News
ACE to buy Mexican insurer from Ally Financial
October 18, 2012 by Canadian UnderwriterACE Ltd., the parent company of ACE Group, has announced its plans to acquire Mexican personal lines insurer ABA Seguros from Ally Financial Inc. for about $865 million. Based in Monterrey, ABA Seguros is Mexico’s sixth largest property and casualty…
Commercial insurance growth higher in emerging markets, liability lines: Swiss Re
October 17, 2012 by Canadian UnderwriterCommercial insurance premiums are growing faster in emerging markets than elswhere, although the United States still remains the largest commercial insurance market globally, suggests a new study from reinsurance giant Swiss Re. The U.S. accounts for about 40% of the…
Auto insurance rates in Ontario continued decreasing trend in Q3: Kanetix survey
October 17, 2012 by Canadian UnderwriterAuto insurance rates for consumers in Alberta and Ontario have decreased in the third quarter of 2012 over the same time period last year, suggests a report from insurance website Kanetix.ca. In Q3 2012, rates in Ontario decreased 5.3% and…
Willis Group announces new CEO, deputy CEO
October 17, 2012 by Canadian UnderwriterGlobal insurance broker Willis Group Holdings has announced Dominic Casserley will be its new chief executive officer, effective Jan. 7, 2013, following the 12-year tenure of current company head Joe Plumeri. Casserley, 54, is currently a senior partner of McKinsey…
4.0-magnitude Maine earthquake “lightly felt” in Sherbrooke, Que.
October 16, 2012 by Canadian UnderwriterA 4.0-magnitude earthquake that occurred in Maine on Tuesday evening was felt throughout southern New England, including in Boston, and was “lightly felt” as far as Sherbrooke, Que. according to Earthquakes Canada. The earthquake, which hit just just after 7…
How the time-out at Queen’s Park will affect the auto and property insurance industry
October 16, 2012 by Canadian UnderwriterWith the Ontario legislature prorogued, several measures that would affect the industry, including efforts to fight auto insurance fraud, will be delayed, according to officials with two industry associations. On Monday night, Premier Dalton McGuinty announced he would be stepping…
Insurance Institute offers new course on “emerging issues”
October 16, 2012 by Canadian UnderwriterThe Insurance Institute of Canada has introduced a new course based on emerging issues, such as climate change, as part of the Fellow Chartered Insurance Professional (FCIP) program. Launching in January 2013, “Emerging Issues: Implications for the P&C Insurance Leader”…
Hurricane Rafael to reach Newfoundland with minimal impact
October 16, 2012 by Canadian UnderwriterHurricane Rafael won’t have much impact on land in Newfoundland, although some parts of the province could see “enhanced rainfall” over the next few days, the Canadian Hurricane Centre said Tuesday. The storm was upgraded to category one hurricane status…
Aviva appoints new head for Quebec and Atlantic Canada
October 16, 2012 by Canadian UnderwriterAviva Canada has appointed Martin-Eric Tremblay as senior vice president for Quebec and Atlantic Canada as of Nov. 1. Tremblay has worked in the insurance industry for 30 years and has management and executive experience in marketing, underwriting, operations and…
Most British Columbia residents unprepared for earthquake: Survey
October 15, 2012 by Canadian UnderwriterMore than two-thirds of British Columbia respondents to a survey reported they do not have an emergency plan, while the Insurance Bureau of Canada is the presenting sponsor of an earthquake drill, dubbed ShakeOutBC, scheduled Thursday in the province. In…
Economical Insurance continues demutualization preparation with Mattei sale
October 15, 2012 by Canadian UnderwriterEconomical Insurance of Waterloo, Ont. announced Monday the sale of the principal operating assets of Seattle-based Mattei Insurance Services Inc. The sale, to Alteris Insurance Services Inc., is aligned with Economical’s “ongoing preparations for demutualization,” chief financial officer Philip Mather…
Insurance on Demand web service now available on Economical Insurance site
October 15, 2012 by Canadian UnderwriterEconomical Insurance of Waterloo, Ont. has added the Insurance on Demand web service to its corporate website but the Insurance Brokers Association of Ontario (IBAO) says it is opposed to company portals and company mobile apps. IOD was originally announced…