New president for Lloyd’s Canada
June 1, 2020 by Greg MeckbachMarc Lipman, former chief operating officer of American International Group (AIG) Canada, is the new president of Lloyd’s Canada. Lipman (pictured, above) replaces Lisa Duval, who had served as Lloyd’s Canada’s attorney in fact and chief agent, on an interim…
Reinsurer opens shop in Canada
December 19, 2019 by Greg MeckbachValidus Reinsurance Ltd. has established a branch office in Toronto with Heather Legg as its new chief agent, parent company American International Group Inc. announced Thursday. Legg, currently a senior vice president at Validus, is a former senior executive with…
She captured women’s feelings in the workplace with this response
September 16, 2019 by Adam MalikChristine Lithgow had one simple response to her employer when they offered her a position that was junior in comparison to the one she left six years prior after the birth of her first child. “I had to remind them:…
How not to deal with a ransomware attack
December 19, 2018 by Greg MeckbachYour client should never have to negotiate with a cyber criminal even if that client has suffered a ransomware attack, cyber security experts advise. Ransomware is a type of computer malware that prevents clients from either using their computers or…
This Top 5 liability insurer is looking for firms to buy
August 15, 2018 by Greg MeckbachThe corporate parent of Canada’s fourth-largest liability insurer – American International Group Inc. – is actively looking for companies to acquire. “I always look for acquisitions,” said Brian Duppereault, CEO of New York City-based AIG, during a recent earnings call.…
What four insurers say about IBAC Data Exchange
August 13, 2018 by Greg MeckbachReducing the workload for human beings is one reason some insurance carriers are participating in part of the Insurance Brokers Association of Canada’s Data Exchange project. “We are constantly looking for ways to eliminate manual processes, to eliminate administrative functions,…
Retroactive reinsurance contracts, Ogden rate reduction produce underwriting losses for Berkshire Hathaway
August 8, 2017 by Canadian UnderwriterBoston-based Berkshire Hathaway Specialty insurance, which announced its entry in 2015 into the Canadian market, had a 23% increase in premiums written for the first half of 2017 versus 2016, while the Berkshire Hathaway Reinsurance Group had liabilities for losses…
Commercial insurance premiums down 17% at AIG
May 3, 2017 by Canadian UnderwriterAmerican International Group Inc. reported more than $1 billion in profit in the latest quarter and the New York City-based insurer continues “remediation” of its United States property and casualty business. AIG released Wednesday its financial results for the first…
Adverse development charge highlights AIG’s challenges with longer tail commercial lines: A.M. Best
January 27, 2017 by Canadian UnderwriterA week after American International Group Inc. announced it expects to report next month a “material prior year adverse development charge” for Q4 2016, A.M. Best Company Inc. has placed the long-term issuer credit rating of the New York City-based…