Why insurance professionals should offer wealth management solutions
December 20, 2017 Greg Meckbach, Associate EditorProperty & casualty insurance providers wanting to improve client retention could offer more “holistic advice” and better “product density” by offering wealth management, some insurance executives say. Brokerages can provide a “broader value proposition” to clients by offering them home,…
The story behind Quebec merger of two independent brokerages
December 6, 2017 David Gambrill, Editor-in-ChiefQuebec independent brokerage Fort Financial Group Inc. has acquired Montreal based Assurances ABZ, a property and casualty insurance company specializing in group benefits and serving business owners and executives. Fundamentally, the move is an example of an independent broker finding…
Acquisition expands brokerage’s footprint in Ontario
December 4, 2017 Jason Contant, Online EditorMcDougall Insurance & Financial is expanding its horizons, with its sights set on areas outside of its typical eastern Ontario operating range. The Belleville, Ont.-based brokerage announced on Friday that it had merged with Mink Insurance Services in Midland, Ont.,…
Desjardins outlines 18-month plan to re-brand State Farm
November 22, 2017 David Gambrill, Editor-in-ChiefState Farm’s brand name in Canada will transform to Desjardins Insurance over an 18-month phased transition period starting in May 2018 and concluding by late 2019, Desjardins executives told Canadian Underwriter Wednesday. The re-brand will put the Desjardins Insurance name…
State Farm’s brand name to disappear in Canada
November 21, 2017 David Gambrill, Editor-in-ChiefSay goodbye to the State Farm brand name in Canada. Desjardins announced Tuesday that the former State Farm Canadian business will gradually be rebranded Desjardins Insurance. The brand transition will officially begin on May 1, 2018, and will be completed…
Property Loss Update: A review of recent cases, Part 2
November 17, 2017 Glenn GibsonThis is Part 2 of the property loss review that began in the Feb-Mar issue of Claims Canada. Carter et al V. Intact Insurance Company, Ontario Court of Appeal, December 6, 2016 On March 16, 2011 a fire caused…
P&C gross written premiums for Zurich down 2% to US$25.3 billion in 9M 2017
November 10, 2017 by Canadian UnderwriterProperty & Casualty gross written premiums (GWP) for the nine months ending Sept. 30 declined 2% in U.S. dollars to US$25.3 billion from US$25.7 billion, Zurich Insurance Group reported on Thursday. In particular, P&C GWP in North America for 9M…
Wawanesa subsidiary acquires Western Financial Group
November 5, 2017 by Canadian UnderwriterTrimont Financial Ltd., a subsidiary of the Wawanesa Mutual Insurance Company, announced on Wednesday the formal closing of its previously announced agreement to purchase Western Financial Group and Western Life Assurance (collectively “Western”) from Desjardins Financial Corporation, a Desjardins Group…
Chubb reports P&C combined ratio of 110.8% for third quarter of 2017
October 30, 2017 by Canadian UnderwriterChubb Limited has reported a P&C combined ratio of 110.8% for the third quarter of 2017, up 24.8 points from the same quarter last year and “driven by significant catastrophe losses.” “While it was a tough quarter for cats, it’s…
Aite Group introduces vendor evaluation framework, p&c insurance transforming
October 18, 2017 by Angela StelmakowichAite Group has introduced a proprietary vendor evaluation framework that the global research and advisory firm reports will serve as an actionable guide for market participants looking for viable third-party vendor solutions and services. “I think the biggest problem for…
OSFI to release reinsurance discussion paper, likely by early next year
October 10, 2017 Jason Contant, Online EditorThe Office of the Superintendent of Financial Institutions (OSFI) will release a discussion paper related to reinsurance, likely early next year, Neville Henderson, assistant superintendent of the regulator’s insurance supervision sector, said last week. Speaking at the National Insurance Conference…
AIG changes organizational structure, adds “standalone technology platform”
September 25, 2017 by Canadian UnderwriterAmerican International Group, Inc. (AIG) announced on Monday that it will transition to General Insurance and Life & Retirement segments, as well as a new “standalone, technology-enabled platform.” AIG said in a statement that it is planning to make changes…