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Multi-layered approach key to tackling cyber risks: Willis Towers Watson
February 26, 2016 by Canadian UnderwriterTaking a multi-dimensional approach as opposed to relying on a sub-set of actions is needed to tackle the growing cyber security risk, Dominic Casserley, president and deputy chief executive officer of Willis Towers Watson, suggested in a recent speech at…
BB&T Corporation to acquire Swett & Crawford for US$500 million
February 25, 2016 by Canadian UnderwriterBB&T Corporation has reached an agreement to acquire CGSC North America Holdings Corporation (Swett & Crawford) from Cooper Gay Swett & Crawford (CGSC) for US$500 million in cash, a move expected to provide BB&T’s wholesale insurance business with scale and…
CSIO launches scorecard tool for brokerage technology adoption
February 23, 2016 by Canadian UnderwriterThe Centre for Study of Insurance Operations (CSIO) has launched its new Technology Scorecard tool, providing member brokerages with a snapshot view of their technology adoption in comparison to the provincial average and helping encourage further tech adoption for a…
Surveyed Canadians uninformed about flood damage protection: Square One
February 22, 2016 by Canadian UnderwriterTwo-thirds of those taking part in a recent poll by Vancouver-based Square One Insurance Services Inc. incorrectly believe flood protection is included in home insurance policies. The survey of 1,500 Canadians shows that 65% of those surveyed think flood protection…
More challenging environmental risks may pose insurance coverage issues for Canadian companies: Marsh
February 18, 2016 by Canadian UnderwriterCanadian companies may find it increasingly difficult to obtain insurance coverage for more challenging environmental risks as the number and size of environmental claims continue to grow, according to Marsh’s Canada Insurance Market Report 2016, released on Thursday. Marsh, an…
Willis Re, technology company Measure announce strategic partnership to advance drone usage for insurance industry
February 8, 2016 by Canadian UnderwriterWillis Re, the reinsurance business of global advisory, broking and solutions company Willis Towers Watson, has announced a strategic partnership with technology company Measure to advance the use of drones within the insurance industry. Integrating drone technology into the insurance…
Currency fluctuation contributes to 3% revenue drop at Aon
February 5, 2016 by Canadian UnderwriterCommercial insurance brokerage Aon plc reported its revenue from risk solutions dropped 5%, from $7.834 billion in 2014 to $7.426 billion in 2015. All figures are in United States dollars. London-based Aon reported Friday its financial results for the full…
Revenue for Marsh’s U.S./Canada division increases to US$768 million in Q4 2015, from US$711 million in Q4 2014
February 5, 2016 by Canadian UnderwriterRevenue for Marsh & McLennan Companies’ U.S./Canada division increased to US$768 million for the three months ending Dec. 31, 2015, up from US$711 million in Q4 2014, the company said in its full-year and Q4 2015 financial results, released on…
Cornerstone Insurance Brokers purchases KPL Insurance-Rates
February 4, 2016 by Canadian UnderwriterMulti-line Ontario brokerage Cornerstone Insurance Brokers Ltd. announced earlier this week that it has purchased KPL Insurance-Rates Inc. Woodbridge, Ont.-based Cornerstone said in a press release on Tuesday that the transaction, which closed end of business day on Jan. 29,…
Assurances Bernatchez et Associs acquires Fort Insurance Group Inc.
February 4, 2016 by Canadian UnderwriterStephan Bernatchez has acquired Montreal-based Fort Insurance Group Inc., a strategic move expected to provide growth possibilities in the Quebec, Ontario and Alberta markets. “The strategic and geographic positioning of Fort Financial Group will give us the possibility to grow…
New HSB cyber product targets mid-size companies with revenues of $10 million to $250 million
February 4, 2016 by Canadian UnderwriterThe Hartford Steam Boiler Inspection and Insurance Company (HSB) has announced the availability of a stand-alone insurance product that seeks to fill the coverage gap for mid-size companies by offering them direct coverage for multiple types of data and cyber…
IoT poses one of insurance industry’s biggest underwriting challenges: Rosenbaum
February 3, 2016 Angela Stelmakowich, EditorOne of the insurance industry’s biggest challenges on the underwriting side is “how to effectively and profitably transfer cyber risk with respect to machine-to-machine technology,” so-called Internet of Things, Brian Rosenbaum, national director of the Legal and Research Practice at…