Topic Insurers
Bankrupt lawyer precluded from applying to court for indemnity from professional liability insurer
June 11, 2015 by Canadian UnderwriterWhen a Canadian defendant in a lawsuit is also going through bankruptcy proceedings, the right to ask a court for indemnity from a professional liability insurer is vested in the trustee in bankruptcy rather than the policyholder, the Court of…
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 by 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…
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…
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…
More activity, consolidation expected for Canada’s P&C industry: PwC official
March 25, 2013 by 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,…