Topic
Insurance
Tax and regulatory burden costs insurance industry more than 11% of revenue
April 21, 2010 by Canadian UnderwriterSlightly more than 11% of the $38.4 billion of the insurance industry’s 2008 revenues went towards regulatory and tax costs, according to a PricewaterhouseCooper’s (PwC) report.Insurance Bureau of Canada commissioned PwC to study, for the first time, both the tax…
U.S. property and casualty rates likely to harden in 2011: Conning Research & Consulting
April 21, 2010 by Canadian UnderwriterUnderwriting losses in 2010 in the U.S. property and casualty industry will likely spur rate firming in 2011, according to Conning Research & Consulting.Conning’s Property-Casualty Industry Forecast is based on Conning’s proprietary industry model and analysis of industry drivers, as…
Business interruption insurance not likely to cover airline disruptions due to volcano
April 21, 2010 by Canadian UnderwriterIt is unlikely that business interruption insurance policies will respond to the disruption to airspace as a result of the volcanic ash, according to Aon Global Risk Consulting. Flight bans were put in place in Europe on April 14 when…
McLarens Canada Expands Management Team
April 21, 2010 Canadian Underwriter magazineTORONTO, ON; April 13, 2010 McLarens Canada, a leader in the insurance adjusting industry, has expanded its management team with the addition of two new players in the areas of Claims Management and Sales and Marketing. We are very pleased…
FM Global offers $420 million of “membership credits” during upcoming renewals
April 20, 2010 by Canadian UnderwriterFM Global is offering its clients a “membership credit” worth a collective $420 million when they renew their policies between June 30, 2010 and June 29, 2011.The credit each client receives will be based on client tenure, with longer-term clients…
McLarens announces appointments to Ontario and Atlantic offices
April 20, 2010 by Canadian UnderwriterMcLarens Canada, has announced two new appointments to the claims management and the sales and marketing departments. Laurie Walker joins McClarens as director of Ontario auto accident benefits. She has more than 23 years of insurance adjusting experience, with extensive…
Sedgwick CMS acquired by Stone Point Capital and Hellman & Friedman
April 20, 2010 by Canadian UnderwriterPrivate equity firms Stone Point Capital LLC and Hellman & Friedman LLC have acquired Sedgwick Claims Management Services Inc. for approximately $1.1 billion.“We are excited to be partnering with Stone Point and Hellman & Friedman for the next stage of…
Vehicle owners who cannot drive for medical reasons still qualify for a discount: SGI
April 20, 2010 by Canadian UnderwriterVehicle owners who are unable to drive due to medical reasons should apply for a non-driver medical discount, SGI urges. The corporation provides a 20% discount to those who are of driving age and own vehicles, but do not meet…
AIG’s Canadian mortgage insurance company re-branded as Canada Guarantee
April 20, 2010 by Canadian UnderwriterAIG United Guaranty Mortgage Insurance Company Canada has been renamed Canada Guaranty Mortgage Insurance Company. An investor group, led by the Ontario Teachers’ Pension Plan and including National Mortgage Guaranty Holdings, Inc., completed the acquisition of AIG United Guaranty Mortgage…
Partner Re warns of “no-growth environment” in 2010
April 20, 2010 by Canadian UnderwriterPartner Re is warning of a “no-growth environment” for the reinsurance market in the coming year.In its 2009 annual report, securing the future, Partner Re observed that during Jan. 1, 2010 renewals, “the company observed a competitive business environment with…
6 New Online Photo Gallery updates now live at canadianunderwriter.ca
April 20, 2010 Canadian Underwriter magazine6 new industry event galleries have been added to the Online Photo Gallery at canadianunderwriter.ca and are featured in the April 2010 issue of Canadian Underwriter magazine. To view all the galleries, at canadianunderwriter.ca click the link below: The recent…
Early Notification is Key for Brokers to Service Their Clients
April 20, 2010 EconomicalWaterloo, ON The Economical Insurance Group (TEIG) is taking a big step forward in Broker Connectivity with the introduction of TEIG NOTA an early notification system that informs Brokers of an event of interest. Events of interest include NSFs, initial…