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Endeavour, Advent Claims partner to support Lloyd’s coverholders in Canada

September 7, 2017 by Canadian Underwriter

Advent Claims will provide its claims management system to Lloyd’s broker, Endeavour Insurance Services, as part of a new partnership arrangement meant to support London market coverholders operating in Canada. Advent Claims is a technology-led claims third-party administrator; Endeavour Insurance

News InsuranceLegalMergers and AqcuisitionsTechnology

MacEwan University in Edmonton victim of $11.8 million phishing attack

September 1, 2017 by Canadian Underwriter

MacEwan University has reported it was the victim of a phishing attack in August that resulted in the transfer of $11.8 million to the alleged perpetrator. MacEwan University said in a statement on Thursday that it discovered the fraud on

News Earnings / RatingsMarkets / CoveragesMergers and Aqcuisitions

A.M. Best reports spike in Canadian investment in U.S. insurance market

September 1, 2017 by Canadian Underwriter

There is a “growing interest” among Canadian property and casualty insurers in the United States market, while on this side of the border, Aviva plc has became the Number 2 P&C insurer in Canada and the loss ratio in Canadian

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Chubb broadens cyber enterprise risk management solutions for Canadian and American clients

August 30, 2017 by Canadian Underwriter

Chubb announced on Wednesday that it has broadened its enterprise risk management solutions for Chubb commercial cyber policyholders in the United States and Canada. Two new policy forms, Cyber Enterprise Risk Management and DigiTech Enterprise Risk Management, combine cyber insurance

News InsuranceLegislation / RegulationMarkets / Coverages

Making ICBC a co-op one option for B.C., competition must be part of any option selected: taxpayers federation

August 25, 2017 by Canadian Underwriter

The British Columbia government has options at its disposal to address auto insurance problems in the province – ranging from leaving the Insurance Corporation of B.C. (ICBC) to shuttering the insurer – but all should include reintroduction of competition, concludes a new report commissioned by the Canadian Taxpayers Federation (CTF). CTF argues that “fast and furious changes” are needed in light of the “looming 30% hike to car insurance,” a figure noted in an Ernst & Young LLP (E&Y) report made public last month. Among its many observations, the…

News AppointmentsInsuranceMergers and AqcuisitionsProfessional Development

Wawanesa names Chris Henn as president of U.S. operations

August 24, 2017 by Canadian Underwriter

Wawanesa Mutual Insurance Company, one of the largest property and casualty insurers in Canada with a growing presence in the United States, announced on Thursday that Chris Henn has been appointed president of its U.S. operations effective Aug. 31. Prior

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

83% of polled organizations had standalone cyber insurance policies: 2017 RIMS Cyber Survey

August 24, 2017 by Canadian Underwriter

Organizations with standalone cyber insurance policies increased three points from 2016 to 83%, according to the 2017 RIMS Cyber Survey. “Risk professionals’ continued to show confidence in standalone cyber insurance policies as the number of practitioners who purchased the coverage

News InsuranceLegalMarkets / CoveragesMergers and AqcuisitionsTechnology

Cybercriminals used WannaCry epidemic to promote fraudulent services, Kaspersky report says

August 22, 2017 by Canadian Underwriter

Cybercriminals involved in spam distribution tried to capitalize on public fears of the WannaCry ransomware epidemic with spam and phishing emails offering cyber protection, a new report from Kaspersky Lab has found. The Spam and phishing in Q2 2017 report,

News InsuranceLegalMergers and AqcuisitionsTechnology

Alleged Yahoo hacker Karim Baratov to forgo extradition hearing

August 21, 2017 Paola Loriggio - THE CANADIAN PRESS

HAMILTON – A Canadian man accused in a massive hack of Yahoo emails will forgo his extradition hearing and go face the charges in the United States in what his lawyer has called an effort to speed up the legal process.
Karim Baratov signed documents agreeing to waive the hearing before a Hamilton judge on Friday, after weighing the decision for months.
Ontario Superior Court Justice Andrew Goodman warned Baratov that the move could leave him open to more charges in the U.S., prompting the 22-year-old’s lawyer to confirm…

News CatastrophesEarnings / RatingsInsuranceReinsurance

Global reinsurers’ first-half 2017 results reflect pricing pressure, consolidation expected: Fitch

August 21, 2017 by Canadian Underwriter

Global reinsurers’ first half 2017 results provide further evidence of continuing pressure on pricing and earnings, Fitch Ratings said in a report released on Monday. “Intense competition among global reinsurers and the abundance of capital invested in the sector mean

News AssociationsTechnology

U.S. protectionist trade sentiments top challenge cited by polled Canadian businesses, but optimism about Canadian economy way up: survey

August 15, 2017 by Canadian Underwriter

Protectionist trade sentiments south of the border top the list of challenges facing the Canadian economy, a concern identified by almost a quarter of the 516 business leaders taking part in a new survey released Tuesday by Chartered Professional Accountants

News CatastrophesClimate ChangeInsurance

2016 was the warmest year on record for the globe, Canadian Prairies experienced one of the “longest and most active storm seasons”: report

August 11, 2017 by Canadian Underwriter

Last year topped 2015 as the warmest year in 137 years of record keeping and marked the third consecutive year of record warmth, the National Oceanic and Atmospheric Administration (NOAA) reported on Thursday. The 27th annual State of the Climate