Topic Operations
4 reasons why remote work is here to stay
September 7, 2023 by Jason ContantExecutives expect both hybrid and fully remote work to keep increasing over the next five years, a new survey has found. Many CEOs are publicly gearing up for yet another return-to-office push, but privately they’re expecting hybrid and fully remote…
How artificial intelligence benefits brokers
August 31, 2023 by Adam MitchellWe’ve all seen stories about AI and what programs like ChatGPT will mean for the future of work. The general consensus – for now at least – is that it won’t replace insurance brokers. But as this technology becomes more…
AXA XL names country manager for Canada
August 23, 2023 by David GambrillAXA XL has named Glen Hopkinson the new country manager for Canada. Removing the ‘interim’ tag from his title, the company said Monday that Hopkinson will lead AXA XL’s insurance operations in the country, effective immediately. “Glen’s extensive insurance expertise,…
Regulator seeks feedback on public warning notices
August 14, 2023 by Jason ContantOntario’s financial services regulator is consulting on proposed guidance for how and when it issues public warning notices. The guidance applies to all sectors (except pensions) regulated by the Financial Services Regulatory Authority of Ontario (FSRA), which includes property and…
Hub privacy breach affects “limited” amount of Canadian data
August 11, 2023 by David GambrillHub International Limited, a Chicago-based brokerage with offices in 10 Canadian provinces and territories, has reported a privacy breach of data related to “a limited number of Canadians.” Hub posted a “notice of a data privacy event” online on Friday,…
How Intact CEO views the M&A landscape
August 11, 2023 by Jason ContantM&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…
What FSRA found when it examined take-all-comers compliance
August 4, 2023 by Philip PoradoOntario’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…
AXA XL names new underwriting manager in Canada
August 3, 2023 by Canadian Underwriter StaffSpecialty insurance provider AXA XL has named Kirsten Andersen underwriting manager for its design professional insurance business in Canada. The business unit provides errors and omissions/professional liability insurance to architectural and engineering firms in Canada, according to the firm’s website.…
Industry veteran no longer with insurance regulator
August 2, 2023 by Jason ContantIndustry veteran Tim Bzowey, most recently executive vice president of auto/insurance products with the Financial Services Regulatory Authority of Ontario (FSRA), is no longer with the regulator. “We would like to express our sincere thanks to former executives Caroline Blouin…
Wawanesa to sell U.S. subsidiary, focus on Canadian market
August 1, 2023 by Jason ContantWawanesa Mutual Insurance Company will sell its U.S. subsidiary to the Automobile Club of Southern California’s affiliated insurer as it focuses its efforts on the Canadian insurance market. Wawanesa Mutual announced Tuesday it has entered into a definitive agreement to…
Allianz Commercial: Insurer launches new regional set-up
July 25, 2023 by Jason ContantAllianz Global Corporate & Specialty (AGCS) has joined forces with the commercial insurance businesses of local Allianz P&C entities, trading under the name Allianz Commercial. The new structure will consist of 11 new regions, bringing together the current six regional…
What the math says about P&C return rates
July 24, 2023 by Alyssa Di SabatinoWhat’s a reasonable rate of return for Canada’s property and casualty insurers? According to Craig Pinnock, chief financial officer at Northbridge Financial Corporation, for the insurance industry, it could sit anywhere between 5% on the low end, 10% on average,…