Topic
Earnings / Ratings
F4 tornado in downtown Toronto would cause $4 billion in losses
May 31, 2011 byIf an F4 tornado – which packs wind speeds of between 333 km-h and 418 km-h – ripped through downtown Toronto, it could potentially cause up to $4 billion in losses, said Matthew Nielsen, senior product marketing manager of natural…
Building Defects
May 31, 2011 Stephen Blaney and John McGloneClaims for moisture penetration in new buildings continues to rise
Auctions carry regulatory risk and uncertainty in M&A scenarios: commercial lawyer
May 27, 2011 by Canadian UnderwriterInsurers being sold through an auction channel, rather than through a traditional acquisition deal, face greater regulatory risk and uncertainty of the transaction being completed, said Brian Rose, senior partner with Stikeman Elliott’s corporate commercial section.Rose spoke as a panel…
OSFI casts a watchful eye on risks associated with a prolonged, uneven global financial recovery
May 19, 2011 by Canadian UnderwriterCanada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), is casting a watchful eye on the interconnected financial risks associated with a prolonged global economic recovery.In response, the regulator has made it a priority to address capital…
Success of start-up Canadian P&C companies influenced by senior managerial experience: PACICC report
April 27, 2011 by Canadian UnderwriterWhen it comes to the success of new entrants into the Canadian property and casualty insurance market, managerial experience matters, according to a new report by the Property and Casualty Insurance Compensation Corporation (PACICC).The report, Determinants of survivability of new…
PACICC makes it a priority in 2013 to analyze role of actuaries in loss reserving best practices, supervisory practices
April 27, 2011 by Canadian UnderwriterThe Property and Casualty Insurance Compensation Corporation (PACICC) – which protects Canadian policyholders from a loss in the event of an insurance company insolvency – plans to examine best practices in loss reserving in 2013.The analysis would include how actuarial…
Hub International buys four additional Alberta-based brokerages from the Phoenix Insurance Group
April 5, 2011 by Canadian UnderwriterHub International Limited (Hub), an insurance brokerage firm, has acquired the assets of four middle market agencies that operate as part of the Phoenix Insurance Group Inc. (Phoenix), a cluster partnership of various Alberta-based brokerages. Terms of the acquisitions were…
Joint Forces
April 1, 2011 Vanessa Mariga, Associate EditorManagement groups and broker networks are becoming more popular in response to the current environment of consolidation and increased competition.
QBE completes acquisition of US Renaissance Re unit
March 7, 2011 by Canadian UnderwriterQBE Insurance Group Ltd. has completed its acquisition of the US admitted insurance business of Renaissance Re.The acquisition includes a US crop and small specialist program insurance business. The cost of the transaction was $275 million. “The business acquired is…
Moves & Views (March 01, 2011)
March 1, 2011 by Canadian UnderwriterTravelers Canada has promoted vice president Francine Armel to lead its financial and professional services division. Armel joined Travelers Canada in 2005 in the financial and professional services division, which offers management liability and professional indemnity products for public, private…
Industrial Alliance acquires creditor insurance and replacement warranty distributors
February 15, 2011 by Canadian UnderwriterIndustrial Alliance Insurance and Financial Services Inc. has signed an agreement to acquire through its affiliated companies the operations of Protection V.A.G. Inc., Communications & Références Multi Assurance Direct inc. (MAD) and Produits récréatifs Accès Inc. (Accès).VAG, Accès and MAD…
Everest Re Group expands further into Canadian market
February 11, 2011 by Canadian UnderwriterEverest Re Group has boosted its Canadian presence, acquiring Premiere Underwriting Services and some operations of Executive Risk Insurance Services Ltd.Premiere Underwriting Services is a Toronto-based managing general agent specializing in entertainment, sports and leisure related risks. Moving forward, Premiere…