Industry
A consortium composed of Intact Financial Corporation and Nordic property and casualty insurer Tryg A/S is preparing a cash offer to acquire RSA plc for £7.2-billion (about Cdn$12.3 billion). Intact is Canada’s largest property and casualty insurer, with a market share of 15.27% and about $8.76 billion in net premiums written (NPW) in 2019. RSA […]
By David Gambrill | November 5, 2020
3 min read
Craig Pinnock, chief financial officer of Toronto-based Northbridge Insurance, is heading the Black Initiatives Action Committee for Fairfax Financial Holdings Ltd., Northbridge’s corporate parent. The Black Initiatives Action Committee has one representative of the Black community from each of the seven Fairfax-owned companies in North America and Britain, Fairfax CEO Prem Watsa said Oct. 30 […]
By Greg Meckbach | November 5, 2020
In the 1989 hit movie Field of Dreams, starring Kevin Costner, 36-year-old Ray Kinsella is wandering through his cornfield one evening when he hears a voice whispering, “If you build it, he will come.” In this instance, “he” refers to the great baseball player “Shoeless Joe” Jackson, who was a controversial figure in the 1919 […]
5 min read
If your brokerage lacks diversity, you may not only be missing out on growth opportunities, but you also are setting yourself up for bad hires, bad decision-making, and reputational harm, a keynote speaker recently told Ontario brokers. Organizations lacking diversity have a limited capacity to identify potential instances of reputational harm, because the team does […]
By Adam Malik | November 5, 2020
4 min read
RICHMOND, B.C. – The Transportation Safety Board says a track failure contributed to the derailment of a freight train in northern British Columbia in January. No one was hurt when 34 cars carrying wood pellets on the Canadian National Railway Co. train left the tracks between the communities of Smithers and Terrace. The board’s report […]
By The Canadian Press | November 5, 2020
2 min read
Manitoba Public Insurance has hired Eric Herbelin, a former senior strategist for Zurich Insurance, as its new CEO, effective Jan. 4. Herbelin worked in Switzerland for Zurich from 2001 through 2016, according to his LinkedIn profile. MPI announced Herbelin’s appointment Oct. 20. Herbelin replaces Benjamin Graham, whose LinkedIn profile indicates he is now CEO of […]
By Greg Meckbach | November 4, 2020
Canada’s solvency regulator has released a new draft guideline that tightens the regulator’s oversight of foreign insurance and bank branches in Canada. Among other changes to existing regulations, the Office of the Superintendent of Financial Institutions (OSFI) is requiring local branches in Canada to document the flow of funds between the Canadian branch and its […]
By David Gambrill | November 4, 2020
A common adage around the insurance industry is to hire for soft skills and teach the technical stuff later. While that’s still mostly true among brokerage leaders taking part in a recent panel, one noted that there are times when you need to hire for those harder skills. Everyone always puts soft skills at the […]
By Adam Malik | November 4, 2020
VANCOUVER – As a dispute over an acid spill that damaged thousands of vehicles winds its way through court, the Insurance Corporation of B.C. has been ordered to keep paying storage costs for the writeoffs. The corporation asked the B.C. Supreme Court to allow it to dispose of the 519 vehicles it had determined were […]
By The Canadian Press | November 4, 2020
The insurance industry needs principles-based regulation instead of a system with rules for every situation, an Allstate Canada official suggests. “If you have a good system that creates boundaries and guiding principles, and you make sure that nobody violates that, you don’t need to tell me exactly what I can do and what I cannot […]
By Greg Meckbach | November 3, 2020
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