New COO, EVP for Totten
May 28, 2019 by Jason ContantPaul Meinschenk has joined managing general agency (MGA) Totten Insurance Group as chief operating officer and executive vice president, effective May 31. With 18 years of experience in the insurance industry, Meinschenk was mostly recently vice president of sales and…
This ‘leading practitioner’ in insurance law is now a judge
May 27, 2019 by Greg MeckbachCORRECTION NOTICE: In an earlier version of this story, Glen L.C. Noel was incorrectly identified as a lawyer representing Lloyd’s in Lawlor v. Royal. In fact, Noel represented Mary Lawlor in that case. Canadian Underwriter regrets the error. Glen L.C.…
How this province is tackling inconsistent adjuster licensing
May 24, 2019 by Jason ContantWill there soon be a consistent approach to adjuster licensing across Canada? New Brunswick is one province moving towards that goal. Earlier this month, the Insurance Division of New Brunswick’s Financial and Consumer Services Commission released a consultation paper on…
How Chuckegg Creek Wildfire could affect Canadian insurers
May 23, 2019 by Greg MeckbachThe wildfire affecting northern Alberta is much larger than the one that devastated Slave Lake in 2011 but property losses seemed minimal on Thursday afternoon. “At this point we are hearing there are no major structures that have been lost,”…
Fairfax chief financial officer died suddenly
May 21, 2019 by Greg MeckbachDavid Bonham, chief financial officer of Fairfax Financial Holdings Ltd., died suddenly this past weekend, the Toronto-based company announced Tuesday. Fairfax is the corporate owner of Northbridge Insurance and several international property and casualty insurers, including OdysseyRe, Brit PLC, Allied…
BFL Canada acquires B.C. brokerage
May 15, 2019 by Jason ContantLarge commercial brokerage BFL Canada announced Tuesday the acquisition of British Columbia-based Summit Insurance Brokers Inc. Summit, based in Prince George, was founded in the late 1990s and brings expertise in industrial, commercial and farm risks to BFL Canada. Summit…
Looking for clarity on insurance regulations? Try this new hub…
May 14, 2019 by Adam MalikThe Canadian Council of Insurance Regulators (CCIR) will be launching a new access point this fall to help insurance providers understand licencing and regulatory regimes across Canada. The launch of the Fintech Advisory Hub was met with enthusiasm from the…
CU Total Loss Series: Where are the bottlenecks?
May 13, 2019 by David GambrillTotal Loss Series, Part 2: Bottlenecks Imagine Canada’s auto insurance industry saving millions of dollars each year in total loss costs and passing that along to Canadian drivers in the form of premium decreases. And all by simply reducing total…
How Fairfax’s Allied World acquisition is working out
May 10, 2019 by Greg MeckbachOld medical malpractice claims with Allied World Assurance Company are still affecting the bottom line of Canada’s Fairfax Financial Holdings Ltd., which bought the majority of Allied World nearly two years ago. With a combined ratio of 102.3%, Zug, Switzerland-based…
Former Economical Insurance CEO joins another board
May 7, 2019 by Greg MeckbachKaren Gavan, former CEO of the first Canadian property and casualty insurer to start the demutualization process, is now on the board of directors of HSBC Canada. Gavan (pictured) was CEO of Waterloo, Ont.-based Economical Insurance from 2011 through 2016.…
Intact’s BrokerLink makes double acquisition
May 3, 2019 by Jason ContantBrokerLink has announced the acquisition of two brokerages: the Athabasca, Alta. branch of JDR Insurance and Guelph, Ont.-based Amplex Insurance Brokers Ltd. Both transactions were effective May 1 and terms of the transactions were not disclosed, BrokerLink said in a…
2018 ‘not a good year’ for Canadian P&C insurers: IBC
May 2, 2019 by Greg MeckbachWeak investment results and problems with auto insurance in most provinces were among the factors leading to a bad year for insurers in 2018, Insurance Bureau of Canada’s chairman suggests. “Last year was not a good year for the property…