Topic
Earnings / Ratings
ClaimsPro strengthens Atlantic Canada coverage with acquisition of Plant Hope Adjusters Ltd.
May 27, 2015 by Canadian UnderwriterIndependent adjusting and claims management company ClaimsPro, announced on Wednesday that it has acquired Atlantic Canada adjusting service Plant Hope Adjusters Ltd. Fred Plant (pictured, right), formerly president of Plant Hope Adjusters Ltd., will serve as senior vice president, operations, Atlantic…
PartnerRe board to review revised takeover offer from EXOR
May 14, 2015 by Canadian UnderwriterPartnerRe Ltd., a commercial insurer and reinsurer which previously agreed to merge with competitor Axis Capital Holdings Ltd., announced this week it “will review” a revised $6.8-billion takeover offer from EXOR S.p.A., an Italian investment firm with a 9.32% stake…
Few changes to 2016 MCT, insurers advised to keep an eye on international developments: OSFI’s Roberge
April 23, 2015 Angela Stelmakowich, EditorFew changes are anticipated for the 2016 version of the minimum capital test (MCT), which requires federally regulated property and casualty insurance companies in Canada to maintain adequate capital, says Judith Roberge, director of property and casualty insurance, capital division…
Ontario court rules bankrupt defendant sued over hockey fight not released from civil damages
March 20, 2015 by Canadian UnderwriterA man who was successfully sued after punching another player in a hockey game is still required to pay damages for battery, even though the defendant is bankrupt, the Court of Appeal for Ontario ruled this week. Section 178 of…
Evolving solvency regimes create further opportunities for Asia insurers: Aon Benfield
March 16, 2015 by Canadian UnderwriterThe introduction of China’s second-generation solvency regime C-ROSS (China Risk Oriented Solvency System) will impact both the fast-growing insurance market itself and beyond, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, said in a report on…
PwC Canada acquires Platinum Legal Group
March 16, 2015 by Canadian UnderwriterPricewaterhouse Coopers LLP (PwC Canada) announced on Monday that it had acquired the Platinum Legal Group (PLG), one of Canada’s leading electronic discovery and litigation support firms. Led by William Platt, PLG will join PwC’s Toronto office, but will continue…
Intact acquires Canadian Direct Insurance for $197 million
February 10, 2015 by Canadian UnderwriterIntact Financial Corporation (IFC) is expanding its direct operations in Western Canada – thereby extending the insurer’s direct-to-consumer operations from coast to coast – with the announcement Tuesday evening that it has acquired Canadian Direct Insurance Inc. (CDI). IFC reports…
Global and Canadian CATs down in first half of 2014
July 31, 2014 byGlobal natural catastrophes for the first half of the year accounted for US$22 billion in insured losses, with more than half occurring in the United States, Impact Forecasting said in a report released July 23. Roughly 55% of the insured…
Total cost of risk edges higher for third year
July 31, 2014 byThe average “total cost of risk” for companies trended higher for the third consecutive year in 2013, according to the newly-released RIMS Benchmark Survey. The TCOR increased 2% from $10.70 per $1,000 of revenue in 2012 to $10.90 per $1,000…
AIR releases updated earthquake model for Canada
July 31, 2014 byAIR Worldwide’s Earthquake Model for Canada – which the risk modelling firm calls a significant tool for compliance with Guideline B-9 – has been updated to provide insurers and other industry stakeholders with an enhanced means of assessing potential losses…
Tornado causes $30 million in damages in Angus, Ontario
July 31, 2014 byInsured damage from the tornado that hit Angus, Ont. in late June is at least $30 million, according to the Insurance Bureau of Canada based on preliminary figures from Property Claim Services (PCS). More than 100 homes were damaged from…
Hurricane Arthur losses won’t exceed $250 million
July 31, 2014 byInsured losses from Hurricane Arthur, which struck the United States and Canada in July, are not expected to be above $250 million from wind and coastal flooding, catastrophe modeling firm RMS reported in mid-July. Arthur made landfall July 3 along…