“Significantly lower” cat bond issuance volumes during the first half of 2016 compared to prior-year period: Aon Securities
September 9, 2016 by Canadian UnderwriterTwenty-four catastrophe bond transactions closed during the 12-month period to June 30, 2016, with a total limit of US$5.2 billion, a decrease on the prior-year period of US$7 billion, according to Aon Securities’ annual report on the insurance-linked securities sector.…
Christopher Schaper appointed chief executive officer of Marsh MGA Schinnerer Group
September 1, 2016 by Canadian UnderwriterMarsh has announced the appointment of Christopher Schaper as CEO of its managing general agent (MGA) business, the Schinnerer Group, effective immediately. In his role, Schaper will focus on the development and advancement of Marsh’s existing MGA businesses in Canada…
Kingsway Financial Services reports operating loss of US$1.1 million for Q2 2016, slight operating income for underwriting segment
July 22, 2016 by Canadian UnderwriterToronto-based Kingsway Financial Services Inc. has reported an operating loss of US$1.1 million for the second quarter of 2016 ending June 30, compared to US$2.5 million for the second quarter of 2015. Kingsway released its financial results on Friday, indicating…
Catastrophe bond issuance slowed during second quarter of 2016: Aon Securities
July 21, 2016 by Canadian UnderwriterFollowing a record breaking first quarter issuance of US$2.22 billion, catastrophe bond issuance for the second quarter of 2016 stood at US$800 across five transactions – a relatively low figure during a historically active quarter, Aon Securities said on Thursday.…
AIR Worldwide announces new global resilience practice
July 18, 2016 by Canadian UnderwriterCatastrophe modelling firm AIR Worldwide announced on Monday that it has formed a “global resilience practice,” a new function to support risk reduction and resilience initiatives across the globe. “These initiatives are aimed at developing solutions that aid society’s efforts…
New Ontario financial services regulator should have anti-fraud authority: Panel
June 20, 2016 by Canadian UnderwriterThe Ontario government should establish a new organization that would perform the functions currently performed by the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO) but also have a “specific fraud-deterrence mandate,” an expert…
Global disasters in May, including Fort McMurray wildfire, leading to US$7 billion in claims: Aon Benfield
June 8, 2016 by Canadian UnderwriterGlobal disasters in May led to at least US$7 billion in claims, including anticipated insured losses in excess of US$3.1 billion from the Fort McMurray wildfire, according to Aon Benfield’s Global Catastrophe Recap for May. The Global Catastrophe Recap report,…
Gaps identified in readiness of Canadian boards to crisis management
May 20, 2016 by Canadian UnderwriterMore diligence is required to protect board members in the wake of a crisis, suggests a new white paper prepared by Osler, Hoskin & Harcourt LLP for the Institute of Corporate Directors (ICD). Based on a survey of 400 Canadian…
Chris Lay appointed president and CEO of Marsh Canada
May 11, 2016 by Canadian UnderwriterChris Lay has been appointed president and CEO of insurance broker and risk advisor Marsh Canada, the company announced on Tuesday. Marsh, a wholly-owned subsidiary of Marsh & McLennan Companies, Inc. (MMC), said in a press release that Lay (pictured…
Cyber criminals are even filtering out specific countries when designing cyberattacks; Canada has low threat exposure rate: Sophos research
May 5, 2016 by Canadian UnderwriterNetwork and endpoint security company Sophos Ltd. said that its research has revealed a growing trend among cyber criminals to target and even filter out specific countries when designing ransomware and other malicious cyberattacks. Research from SophosLabs, which includes information…
Kanetix Ltd. partners with ClientDesk to help insurance industry engage with customers digitally
April 25, 2016 by Canadian UnderwriterKanetix Ltd. has partnered with ClientDesk Inc. to offer a new insurance solution to insurance providers, intermediaries and their customers – a mobile self-service technology for policyholders that allows insurance providers to connect with their clients via a mobile app.…
Canada’s FirstOnSite Restoration to join forces with U.S.-based Interstate Restoration
April 22, 2016 by Canadian UnderwriterFirstOnSite Restoration G.P. Inc. (the general partner of FirstOnSite Restoration L.P.), Canada’s largest independent disaster restoration services provider, announced on Thursday that it has reached a definitive asset purchase agreement with U.S.-based Interstate Restoration LLC. Under the agreement, subject to…