Industry
For children, the sandbox is a place to build, and experiment without facing the risks and dangers of the real world. But sandboxes of a different type allow start-ups to develop innovative products, services and business models without immediately facing restrictive regulatory controls. Of particular interest to the insurance industry in Ontario is a regulatory […]
By Phil Porado | January 14, 2022
3 min read
Westland Insurance has expanded its partnership with Blackstone Credit, which will be investing $250 million towards Westland’s acquisition strategy. And where will this M&A strategy focus next? “Our ambitions are to continue to grow, expand, to serve as many communities in Canada as we can serve, and it will continue for us in 2022 and […]
By Alyssa DiSabatino | January 14, 2022
2 min read
OTTAWA – One man is dead and five people are missing after an explosion at an Ottawa tanker-truck manufacturer Thursday. Neil Greene, the owner and president at Eastway Tank Pump and Meter Ltd. said Friday he is “completely devastated.” “My heart goes out to their families, loved ones and to all of our employees who […]
By Jason Contant | January 14, 2022
A small portion of consumers want to buy insurance online without talking to somebody, Robyn Young, CEO of Excel & Y Insurance Services, told Canadian Underwriter in an interview for the December-January issue. “Do I think that’s the best way to buy insurance? No,” said Young, who took over this past September as president of […]
By Phil Porado | January 13, 2022
The Canadian Elevator Contractors Association (CECA) recently surveyed the industry and found more than 900 private-residence elevators are installed annually in Ontario. CECA estimates over 2,000 residential elevators are installed annually across Canada. For homeowners, having an elevator can increase accessibility and even a home’s selling price. But what are the risks? Unlike the commercial […]
Canadian P&C insurers have expressed mixed views about whether the Property and Casualty Insurance Compensation Corporation (PACICC) should purchase reinsurance to mitigate the impact of a natural catastrophe-triggered default of a member insurer. However, a PACICC industry consultation paper found a “clear bias” towards an increase in the compensation fund rather than a reinsurance purchase, […]
By Jason Contant | January 13, 2022
OTTAWA – A new report suggests Canada is not doing enough to adapt to and prevent the effects of climate change and is lacking the critical data it needs to do so. “I mean, 2021 has really now been a wake-up call that these are no longer sort of one-off anomalies, but this is sort […]
4 min read
Alberta could become Canada’s answer to Barbados, with the passage of a new law allowing captive insurance companies in the province. Bill 76, which received royal assent, will make Alberta the second Canadian province where captive insurance companies can domicile. British Columbia has hosted them for the past 25 years. Alberta is seeking options to […]
By Phil Porado | January 12, 2022
Westland Insurance Group Ltd., a property and casualty insurance brokerage, has expanded its war chest for mergers and acquisitions, thanks to its partnership with asset manager Blackstone Credit. Blackstone will be investing an additional $250 million towards Westland’s growth, the asset manager has announced. That brings its total investment in Westland to over $1.2 billion […]
By Alyssa DiSabatino | January 12, 2022
MONTREAL – Truckers are warning that a Jan. 15 deadline requiring them to be vaccinated in order to enter Canada will put additional strain on supply chains amid the latest COVID-19 surge and severe worker shortages. As of Saturday, truck drivers and other essential workers seeking to cross into the country will need to be […]
By Jason Contant | January 12, 2022
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