Intact Financial Corp. recently reported its catastrophe losses, net of reinsurance, were $88 million for the first three months of 2017. Toronto-based Intact also says it wants to “double” its direct-to-consumer business in the “mid-term” and is nominating Sylvie Paquette,…
Artificial intelligence (AI) and the Internet of Things (IoT) now account for almost half of total investment in insurance technology (insurtech) startups globally, according to new research from global professional services company Accenture. The research, which includes new analysis of…
Chubb has announced a partnership with identity management and data theft service experts CyberScout to offer a fully complimentary array of identity management services to all Masterpiece homeowners in Canada. Chubb said in a press release that Cyberscout services provide…
Multi-line brokerage Andrew Agencies Ltd. announced on Thursday the acquisition of Airdrie, Alta.-based McCracken Insurance M.I.L. Ltd. Andrew Agencies will acquire McCracken Insurance on April 3, the former said in a press release. The new Airdrie location will be the…
The federal government said Wednesday it is proposing to eliminate a tax exemption introduced in 1954 for insurance carriers providing property insurance for farming and fishing properties. In its budget document, the ruling Liberals suggested they want to give the…
Toronto-based Onex Corp. is selling its stake in one of the world’s largest commercial brokerages, USI Insurance Services LLC, to Caisse de dépôt et placement du Québec and other buyers. Valhalla, N.Y.-based USI placed 11th worldwide in an earlier ranking…
The largest Canadian platform for insurance reviews has launched independent consumer reviews for mortgage and credit card products, InsurEye announced Wednesday. “Our platform has already been offering nearly 3,000 home, auto and life insurance reviews to inform Canadian consumers about…
American International Group (AIG) announced on Thursday that its president and CEO, Peter D. Hancock, has informed the board of directors of his intention to resign, citing lack of shareholder support. As part of the transition plan, Hancock will remain…
TIPI Insurance Partners and IMI Brokerage Company have announced a partnership to create “Canada’s largest Indigenous-owned insurance agency,” providing property insurance, pension plans and group benefits designed exclusively for Indigenous people. Announced late last week, the partnership roughly doubles TIPI’s…
Slower consumer spending on big-ticket insurable items, as well as an aging population, will weigh on the outlook for Canadian insurance firms, according the Conference Board of Canada’s first outlook for the insurance industry. Canadian Industrial Outlook: Insurance – Winter…
An Ontario court has appointed two committees to negotiate the allocation of benefits from a demutualization of Economical Insurance, the Waterloo, Ont.-based insurance carrier announced Friday. No federally regulated P&C insurers have demutualized yet. Canada did not have regulations allowing…
Nearly three-quarters of global insurers (74%) believe that their sector has failed to show leadership in digital innovation, according to a new survey by Willis Towers Watson (WTW) released on Thursday. The report, titled New horizons: How diverse growth strategies…