Industry
FirstOnSite Restoration announced Wednesday it has developed its own software designed to let project managers compile site reports of damaged properties and generate electronic records for claims adjusters, plus work orders for construction and repair crews. The Mississauga, Ont.-based firm wrote its own program, which it calls mobileCT, using developer tools from Microsoft Corp., including […]
By Canadian Underwriter | December 12, 2012
3 min read
The Insurance Brokers Association of Ontario (IBAO) has announced that Debbie Thompson has been elected as the association’s 70th president. Thompson was officially inducted at the recent IBAO Convention held in Toronto, and will formally assume her role as president on Jan. 1, 2013. Thompson began her insurance career at the Citadel Assurance, and received […]
2 min read
Automaker Honda has issued a recall for more than 52,000 minivans and SUVs in Canada and hundreds of thousands more worldwide for a roll-away risk. The company has issued the recall for its 2003-04 Odyssey and Pilot models. The recall also affects the 2003 to 2006 Acura MDX model years. The problem relates to […]
1 min read
Munich Re announced Wednesday it is providing reinsurance for some product warranties of Chinese solar module manufacturer Yingli Green Energy Holding Company Ltd. “In the event of an unexpectedly large performance loss below guaranteed performance specification, Munich Re indemnifies Yingli Green Energy for its performance warranty obligations,” the firms stated in a press release. Baoding, […]
By Canadian Underwriter | December 11, 2012
Swiss Re released Wednesday a report that predicts higher growth in Canada in direct premiums written in the non-life insurance market. The report, dubbed Global insurance review 2012 and outlook 2013/14, includes a table depicting real growth of direct premiums written in non-life markets in 10 western countries, plus the growth in both advanced and […]
Claims adjusting and management firm Cunningham Lindsey Group has announced the closing of its previously announced recapitalization by investor group CVC Capital Partners. Terms of the transaction, which was previously announced on Oct.1, 2012, were not disclosed. Read more: Investor group to buy Cunningham Lindsey Funds affiliated with CVC, an investor group that includes Allied World […]
The Co-operators Group Ltd. of Guelph, Ont. is stepping up its efforts to encourage the installation of sprinklers in private homes, with a discount program offering up to 30% savings on premiums, a research project with a major Toronto hospital and a lobbying effort to mandate sprinklers in new homes with fewer than four storeys. […]
By Canadian Underwriter | December 10, 2012
ACE Ltd. and American International Group Inc. have released preliminary estimates of losses due to severe weather resulting from Hurricane Sandy. Preliminary losses in the fourth quarter of 2012 for the Zurich-based ACE Group of companies are estimated at US$380 million after tax, net of reinsurance and including reinstatement premiums, the firm stated in a […]
A recent hack attack on the computer network used by Nationwide Insurance in the United States may have exposed personally identifiable information of approximately one million policyholders and non-policyholders, prompting the company to commission an external review and highlighting the perils of data breaches. On October 3, a portion of the computer network used by […]
4 min read
Fitch Ratings released Thursday a report on the U.S. insurance brokerage industry, noting top-line revenue growth has “not changed significantly” this year but operating earnings for its index of five firms was up 15%. The average reported revenue growth for the five companies tracked in the Fitch insurance broker index (FIBI) was 8% year-to-date in […]
By Canadian Underwriter | December 7, 2012
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