Segment
Brokers
Cost of “supercell” storm in New Zealand almost $5 million
July 7, 2014 by Canadian UnderwriterThe “supercell” storm that hit Canterbury, New Zealand in late February has produced $4.8 million (New Zealand dollars) in insurance payouts, notes information from the Insurance Council of New Zealand (ICNZ). The storm brought torrential rain, thunderstorms, lightning, a large…
Quarterly loss & adjustment expenses for U.S. P&C carriers up ‘for the first time’ since Superstorm Sandy
July 7, 2014 by Canadian UnderwriterPrivate property and casualty insurers in the United States experienced a 2.6-point year-over-year increase in their first-quarter combined ratio and a 51% drop in their net underwriting gain, as loss and adjustment expenses rose more quickly than premiums, according to…
Hub International acquires Manitoba-based Gibson’s Insurance
July 7, 2014 by Canadian UnderwriterHub International Limited has broadened its local market reach and specializations throughout Manitoba with the acquisition of shares of Gibson’s Insurance Agency Ltd. Terms of the acquisition were not disclosed, notes a statement from Hub International, a leading global insurance…
8% of housing units in U.S. located in counties at very high risk for natural disasters: report
July 4, 2014 by Canadian UnderwriterA recent report that assigns a natural disaster risk score to more than 3,000 county housing markets in the United States found that about 8% of the 131 million U.S. housing units were located in very high-risk counties. The total…
Manitoba government declares flood emergency, seeks help from military
July 4, 2014 Chinta Puxley, THE CANADIAN PRESSWINNIPEG – Manitoba is declaring a provincial state of emergency and is asking the Canadian military to help fight a surge of floodwater coming from Saskatchewan. Premier Greg Selinger said Friday that calling in the army will help protect about…
One year after rail disaster, Lac Megantic businesses struggle to rebuild
July 4, 2014 Andy Blatchford, THE CANADIAN PRESSMONTREAL – Claude Charron’s most-recent visit to his Lac-Megantic pharmacy called for head lamps, hard hats and masks to block the pervasive stench of petroleum. A year has passed since his Quebec town was ground zero for a railway disaster,…
Lloyd’s publishes minimum standards for managing agents which take effect in 2015
July 3, 2014 by Canadian UnderwriterLloyd’s of London recently published a set of minimum standards, scheduled to take effect Jan. 1, 2015, for the companies that manage the syndicates of members that write insurance for the Lloyd’s market. The minimum standards for Lloyd’s managing agents…
Prairie farmers, communities tackle flooding as more declare emergencies
July 2, 2014 THE CANADIAN PRESSTwo Saskatchewan communities remain cut off because of flooding and emergency officials warn water levels are still rising in other areas. There has been no access to the villages of Gainsborough and Carievale since a deluge of rain over the…
Arthur J. Gallagher completes Noraxis acquisition
July 2, 2014 by Canadian UnderwriterArthur J. Gallagher completed its acquisition of Noraxis Capital Corp. Wednesday, in a deal it says has made it a top five insurance broker in Canada. “Bringing together Gallagher’s existing Canadian broking operations with those of Noraxis will create a…
SGI completes sale of 75% stake in Insurance Company of PEI
July 2, 2014 by Canadian UnderwriterEGI Financial Holdings Inc. announced Wednesday it has completed the purchase, from Saskatchewan Government Insurance (SGI), of a 75% interest in Insurance Company of Prince Edward Island. Charlottetown-based ICPEI writes auto, home and commercial insurance through brokers in Prince Edward…
Multiple Engagement
July 1, 2014 Jeff Purdy, Senior Vice President of International Operations, Applied SystemsAs digital services evolve – and customer expectations increase – developing a clearly defined multi-channel customer engagement strategy will be critically important for brokers to continue to be viewed as trusted advisors.
Moves and Views
July 1, 2014 by Canadian Underwriter1 Peace Hills Insurance recently announced the retirement of president and chief executive officer Diane Brickner [1a], who joined the company more than 30 years ago. Among others, Brickner is a member of the boards of the Property and Casualty…