Segment
Risk Management
XN Financial names Keith Doan as VP of business development
April 26, 2011 by Canadian UnderwriterXN Financial has named Keith Doan as vice president of business development. Based in Toronto, Doan will report to XN Financial executive vice president Paul Coleman.Headquartered in Montreal, XN Financial is a provider of insurance and financial products designed specifically…
U.S. commercial P&C industry sees softening in 2011 Q1: RIMS
April 26, 2011 by Canadian UnderwriterEfforts by commercial underwriters in the United States to hold the line on rate gave way under the pressure of a highly overcapitalized market in 2011 Q1, according to the Risk and Insurance Management Society’s Benchmark Survey.The survey, administered by…
More claims-paying capacity will be needed as number of global catastrophes increases: expert
April 25, 2011 by Canadian UnderwriterThe number and cost of global natural catastrophes in 2010 was far above the long-term average over the past 30 years, according to slides for a presentation given by Insurance Information Institute president Robert P. Hartwig.Hartwig spoke at a personal…
Past PGA Championship winner joins Signature Risk Partners
April 25, 2011 by Canadian UnderwriterSignature Risk Partners Inc., a Canadian golf club and winery insurer, has welcomed former Canadian PGA Championship winner Ashley Chinner as its director of golf.“Ashley brings nearly 10 years of commercial golf insurance experience and he will be a tremendous…
Social media insurance on the horizon: cbc.ca
April 25, 2011 by Canadian UnderwriterCanadian brokers may soon be able to offer corporations – and eventually individuals – coverage for social media posts that have damaged a reputation or created a liability, cbc.ca reported.Malcolm Randles, an underwriter for Kiln, a subsidiary of Lloyd’s of…
U.S. property and casualty market not likely to see hardening: Conning
April 25, 2011 by Canadian UnderwriterThe U.S. property and casualty market likely won’t see a quick or severe hardening between 2011 and 2013, but instead will likely see modest, incremental rate increases, according to Conning Research & Consulting. “The forecast drivers for 2012 and 2013…
Nova Scotia court grants motion to determine insurance coverage issue, although facts remain in dispute
April 21, 2011 by Canadian UnderwriterUsing a new procedural rule designed to expedite proceedings, the Supreme Court of Nova Scotia has allowed an insurance case to proceed to determine “a question of law” – i.e. whether an insurance policy coverage limit was $400,000 or $19…
New independent managing general agent, SUM Insurance, offering casualty insurance products to the Canadian market
April 21, 2011 by Canadian UnderwriterSUM Insurance, an independent managing general agent formed by Travis Budd, Rick DeGrace, Stan Lam, Serge Melanson and Jeff Somerville, is now serving Canada coast-to-coast with offices in Toronto and Montreal.Formed in March 2011, Strategic Underwriting Managers Inc. (SUM Insurance…
Hagerty launches broker referral program for Canadian marine product
April 21, 2011 by Canadian UnderwriterHagerty Classic Marine has launched a broker referral program for its Canadian product. The initiative allows brokers in Canada to refer collector boat insurance clients and receive commission for new and renewal business. There are no brokerage minimum volume requirements.…
Rate increases in reinsurance market must be long-term to maintain stable outlook: A.M. Best
April 21, 2011 by Canadian UnderwriterA string of catastrophic activity in 2010 and 2011 Q1 has chipped away at the reinsurance industry’s capital cushion, says A.M. Best, further cautioning that if the industry continues to underwrite at a loss and investment opportunities remain lacklustre, the…
Aon Risk Solutions appoints Peter Mullen as CEO of Global Risk Consulting’s captive/risk management operations
April 20, 2011 by Canadian UnderwriterAon Risk Solutions has appointed Peter Mullen as chief executive officer of Aon Global Risk Consulting’s captive and insurance management operations.Mullen joins the captive and insurance management leadership team of:• Nancy Gray, regional managing director for the Americas.• John English,…
Impact of Japan earthquake may play out in 2011-12 catastrophe pricing: JLT Specialty Ltd.
April 19, 2011 by Canadian UnderwriterThe 2011 Honshu earthquake in Japan may not have been a market-changing event in its own right, according to a Natural Catastrophe Audio Briefing by JLT Specialty Ltd., but on the heels of the New Zealand earthquake in 2011, the…