Canadian Underwriter

Topic Insurers

M&A concept
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How Intact CEO views the M&A landscape

August 11, 2023 by Jason Contant

M&A transactions involving large-value brokerage deals do not reflect a trend and likely aren’t sustainable, Intact Financial Corporation CEO Charles Brindamour suggested during a recent earnings call. “If I go towards distribution, which are smaller transactions, I think we’ve seen

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Why your P&C employees are leaving you for your competitor

August 11, 2023 by Alyssa DiSabatino

Losing your employees to other P&C firms? Join the club.  A full 38% of financial services and accounting professionals, including within the insurance sector, are already looking or plan to look for a new job before the end of the

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News CatastrophesClaimsInsurersLoss TrendsOntarioQuebec

Thunderstorms now a primary concern for insurers

August 10, 2023 by David Gambrill

Damage from secondary perils such as thunderstorms in the first half of 2023 is of primary concern to reinsurers. A series of widespread thunderstorms hitting the U.S. accounted for 68% of global insured natural catastrophe losses in the first half

Auto accident
News B.C.ClaimsClaims Canada ArchiveInsurersLoss TrendsManitobaPersonal AutoSaskatchewan

Is third-party liability a significant driver of auto claims costs?

August 10, 2023 by Jason Contant

Subrogation for third-party liability (TPL) in Saskatchewan doesn’t appear to have a significant impact on the cost of insurance for drivers in the province, a Saskatchewan Government Insurance (SGI) spokesperson suggested to Canadian Underwriter.  In Saskatchewan, the public insurer subrogates

Data breach
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Canadian businesses hit hard by data breach costs

August 10, 2023 by Alyssa DiSabatino

Even as Canadian companies become more aware of their cyber risk, threat actors are hardly deterred, a new report shows.   Canadian companies are paying nearly $7 million Cdn, per incident, in data breach costs. That’s the third highest in

Blocks with M&A written on them
News AlbertaBrokersCommercialInsurersMergers and AqcuisitionsNew BrunswickNewfoundland & LabradorNova ScotiaOntarioP.E.I.

A busy summer for M&A at two of Canada’s largest brokerages

August 9, 2023 by Alyssa DiSabatino

Summertime M&A has not been slowing down for BrokerLink and Westland Insurance who have respectively completed three and two more deals in August. For BrokerLink, the three latest deals account for a total of twelve in 2023 thus far, focused

Smoke and fire from a barn explosion
News ClaimsClaims Canada ArchiveCommercialEnvironmentalInsurersOntario

How is farm fire severity trending?

August 9, 2023 by Jason Contant

As Canadian farms increase in size, so too does the severity of fire losses in the agricultural sector, a farm insurance expert told Canadian Underwriter. In general, the number of farms in Canada is dropping, but they’re getting much larger.

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News CommercialInsurersLegal

Why Berkshire Hathaway’s fidelity bond didn’t cover a Ponzi scheme

August 9, 2023 by David Gambrill

A fidelity bond issued by Berkshire Hathaway does not cover the loss of an investment firm arising from a Ponzi scheme perpetrated by one of its underlying fund managers. The Ontario Superior Court decision will be appealed, counsel for the

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News ClaimsCyberInsurersLegalLiability

Would a government ban of ransomware work?

August 8, 2023 by David Gambrill

In the United States, the White House has floated the idea of a total ban on ransomware payments, a move that could change the role of a company’s chief information and security officer (CISO), says one expert on corporate information

Analyzing financial results
News InsurersLoss TrendsMergers and AqcuisitionsPersonal AutoPersonal Home

Intact provides update on RSA profitability, remaining priorities 

August 8, 2023 by Jason Contant

Two years after Intact Financial Corporation acquired RSA Canada (and some other operations outside Canada), value creation from the acquisition has exceeded expectations, Intact’s chief financial officer said during an earnings call last week.  “We estimate that annual RSA synergies

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News InsurersLegalLicensingOntarioOperationsPersonal Auto

What FSRA found when it examined take-all-comers compliance

August 4, 2023 by Philip Porado

Ontario’s auto insurance regulator has used the phrase “systemic non-compliance” to describe how the province’s 12 largest auto insurance companies are approaching Ontario’s take-all-comers requirement. According to a Financial Services Regulatory Authority of Ontario (FSRA) report, released Friday, market behaviour

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News InsurersLegalOntarioPersonal Auto

Why auto regulator fined Aviva and S&Y $300K each

August 4, 2023 by David Gambrill

Ontario’s insurance regulator has fined Aviva Insurance Company of Canada (AIC) and its subsidiary S&Y Insurance Company (S&Y) $300,000 each for breaching the province’s “take all comers” rule for auto insurance. In a settlement with the Financial Services Regulatory Authority