Topic
Earnings / Ratings
P&C Industry posts decline in underwriting profit: Swiss Re
May 31, 2014 byRecord catastrophe losses caused the Canadian property and casualty insurance industry to see a decline in underwriting profit for 2013 to $284 million, compared with $1.9 billion in 2012, according to a quarterly briefing from Swiss Re’s Economic Research and…
Power Play
April 1, 2014 Angela Stelmakowich, EditorMergers and acquisitions activity involving brokerages shows few signs of letting up, looking like it will remain hot to warm over the next year or two before cooling off. Transactions may take the form of insurer to insurer, insurer to broker or broker to broker. But how will this coming together play out in terms of broker independence, distribution, breadth of choice for customers and opportunities for brokers?
Desjardins Group to raise $500 million through capital share issue
January 20, 2014 by Canadian UnderwriterIn order to “boost” its capitalization, Desjardins Group of Levis, Que. announced Monday it is issuing $500 million worth of capital shares. “Desjardins ranks among the most stable financial institutions in the world and this is in large part thanks…
P&C consolidation has left some companies data that could serve as a competitive advantage
September 11, 2013 by Canadian UnderwriterVast consolidation within Canada’s property and casualty industry on the carrier side has created some large organizations with a wealth of data that could offer a competitive advantage, Greg Williams, managing senior financial analyst in the property/casualty rating division at…
HST on IMEs: Case Closed?
July 1, 2013 Sean AylwardThe federal government’s 2013 budget removes the HST-exempt status on supplies by providers of independent medical evaluations or independent assessments. However, language contained in amendments could provide a basis to challenge removal of exempt status.
IME companies must focus on client service, diversify in face of regulatory changes
May 22, 2013 by Canadian UnderwriterOngoing regulatory reform, particularly related to Ontario auto insurance, along with general industry consolidation, means Canadian independent medical evaluation companies must diversify their offerings and continue working with stakeholders, a new whitepaper from Cira Medical Services argues. Reforms in 2010…
Industry posts solid premium growth, lower combined ratio
March 31, 2013 byThe Canadian property and casualty insurance market saw substantial growth in premiums in 2012, largely because of growth in personal lines, including improvement in Ontario auto results, according to preliminary data from MSA Research. The industry’s combined ratio for the…
OSFI release final earthquake exposure guideline
March 31, 2013 byThe Office of the Superintendent of Financial Institutions (OSFI) released the final revised version of its Earthquake Exposure Sound Practices (Guidelines B-9) in late February, following public consultations that began last August. The revised guideline comes from a working group…
More activity, consolidation expected for Canada’s P&C industry: PwC official
March 25, 2013 Angela Stelmakowich, EditorSome property and casualty carriers are deploying multi-prong distribution strategies, which is putting pressure on the marketplace and resulting in activity on the mergers and acquisitions (M&A) front, Allan Buitendag, a partner and Canadian insurance consulting leader at PwC Consulting,…
Cyber threat top business risk: survey
January 31, 2013 byCorporate executives are more concerned about cyber threats than other major business risks, a new survey sponsored by insurance giant AIG suggests. More than 85% of the 258 executives surveyed said they were very or somewhat concerned about cyber risks…
Full Spectrum
December 2, 2012 by Canadian UnderwriterIt’s a safe bet that Canada’s property and casualty insurers are in for big changes. How dramatic those changes will be, what form they will take and when they will ultimately unfold are expected to fall on many points along the spectrum. Building on hard data and emerging trends, insurance companies are blending old with new as they prepare for all shades of risk.
RRJ Insurance acquires G.B. Cragg Insurance Broker
November 22, 2012 by Canadian UnderwriterRRJ Insurance Ltd. announced it has acquired Orillia, Ont.-based G.B. Cragg Insurance Broker Ltd. G.B. Cragg, which was established in 1953, offers personal insurance, including auto, homeowner, tenant, liability and watercraft. Its commercial products include farm, bonds, auto, events and…