The Top 3 risk concerns for Canadian executives
November 19, 2018 by Jason ContantBusiness executives in Canada and the United States say economic risk (21%) is their primary concern, followed closely by cyber risk (20%) and technology risk (16%). CNA Hardy released its first global Risk and Confidence Survey Monday. While over two-thirds…
How risk of explosion arises from marijuana legalization
November 19, 2018 Bill Graveland - THE CANADIAN PRESSCALGARY – Alberta law enforcement officials say they are worried that the legalization of marijuana could lead to potentially explosive consequences for users taking a do-it-yourself approach to making cannabis derivatives at home. Just over a month ago, Canadians were…
Large commercial brokerage reports ‘stealth’ firming in casualty lines
November 13, 2018 by Jason ContantA recent report from commercial brokerage Willis Towers Watson has confirmed what Canada’s largest insurer is saying: the commercial insurance market is showing signs of firming as casualty losses mount. “The seemingly ‘stealth’ firming within the casualty market comes as…
Why insurers urge caution on regulating condo deductibles
November 12, 2018 by Jason ContantThe government of Quebec should take a “wait-and-see” approach to define what is a reasonable or unreasonable deductible for condominium insurance, the Insurance Bureau of Canada (IBC) told Canadian Underwriter last week. The provincial finance ministry recently held a consultation…
Towerhill Insurance Brokers sold to BrokerLink
November 12, 2018 by Jason ContantEditor’s Note: George Longo, president and CEO of commercial brokerage Towerhill Insurance Brokers, sold his Towerhill retail brokerage business to BrokerLink, as reported on Nov. 12, 2018. In a statement to his clients, Lloyd’s syndicates and colleagues, Longo said he…
CAA Insurance parent agrees to buy Echelon Insurance
November 9, 2018 by Greg MeckbachCAA Club Group has agreed to buy non-standard auto insurer Echelon Insurance for $175 million, the companies said Friday. The deal will allow CAA Insurance to reach new markets and customers, CAA Club Group president Jay Woo wrote in an…
How Canadian insurers should price for their ‘silent cyber’ exposures
November 8, 2018 by David GambrillThe possibility exists of a global, widescale, multi-country cyber security breach. To get a true sense of their overall exposure, Canadian property and casualty insurers should be reviewing all of the policies they sell – not just dedicated cyber policies,…
JLT shareholders approve merger with Marsh & McLennan
November 8, 2018 by Greg MeckbachA US$6-billion deal that could form the world’s largest commercial brokerage is one step closer to reality. Britain’s Jardine Lloyd Thompson Group plc announced Wednesday that 99.9% of its shareholders voted in favour of having JLT acquired by Marsh &…
How business interruption claims could play out in the legal marijuana space
November 8, 2018 by Jason ContantSupply challenges associated with marijuana legalization in Canada will lead to potentially costly business interruption (BI) and contingent business interruption (CBI) claims, an adjusting firm told Canadian Underwriter Tuesday. Because it’s an emerging market, there are a limited number of…
Why Intact will not chase growth by lowering rates
November 8, 2018 by Jason ContantAs both personal and commercial markets continue to show signs of hardening, Intact Financial Corporation will not pursue growth by lowering rates as 2019 approaches. “We’re not chasing growth by lowering rates as we move into 2019,” Darren Godfrey, Intact’s…
What Intact likes about proposed bill on territorial ratings
November 7, 2018 by Jason ContantCanada’s largest insurer is supportive of one element of a private member’s bill that would rescind an Ontario regulatory bulletin that sets limits on territorial rating factors. Bill 42, the Ending Discrimination in Automobile Insurance Act, was tabled Oct. 15…
Sirius closes merger agreement
November 6, 2018 by Greg MeckbachA merger agreement involving Sirius International Insurance Group Ltd., which sells reinsurance in Canada, has closed. Bermuda-based Sirius started trading Monday on the NASDAQ. Sirius America Insurance Company sells reinsurance through a Toronto office. In Canada, the firm had net…