Segment
Risk Management
Totten Insurance Group acquires CULE Insurance
January 25, 2011 by Canadian UnderwriterTotten Insurance Group Inc. (Totten), one of Hub International Limited (Hub)’s wholesale insurance brokerage operations, has acquired the assets of CULE Insurance (CULE), effective Jan. 31, 2011. Terms of the acquisition were not disclosed. The CULE operations will become part…
Flattening of commercial lines in 2010 Q4 a lull, not signal of hard market: RIMS
January 24, 2011 by Canadian UnderwriterCommercial property and casualty insurance rates were flat in 2010 Q4 when compared to the same period of 2009, but a hardening of the commercial P&C insurance market is not imminent, Advisen reported in the Risk and Insurance Management Society…
RSA Canada drives growth for insurer’s international operations
January 24, 2011 by Canadian UnderwriterThe Canadian operations of RSA drove the insurer’s international growth, with premiums of $1.98 billion in 2010, marking a 22% increase. The personal lines segment of RSA’s Canadian operations saw a 20% increase in premiums last year – including Johnson,…
U.S. securities litigation activity sets new precedent in 2010: Advisen
January 21, 2011 by Canadian UnderwriterLast year saw 1,196 securities law suits filed, a new record edging out 2009’s 1,171 suits filed, reported Advisen. “No one event accounted for the record level of securities suits filed in 2010,” said John W. Molka III, the author…
CNA Canada to host product fairs across Canada
January 21, 2011 by Canadian UnderwriterCNA Canada will host a series of product fairs to showcase its products and services throughout January and February. CNA’s product fairs are scheduled for 4-7pm (local time) as follows: Jan. 24, 2011, Vancouver, The Convention Centre; Jan. 26, 2011,…
Alberta clarifies ‘voluntary disclosure’ rules related to paying tax on unlicensed insurance
January 20, 2011 by Canadian UnderwriterThe Insurance Brokers Association of Alberta (IBAA) and the Toronto Insurance Conference (TIC) have received some clarification about Alberta’s ‘voluntary disclosure’ rules, which relate to the payment of taxes on unlicensed insurance. In Alberta, a client may lawfully arrange unlicensed…
Financial crisis resulted in heightened political risk globally: Aon
January 20, 2011 by Canadian UnderwriterThe global financial crisis has increased political risk in countries that traditionally have had very low levels of risk, according to Aon’s Political Risk Map.Fall-out from the financial crisis has resulted in Iceland becoming the first Western European country to…
The Co-operators sells property adjacent to headquarters to condo developer
January 19, 2011 by Canadian UnderwriterThe Co-operators has sold property adjacent to its headquarters in downtown Guelph, Ontario to a Tricar, luxury condo developer. The sale is subject to closing conditions and securing the appropriate planning approvals. The sum of the sale was not disclosed.…
Aon see airline market as “soft,” despite lead and hull and liability numbers
January 18, 2011 by Canadian UnderwriterDespite lead hull and liability premium numbers, the airline insurance market appears to be in the process of soiftening, according to the December 2010 edition of Aon’s Airline Insurance Market News.“The 19% average premium increase in November is influenced by…
GrowthWorks Atlantic Venture Fund invests $1 million in ClearRisk
January 18, 2011 by Canadian UnderwriterGrowthWorks Atlantic Venture Fund has made a $1-million investment in ClearRisk Inc., which provides Web-based risk management solutions for the insurance industry and small to medium size enterprises.Based in Newfoundland and Labrador, ClearRisk will use proceeds from the financing to…
Full disclosure necessary when payments made to property managers for insurance placement: BC Insurance Council
January 18, 2011 by Canadian UnderwriterThe Insurance Council of British Columbia is reminding insurance agents that any payments made to a property manager of a condo building or other third party must first be disclosed to the strata corporation.A strata corporation is a legal entity…
Sectors with high environmental risks should be tying executive compensation to mitigating risks
January 18, 2011 by Canadian UnderwriterSectors highly exposed to environmental risks, such as oil sands and gas companies, need to a better job of disclosing to investors how they use executive compensation to stimulate action on mitigating the environmental, social and governance (ESG) risks that…