Topic
Insurance
TD Insurance sheds U.S. operations
August 27, 2012 by Canadian UnderwriterTD Bank has sold its U.S. insurance subsidiary to USI Insurance Services, a middle-market brokerage firm owned by Goldman Sachs Capital Partners, for an undisclosed amount. TD Insurance Inc. is one of the largest bank-owned insurance agencies and brokerage firms…
Woman falling on ice outside vehicle not an “accident”: FSCO delegate
August 24, 2012 by Canadian UnderwriterA woman who slipped on ice after exiting her car is not eligible for auto accident benefits in Ontario because the incident does not constitute an “accident” under insurance regulations, a director’s delegate of the Financial Services Commission of Ontario…
Economical Insurance’s 2012 Q2 results support positioning for demutualization
August 24, 2012 by Canadian UnderwriterEconomical Insurance’s financial numbers for the second quarter of 2012 show that the company is continuing to deliver strong profitable results and is well-positioned for a successful demutualization, suggests Karen Gavan, president and CEO of the company. Economical has maintained…
Partnership to help policyholders avoid data breaches
August 24, 2012 by Canadian UnderwriterOrganizations that hold a lot of personal customer data, including insurance brokers and financial institutions, are among the entities most vulnerable to increasing risks and costs associated with privacy breaches that can expose sensitive customer information, suggests Trisura Guarantee Insurance…
Willis says market for airline insurance “favours the buyers”
August 24, 2012 by Canadian UnderwriterThe airline insurance market has shrunk in premium volume in 2012 as the industry’s positive loss record continues to exert downward pressure on rates, notes a recent report from Willis. The report, which covers renewals in June and July, states…
U.S. p&c industry posts higher net income in 2012 Q2
August 23, 2012 by Canadian UnderwriterProperty and casualty insurers in the United States recorded strong earnings in the second quarter of 2012, with net income rising 343% from the same period in 2011 for a group of 26 select companies, notes a report from Moody’s…
Desjardins General Insurance posts strong Q2 results
August 23, 2012 by Canadian UnderwriterDesjardins General Insurance Group (DGIG)’s net income for 2012 Q2 was $39.5 million, more than double the $16.6 million in 2011 Q2. DGIG’s loss ratio for the quarter ended June 30, 2012 fell to 71% – 5.9% lower than in…
Aon Benfield teams with flood modelling firm
August 23, 2012 by Canadian UnderwriterAon Benfield recently announced a partnership with Ambiental, a flood risk assessment and modelling consultancy. The global reinsurance broker and capital advisor of Aon notes the relationship with Ambiental will “enhance the firm’s flood model development capabilities.” Specifically, Ambiental will…
Sean Hobson new senior VP of sales for FirstOnSite Restoration
August 23, 2012 by Canadian UnderwriterFirstOnSite Restoration has named Sean Hobson as senior vice president of sales for the company. Hobson’s extensive background in insurance, construction and restoration industry sales nationally and internationally will assist him in his duties to lead FirstOnSite’s sales teams across…
Drought conditions could cause insurance loss of $5 billion: S&P
August 22, 2012 by Canadian UnderwriterInsured crop losses in the United States will cost insurers and reinsurers more than $5 billion, notes a new report from Standard & Poor’s. “Farmers in the most affected states are expecting one of their worst harvests since the drought…
B.C. faces high wildfire risk because of lightning
August 22, 2012 by Canadian UnderwriterBritish Columbia firefighters are on high alert as the threat of storms and lightning is coupling with dry conditions in the province to create a significant risk for wildfire. Severe storm activity occurred on Aug. 20 and Aug. 21 and…
App envisions making disaster preparation easy
August 22, 2012 by Canadian UnderwriterBeing prepared for a disaster, whatever form that disaster takes, is a key objective of a new mobile disaster preparedness app from the Insurance Information Institute (I.I.I.). “Over the past decade, insurers paid nearly $250 billion in claims to millions…