Moves and Views
December 1, 2015 by Canadian Underwriter1 Serge Lavoie [1], former president and chief executive officer of Jevco Insurance Company, took on duties as president of the Canadian subsidiary, Echelon Financial Holdings Inc., as of December 1. Most recently Quebec president of GDI Integrated Facility Services,…
Non-life insurance premiums forecast to grow 0.8% in 2016 in Canada: Swiss Re
November 24, 2015 by Canadian UnderwriterThe worldwide demand for non-life insurance should increase in 2016 and 2017, but pressure on reinsurance profits should “drive more” mergers and acquisitions in 2015 and 2016, Swiss Re Ltd. suggested in a report announced Tuesday. In Swiss Re’s Global…
Economical Insurance to schedule mutual policyholders’ vote on demutualization
November 3, 2015 Greg Meckbach, Associate EditorEconomical Insurance’s board of directors “formally decided” Tuesday to proceed with demutualization, and if successful, the money raised from demutualization would “likely be tied around acquisition activity,” the Waterloo, Ont.-based insurer’s chief executive officer suggested. Economical’s announcement comes four months…
Aviva’s combined operating ratio in Canada improves 2.6 percentage points for the first nine months of 2015
October 29, 2015 by Canadian UnderwriterAviva plc announced on Thursday that the combined operating ratio (COR) in Canada improved 2.6 percentage points to 94.2% in the nine months ending Sept. 30 from 96.8% in the nine-month period in 2014, “reflecting better overall weather experience, offset…
ACE shareholders vote to approve acquisition of Chubb
October 23, 2015 by Canadian UnderwriterACE Limited shareholders have voted at a special meeting to approve all proposals related to the company’s previously announced agreement to acquire The Chubb Corporation, ACE announced on Thursday. ACE reported that votes in favour of each agenda item exceeded…
Water scarcity creates risks for businesses, demands management: Zurich
October 14, 2015 by Canadian UnderwriterWater scarcity is leading to risks and exposures for businesses worldwide, necessitating that organizations put in place appropriate water management plans, argues a white paper issued Tuesday by Zurich Insurance. Businesses around the world are feeling the strain of water…
Quebec insurance brokers network taken over by four shareholders
October 6, 2015 by Canadian UnderwriterQuebec City-based Intergroupe Assurances, which specializes in personal, commercial and life insurance and financial services, announced on Tuesday that it is being taken over by a quartet of well-established shareholders in the industry. Intergroupe, which was founded in 1996 by…
Zurich appoints Paul Horgan as CEO of Global Corporate in North America
October 1, 2015 by Canadian UnderwriterZurich Insurance Group has appointed Paul Horgan CEO of Zurich’s Global Corporate in North America (GCiNA) business, effective immediately. Horgan, previously Head of Group Reinsurance, is now accountable for the direction, management and performance of GCiNA, a major business area…
Profits for Canadian p&c insurance companies endure despite challenging market conditions: A.M. Best
September 15, 2015 by Canadian UnderwriterCanada’s property and casualty insurance market – faced with challenging market dynamics and unforeseen headwinds like the steep decline in global oil prices – remains resilient, prompting A.M. Best to maintain a stable rating outlook for the industry as a…
Renewed Faith
September 1, 2015 Bruno De Vita, Partner; and Hollis Bromley, Partner, Alexander Holburn Beaudin + Lang LLPTwo recent judgements in Canada indicate Canadian courts are taking a conservative approach on punitive damages in bad faith claims lawsuits against insurance companies
Moves and Views
September 1, 2015 by Canadian Underwriter1 Travelers Canada chief executive officer Brigid Murphy [1a] is retiring from CEO duties, chief operating officer (COO) Duane Sanders [1b] is replacing Murphy and Heather Masterson [1c], most recently with Totten Insurance Group Inc., is taking on the COO…
Contract, Conflict and Subrogation
July 31, 2015 Tiffany Cheverie, lawyer, Burchells LLP |Tiffany Cheverie, lawyer, Burchells LLPThe law of the jurisdiction plays a key role in insurance contract interpretation and rights of recovery.