News
Consumer satisfaction with insurers increases in 2011 despite rate hikes: J.D. Power
September 15, 2011 by Canadian UnderwriterDespite widespread premium increases, customers in the Western and Ontario/Atlantic regions of Canada are notably more satisfied with their auto insurance company this year than they were in 2010, according to the J.D. Power and Associates 2011 Canadian Auto Insurance…
Fitness club not automatically liable for injury sustained in a rush for dumbbells
September 15, 2011 by Canadian UnderwriterA fitness club with limited dumbbells for exercising was not responsible for a patron fracturing her wrist while participating in a “frenzy” to grab the available weights, the Ontario Superior Court ruled in an April 2011 Occupiers’ Liability Act case.Dutton…
Ontario bears brunt of severe weather in August
September 14, 2011 by Canadian UnderwriterOntario bore the brunt of severe weather in August, with a tornado tally of 13 – more than the average for the whole of tornado season, according to Environment Canada’s Ontario Weather Review.Ontario normally averages 12 tornadoes during a season…
KPMG acquires Berris Mangan
September 14, 2011 by Canadian UnderwriterKPMG has acquired Vancouver-based accounting firm Berris Mangan. Berris Mangan is a full-service accounting firm that specializes in serving the insurance industry, as well as the service, wholesale and manufacturing industries. “As part of our national strategy to grow through…
U.S. private equity firm buys up Kanetix Ltd.
September 14, 2011 by Canadian UnderwriterKanetix Ltd., a Canadian online insurance marketplace, has been acquired by Monitor Clipper Partners (MCP), a Cambridge, Massachusetts-based private equity firm. Kanetix has also named Yousry Bissada as president and CEO, effective immediately. Its co-founders, George Small and Gregory Ellis,…
FirstOnSite appoints Brad Meekin to head up health care and government services unit
September 14, 2011 by Canadian UnderwriterFirstOnSite Restoration has appointed Brad Meekin to head up its new healthcare and government services business unit. Through FirstOnSite’s Priority Response Emergency Plan (PREP) program, Meekin will assist organizations in the healthcare and government sectors – including hospitals, retirement residences,…
Hub International to acquire independent Manitoba brokerage Horizon Insurance
September 14, 2011 by Canadian UnderwriterHub International Limited (Hub) has entered into a definitive agreement to acquire the operations of Horizon Insurance LP (Horizon), a full service insurance brokerage firm headquartered in Manitoba. The acquisition is expected to close in the third quarter of 2011…
Ontario court criticizes insurer for not inspecting fine art collection prior to binding coverage in fire case
September 14, 2011 by Canadian UnderwriterThe Ontario Superior Court of Justice ruled against awarding punitive damages against Chubb Insurance Company of Canada in a case involving the destruction of a high-end art collection in a 1997 fire. In doing so, however, the court ruling took…
Personal and commercial markets continue to operate in a dichotomy: MSA
September 13, 2011 by Canadian UnderwriterPersonal lines in Canada are showing signs of “robust” premium growth, while commercial writers continue to plod along in a sluggish, no-growth environment, reported Joel Baker, president and CEO of MSA Research Inc.In the MSA/Baron Outlook Report: Q2 2011, Baker…
Applied Systems hires new CEO
September 13, 2011 by Canadian UnderwriterReid French has been appointed CEO of Applied Systems. He succeeds James P. Kellner, a 26-year veteran of Applied Systems, who has served as chairman and CEO since 1998. Kellner is taking on the role of non-executive chairman of the…
Insurance Council of B.C. appoints new voting member
September 13, 2011 by Canadian UnderwriterThe Insurance Council of British Columbia has appointed Dr. Eric Yung as a layperson representative voting member.Yung holds a Bachelor of Science degree in Biochemistry from the University of British Columbia. He holds his Doctorate in Molecular Genetics from the…
Guy Carpenter report predicts EU regulators will work out kinks related to assessing counterparty risk in Solvency II
September 13, 2011 by Canadian UnderwriterGlobal risk and reinsurance specialist Guy Carpenter said it is expecting additional changes in Solvency II that will simplify the calculation of counterparty default risk, which has been criticized for its “overly complex approach.”A key component of Solvency II is…