News
‘Double Down’ approach to buying cat bonds gains currency
January 14, 2011 by Canadian UnderwriterTechniques for drumming up investment into cat bonds has evolved, with one new technique allowing investors to essentially “double down” as they would in Blackjack, said Philip Cook, CEO of Omega General Insurance Holdings.Cook was the keynote speaker at the…
The Co-operators acquires personal lines operations of Assurances Claude Paquet
January 14, 2011 by Canadian UnderwriterThe Co-operators has acquired, with the help of an unnamed investment partner, the personal lines operations of a brokerage based in the Gaspe region of Quebec. Assurances Claude Paquet’s personal lines operations will begin operating as the newest Co-operators office,…
MEA Forensic appoints Xaine Bhatia
January 14, 2011 by Canadian UnderwriterMEA Forensic has appointed Xaine Bhatia as its business development specialist in Ontario. Bhatia has more than 13 years of experience in business development, project management and communications. She has a Masters degree from the University of Toronto.“This unique combination…
Canadian P&C market “nowhere close” to hardening: analyst
January 13, 2011 by Canadian UnderwriterThe Canadian P&C industry is not even on the cusp of a hard market, despite analysts’ predictions, said Philip Cook, CEO of Omega General Insurance Holdings.Cook offered his projections for 2011 at the Insurance Institute’s ‘Annual Industry Trends Breakfast’ breakfast…
New Brunswick appoints Michel C. Leger to chair auto injury cap review panel
January 13, 2011 by Canadian UnderwriterNew Brunswick’s provincial government has appointed prominent Tory lawyer Michel C. Leger of Shediac, New Brunswick to chair a working group established to review the existing cap and definition covering soft tissue automobile injuries in New Brunswick.Other members named to…
Zurich forms strategic partnership with manufacturers’ association
January 13, 2011 by Canadian UnderwriterCanadian Manufacturers & Exporters (CME) and Zurich Canada have formed a strategic business alliance that will provide CME members with a suite of insurance products. As CME’s preferred business insurance provider, Zurich Canada is offering additional manufacturing insurance coverages at…
MPI’s profit increases by $66.5 million as of the end of 2010 Q3
January 13, 2011 by Canadian UnderwriterBuoyed by strong investment returns and continued expansion and upgrading of Manitoba’s vehicle fleet, Manitoba Public Insurance (MPI) is reporting a $91.4-million profit for the nine months ended Nov. 30, 2010, compared to net income of $24.9 million for the…
MPI selects Mitchell International Inc.’s TechAdvisor to provide real-time repair data
January 13, 2011 by Canadian UnderwriterManitoba Public Insurance (MPI) has selected Mitchell International Inc.’s TechAdvisor for its source of real-time collision repair reference data for all of its service centres. Mitchell’s online portal will give MPI estimators access to OEM repair procedures – along with…
Excess capital squeezes Canadian P&C industry’s return on investment
January 13, 2011 by Canadian UnderwriterInvestment income boosted the Canadian property and casualty industry’s financial results in 2010 by more than 11%, but two-thirds of that investment income was generated through the investment of “static” excess capital, said Philip Cook, CEO of Omega General Insurance…
Risk managers cautioned against “over-treating” risks
January 12, 2011 by Canadian UnderwriterRisk managers should be careful not to “over-treat” their company’s risks, panelists told an Ontario Risk and Insurance Management (ORIMS) seminar in Toronto on Jan. 12.Panelists defined “treating” risks as modifying the source of risk, as opposed to controlling or…
Ontario auto rates increased 9.5% on average in 2010 Q4: Kanetix
January 12, 2011 by Canadian UnderwriterPersonal auto insurance quotes in Ontario increased 9.5% in 2010 Q4, while decreasing 4.9% and 0.4%, respectively in Quebec and Alberta when compared to 2009 Q4, reported kanetix.ca.Kanetix’s rate review is determined by taking an average of all the quotes…
ORIMS panelists urge streamlining of corporate risk monitoring
January 12, 2011 by Canadian UnderwriterRisk managers monitoring risk management plans need to be mindful that organizations’ executives are feeling over-monitored in the wake of the financial crisis of 2008-09. As a result, if risk managers can think of any ways to reduce redundancy in…