Segment
Risk Management
KPMG acquires Berris Mangan
September 14, 2011 by Canadian UnderwriterKPMG has acquired Vancouver-based accounting firm Berris Mangan. Berris Mangan is a full-service accounting firm that specializes in serving the insurance industry, as well as the service, wholesale and manufacturing industries. “As part of our national strategy to grow through…
U.S. private equity firm buys up Kanetix Ltd.
September 14, 2011 by Canadian UnderwriterKanetix Ltd., a Canadian online insurance marketplace, has been acquired by Monitor Clipper Partners (MCP), a Cambridge, Massachusetts-based private equity firm. Kanetix has also named Yousry Bissada as president and CEO, effective immediately. Its co-founders, George Small and Gregory Ellis,…
FirstOnSite appoints Brad Meekin to head up health care and government services unit
September 14, 2011 by Canadian UnderwriterFirstOnSite Restoration has appointed Brad Meekin to head up its new healthcare and government services business unit. Through FirstOnSite’s Priority Response Emergency Plan (PREP) program, Meekin will assist organizations in the healthcare and government sectors – including hospitals, retirement residences,…
Ontario court criticizes insurer for not inspecting fine art collection prior to binding coverage in fire case
September 14, 2011 by Canadian UnderwriterThe Ontario Superior Court of Justice ruled against awarding punitive damages against Chubb Insurance Company of Canada in a case involving the destruction of a high-end art collection in a 1997 fire. In doing so, however, the court ruling took…
Personal and commercial markets continue to operate in a dichotomy: MSA
September 13, 2011 by Canadian UnderwriterPersonal lines in Canada are showing signs of “robust” premium growth, while commercial writers continue to plod along in a sluggish, no-growth environment, reported Joel Baker, president and CEO of MSA Research Inc.In the MSA/Baron Outlook Report: Q2 2011, Baker…
Applied Systems hires new CEO
September 13, 2011 by Canadian UnderwriterReid French has been appointed CEO of Applied Systems. He succeeds James P. Kellner, a 26-year veteran of Applied Systems, who has served as chairman and CEO since 1998. Kellner is taking on the role of non-executive chairman of the…
Insurance Council of B.C. appoints new voting member
September 13, 2011 by Canadian UnderwriterThe Insurance Council of British Columbia has appointed Dr. Eric Yung as a layperson representative voting member.Yung holds a Bachelor of Science degree in Biochemistry from the University of British Columbia. He holds his Doctorate in Molecular Genetics from the…
Guy Carpenter report predicts EU regulators will work out kinks related to assessing counterparty risk in Solvency II
September 13, 2011 by Canadian UnderwriterGlobal risk and reinsurance specialist Guy Carpenter said it is expecting additional changes in Solvency II that will simplify the calculation of counterparty default risk, which has been criticized for its “overly complex approach.”A key component of Solvency II is…
Weak Tropical Storm Maria expected to combine with eastern Canadian weather front to produce rain
September 13, 2011 by Canadian UnderwriterTropical storm Maria is weak as it approaches Atlantic Canada, but it is expected to merge with a front over Eastern Canada late in the week, resulting in a heavy rainfall for Nova Scotia and Newfoundland on Sept. 16.The Canadian…
FirstOnSite expands GTA operations
September 12, 2011 by Canadian UnderwriterFirstOnSite Restoration has expanded its Greater Toronto Area presence with the opening of its Toronto East branch. The branch is under the leadership of Steve Gregg, district general manager of Hamilton and GTA, and Jim Mandeville, branch manager of Toronto…
Tropical Storm Maria tracking to pass near Newfoundland
September 12, 2011 by Canadian UnderwriterTropical Storm Maria, located north of Puerto Rico on Sept. 12, is tracking to hit near Newfoundland on or around Sept. 16. “Maria is not expected to intensify quickly and may not even reach hurricane status given the strength of…
Boiler Inspection and Insurance Company adopts Munich Re brand
September 12, 2011 by Canadian UnderwriterThe Boiler Inspection and Insurance Company of Canada (BI&I), a subsidiary of Hartford Steam Boiler Group (HSB), is adopting the brand of its parent company, Munich Re. HSB’s “iconic” locomotive symbol and name will be preserved and appear in the…