March 28. If passed into law, the 380-page omnibus bill […]
3 min read
Fitch Ratings Inc. released this week its commercial lines market update for the United States, reporting an increase in premiums in 2013 for all lines other than medical-professional liability, sharp drops in the loss ratios, in 2013, in special property and commercial multiperil and a “significant underwriting loss” in workers compensation. “Underwriting performance improved in […]
By Canadian Underwriter | April 3, 2014
GPL Assurance Inc. announced Wednesday it has acquired the Quebec business of Jardine Lloyd Thompson Canada, making it JLT’s exclusive broker in Quebec and a member of The JLT International Network. “This transaction cements GPL’s position as a growing force in the Quebec general insurance and risk management solutions market,” Louis-Thomas Labbé, GPL’s president and […]
By Canadian Underwriter | April 2, 2014
Reinsurance companies must pay “significant attention” to ongoing cyber threats, suggests Julie Dickson, the federal government’s superintendent of financial institutions. “The reinsurance industry, like many others, faces ongoing cyber threats, including challenges with data administration and other technology issues,” according to a copy of a speech Dickson was scheduled to give Tuesday at the 58th […]
Canadian drivers are receptive to purchasing usage-based auto insurance policies, fairly in line with other global markets, according to a new survey from professional services firm Towers Watson. More than half (56%) of drivers here said they have a “strong interest” in purchasing a UBI policy, according to the research. A majority (85%) also said […]
Quebec insurer SSQauto has launched a new smartphone app for submitting auto and home insurance claims. The free app includes three modules: the joint report (on the scene of the accident involving two vehicles), the auto insurance claim (one vehicle involved) and the home insurance claim, the company said Tuesday. The app is also available […]
By Canadian Underwriter | April 1, 2014
RSA has obtained the Centre for Study of Insurance Operations (CSIO) eDocs Certification for their branded EZ-Docs solution. “As one of the first carriers to successfully transmit live policy documents to a broker system using CSIOnet, gaining CSIO Certification has been extremely important to us in our journey to deliver a strong service proposition to […]
Reinsurance pricing continued to fall almost across the board at the Apr. 1 renewals, with trends observed during the Jan. 1 renewals continuing and showing clear signs of acceleration, Willis Re notes in its 1st View renewals report, released Tuesday. Positive 2013 results for traditional reinsurers and a seemingly unabated supply of capital from third-party […]
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