Catastrophe bond issuance in the 12 months ending June 30, 2017, reached a historic US$11.3 billion, nearly US$2 billion larger than the previous all-time record, Aon Securities said in a new report. Aon Securities, the investment banking division of global…
Advent Claims will provide its claims management system to Lloyd’s broker, Endeavour Insurance Services, as part of a new partnership arrangement meant to support London market coverholders operating in Canada. Advent Claims is a technology-led claims third-party administrator; Endeavour Insurance…
MacEwan University has reported it was the victim of a phishing attack in August that resulted in the transfer of $11.8 million to the alleged perpetrator. MacEwan University said in a statement on Thursday that it discovered the fraud on…
There is a “growing interest” among Canadian property and casualty insurers in the United States market, while on this side of the border, Aviva plc has became the Number 2 P&C insurer in Canada and the loss ratio in Canadian…
Chubb announced on Wednesday that it has broadened its enterprise risk management solutions for Chubb commercial cyber policyholders in the United States and Canada. Two new policy forms, Cyber Enterprise Risk Management and DigiTech Enterprise Risk Management, combine cyber insurance…
The British Columbia government has options at its disposal to address auto insurance problems in the province – ranging from leaving the Insurance Corporation of B.C. (ICBC) to shuttering the insurer – but all should include reintroduction of competition, concludes a new report commissioned by the Canadian Taxpayers Federation (CTF). CTF argues that “fast and furious changes” are needed in light of the “looming 30% hike to car insurance,” a figure noted in an Ernst & Young LLP (E&Y) report made public last month. Among its many observations, the…
Wawanesa Mutual Insurance Company, one of the largest property and casualty insurers in Canada with a growing presence in the United States, announced on Thursday that Chris Henn has been appointed president of its U.S. operations effective Aug. 31. Prior…
Organizations with standalone cyber insurance policies increased three points from 2016 to 83%, according to the 2017 RIMS Cyber Survey. “Risk professionals’ continued to show confidence in standalone cyber insurance policies as the number of practitioners who purchased the coverage…
Cybercriminals involved in spam distribution tried to capitalize on public fears of the WannaCry ransomware epidemic with spam and phishing emails offering cyber protection, a new report from Kaspersky Lab has found. The Spam and phishing in Q2 2017 report,…
HAMILTON – A Canadian man accused in a massive hack of Yahoo emails will forgo his extradition hearing and go face the charges in the United States in what his lawyer has called an effort to speed up the legal process.
Karim Baratov signed documents agreeing to waive the hearing before a Hamilton judge on Friday, after weighing the decision for months.
Ontario Superior Court Justice Andrew Goodman warned Baratov that the move could leave him open to more charges in the U.S., prompting the 22-year-old’s lawyer to confirm…
Global reinsurers’ first half 2017 results provide further evidence of continuing pressure on pricing and earnings, Fitch Ratings said in a report released on Monday. “Intense competition among global reinsurers and the abundance of capital invested in the sector mean…
Protectionist trade sentiments south of the border top the list of challenges facing the Canadian economy, a concern identified by almost a quarter of the 516 business leaders taking part in a new survey released Tuesday by Chartered Professional Accountants…