News
Omega appoints Matthew Cook as president
September 6, 2012 by Canadian UnderwriterOmega Insurance Holdings Inc. has announced Matthew Cook as its new president of the group, including both subsidiary companies, Omega General Insurance Company and Focus Group Inc. Cook was previously the group’s chief financial officer and company secretary. He joined…
Strong earthquake strikes western Costa Rica
September 6, 2012 by Canadian UnderwriterDamage was reported to be light despite a strong earthquake hitting Costa Rica on Sept. 5. The magnitude 7.6 earthquake struck a sparsely populated area about 150 km west of the capital city of San José, notes information from catastrophe…
“Many Canadians” risk travelling uninsured: American Express
September 5, 2012 by Canadian UnderwriterMany Canadians are willing to risk travelling without insurance, often because they find the products confusing, notes new survey results from American Express Canada. About a third of the 1000 Canadians polled in July have never purchased travel insurance, American…
Intact completes acquisition of Jevco Insurance
September 5, 2012 by Canadian UnderwriterIntact Financial Corporation today announced the completion of its $530-million acquisition of Jevco Insurance Company, a wholly owned subsidiary of The Westaim Corporation. The acquisition of JEVCO, a leading provider of specialty and niche insurance products for individuals and businesses…
Relocating, flood-proofing vulnerable homes would cost about $8 million
September 5, 2012 by Canadian UnderwriterThe New Brunswick government could expect an approximately $8 million tab for relocating or flood-proofing more than 70 homes in the Village of Perth-Andover, the site of flooding in March that prompted a state of emergency. The cost estimate is…
Summer storm damage costs for Intact could reach $130 million
September 5, 2012 by Canadian UnderwriterDamage costs from severe weather across Canada are expected to reach between $110 million and $130 million after taxes, net of reinsurance, Intact Financial Corp. reports. The company is serving about 20,000 of its customers following severe storms in July…
Global reinsurance capital reaches record levels
September 5, 2012 by Canadian UnderwriterTotal global reinsurer capital totalled a record $480 billion (all figures U.S.) at the mid-year point of 2012, notes a new report by Aon Benfield, the intermediary and capital advisor of Aon. That number represents a 5% increase from year-end…
SCM Insurance Services launches new company to offer better information tools
September 5, 2012 by Canadian UnderwriterSCM Insurance Services has launched a new company to answer what it sees as increased industry demand for better business intelligence tools and enhanced access to risk information. Opta Information Intelligence will provide underwriters, brokers, corporate risk managers and municipalities…
Towers Watson teams with Hughes Telematics on UBI
September 5, 2012 by Canadian UnderwriterTwo leading firms in the insurance telematics space have formed a strategic alliance to provide personal lines auto insurers with data and solutions for usage-based insurance (UBI) programs. Towers Watson and Hughes Telematics, Inc. (HTI) will use the partnership to…
Global reinsurance outlook stable, pricing to stagnate: Fitch Ratings
September 4, 2012 by Canadian UnderwriterFitch Ratings reports its outlook for the global reinsurance sector remains stable, with further strengthening of already-strong capitalization and continued premium growth into 2013. Underwriting and operating trends are expected to support reinsurers’ current ratings over the next one to…
RSA appoints Glen Bates and Rosalind Staples-Simpson to senior leadership roles
September 4, 2012 by Canadian UnderwriterRSA has announced two new appointments to its senior leadership team in Canada to support the company’s growth strategy in Quebec and Atlantic Canada. The company has named Glen Bates as vice president in Quebec, as part of its plans…
Distracted drivers not getting the message: ICBC
September 4, 2012 by Canadian UnderwriterA survey of B.C. drivers conducted for the Insurance Corporation of British Columbia (ICBC) shows that 44% of respondents believe driving is a complex task, yet 40% of those who own cellphones admit they have used hand-held devices while behind…