Wawanesa subsidiary Trimont Financial to acquire Western Financial Group and Western Life Assurance from Desjardins Group
February 16, 2017 by Canadian UnderwriterTrimont Financial Ltd., a subsidiary of The Wawanesa Mutual Insurance Company, announced on Thursday that it will acquire Western Financial Group and Western Life Assurance (together as Western) from Desjardins Financial Corporation, a Desjardins Group subsidiary, for a total transaction…
The Co-operators launches mobile app for clients to access and manage insurance information
February 16, 2017 by Canadian UnderwriterGuelph, Ont.-based The Co-operators announced on Thursday that it has launched a new mobile app providing clients with a “quick, easy and secure way” to access and manage their insurance information. With the free app, available through iTunes and Google…
Zurich North America, Deloitte collaborating on cyber protection
February 14, 2017 by Canadian UnderwriterZurich North America and Deloitte reported on Tuesday that they are working together to provide services for customers to help them better understand and protect themselves from cyber related risks. Initial offerings include risk transfer options provided by Zurich and…
Chubb enhances Master Equipment Breakdown insurance policy for Canadian customers
February 7, 2017 by Canadian UnderwriterChubb announced on Tuesday that is has enhanced its Masterpiece Equipment Breakdown insurance policy to “better protect customers against problems associated with the sudden or accidental breakdown of residential equipment.” Available to customers with an existing Canadian Masterpiece Homeowners, Condominium…
Chubb expands Signature Suite to personal insurance customers in Canada
January 31, 2017 by Canadian UnderwriterChubb Insurance Company of Canada announced on Tuesday that it has expanded its Signature Suite to personal insurance customers in Canada. Chubb said in a press release on Tuesday that it has launched an array of complimentary services for its…
Canadian non-life insurance market poised for 2017 profit recovery: Fitch
January 25, 2017 by Canadian UnderwriterThe Canadian non-life insurance industry is likely to return to an underwriting profit in 2017, according to Fitch Ratings’ new report on the Canadian non-life insurance market. Following a significant improvement in 2015 underwriting performance, the market in aggregate will…
AIG, National Indemnity ink reinsurance agreement covering long-tail prior-year commercial casualty
January 20, 2017 by Canadian UnderwriterAmerican International Group Inc. said Friday it “expects a material prior year adverse development charge” during the three months ending Dec. 31, 2016 and that National Indemnity Company (NICO) has agreed to reinsure 80% of losses on certain reserves for…
Berkshire Hathaway Specialty Insurance enters marine insurance market in Canada
January 10, 2017 by Canadian UnderwriterBerkshire Hathaway Specialty Insurance (BHSI) announced on Tuesday that it is introducing inland and ocean marine insurance in Canada. John Evans, vice president of marine with BHSI, said in a press release that with Gord Rider, who was named senior…
RIMS names Canadian risk manager Nowell R. Seaman as 2017 president
January 3, 2017 by Canadian UnderwriterRIMS, the risk management society, announced on Tuesday that Nowell R. Seaman will lead the society as its 63rd president for the 2017 term, which became effective Jan. 1. Seaman, RIMS-CRMP, FCIP, CRM, has been a member of RIMS for…
Chubb expands suite of cyber loss mitigation services for Canadian and U.S. policyholders
December 22, 2016 by Canadian UnderwriterChubb announced on Thursday an expanded suite of cyber loss mitigation services is now available to help the company’s policyholders in Canada and the United States reduce the impact and likelihood of a cyber incident. According to a press release…
Europe’s insurers paid out 2.7 billion euros a day in 2015: Insurance Europe
December 20, 2016 by Canadian UnderwriterEurope’s insurers paid out a total of 975 billion euros in claims and benefits over the course of 2015, the equivalent of about 2.7 billion euros per day, according to figures released on Tuesday by Insurance Europe, the European insurance…
80% of the small-medium business market in the U.S. “significantly underserved” by insurers: Majesco
December 9, 2016 by Canadian UnderwriterSmall-medium businesses (SMBs) with less than 10 employees – or nearly 80% of all firms in the United States – have “significantly negative views of insurers and employee benefits providers, creating an opportunity for new, innovative business models, products and…