Non-standard auto insurer Echelon Insurance is a step closer to being acquired by The CAA Club Group of Companies. Shareholders of Echelon Financial Holdings Inc. voted Wednesday in favour of the $175 million deal, Echelon said in a release. In…
Editor’s Note: This version of the story clarifies that previous remarks attributed to Glen Hopkinson were not intended in any way to be interpreted as connected to the merger of AXA and XL Catlin. His remarks were intended to refer…
Canada’s largest insurer has teamed up with a Quebec university to establish two new chairs in artificial intelligence (AI) and actuarial science. Intact Financial Corporation and Université Laval announced Friday: The Natural Sciences and Engineering Research Council (NSERC)/Intact Financial Corporation…
Insurance company survival and relevancy will be big issues for the industry in the coming decade, predicts a P&C industry consultant. “We are facing somewhat of a crisis in that our industry is only picking up 32% of catastrophic losses…
Commercial brokers advising Canadian clients involved in mergers and acquisitions could soon have another market to which they could place transactional risk. The Travelers Companies Inc. announced Jan. 15 it plans to offer transactional risk insurance in the United States.…
Wawanesa’s decision to write insurance in Canada through brokers only came as a shock to some consultants. “If you talk to the consultants down on Adelaide Street [in Toronto] in their big offices, what are they going to tell an…
Unlike Economical Insurance, Canada’s largest mutual insurer plans to stay that way. “Everybody says, ‘Because of what Economical is doing, are you going to demutualize?’ No,” Carol Jardine, president of the Canadian property and casualty operations of Wawanesa Mutual Insurance…
A B.C. driver has failed in his bid to receive a refund for his insurance premium increase and deductible after B.C.’s public auto insurer found him 100% responsible for failing to clear an intersection for an ambulance. A B.C. ambulance…
The Canadian insurance industry is not at the beginning of a hard market, says Phil Cook, a P&C industry consultant and CEO of Omega Insurance Holdings. “There are some commentators out there that will say we are at the beginning…
Alberta’s ceiling on auto rate increases is causing some brokers to lose their contracts with carriers. In Alberta, as a general rule carriers may not hike rates by more than 5% across their book of business. “It has resulted in…
A B.C. broker repeatedly in hot water for misapplying thousands of dollars worth of insurance premium funds over several years has had his Level 3 licence permanently revoked. In addition, Insurance Council of B.C. fined Antony Ronald Fransen $7,500 personally…
A court decision released this past Wednesday clarifies what should happen if your client is sued and covered by more than one insurance company. Melissa Shawbonquit filed a lawsuit after she was injured in a boating accident in July 2016.…