Industry
If a blockbuster insurer merger gets announced tomorrow, it probably won’t involve Toronto-based Fairfax Financial Holdings Ltd., which has grown steadily through insurer acquisitions over the past 34 years. “We are not looking to add in a significant way from an acquisition perspective at this time,” Fairfax president Paul Rivett said during a recent earnings […]
By Greg Meckbach | August 14, 2019
3 min read
In this day and age, the way best way to buy insurance is the same way you select a movie to watch on Netflix, right? Elmira, Ont.-based broker Tim Waters doesn’t seem to think so. “This isn’t a product that should be bought from a computer,” said Waters, executive vice president of Programmed Insurance Brokers […]
2 min read
JOHN’S, N.L. – The lengthy search for a downed float plane and its three missing passengers has been suspended, and officers who took part in the rescue effort have left the Labrador lake where the plane crashed last month, the RCMP said Tuesday. On-site search efforts concluded Aug. 8 and divers have left Mistastin Lake, […]
Direct writer Sonnet, launched three years ago by Economical Insurance, has doubled in size in one year. “We are getting a broader base of customers. It’s not just millennials,” Rowan Saunders, president and CEO of Waterloo, Ont.-based Economical, told Canadian Underwriter Monday. Economical reported Aug. 1 that Sonnet generated gross written premiums of $50.6 million during […]
By Greg Meckbach | August 13, 2019
TORONTO – A deputy judge is calling for passage of clear laws on which innocent party should bear responsibility for financial losses related to cyberfraud. In calling for legislation, Ontario Deputy Judge Shane Kelford said it’s clear the law has yet to catch up with a growing problem. “In reviewing legal commentary on computer fraud, […]
Thinking of investing in artificial intelligence so you can automate tasks that are wasting workers’ time? Many brokerages have processes that could be improved through machine learning, suggested Christopher Wynder, director of product marketing for capture and original equipment manufacturing at OpenText Corp. But before spending money on IT transformation, you need to ask what […]
By Greg Meckbach | August 12, 2019
The hardening commercial insurance market has resulted in double-digit price increases for some of Fairfax Financial’s insurers, with rates in some lines increasing by nearly a third. “Price increases are significant, some lines up as much as 30%,” said Paul Rivett, president of Toronto-based Fairfax Financial Holdings Ltd., on a recent conference call. Rivett was […]
STEINBACH, Man. – Hundreds of cattle have been killed in a fire that destroyed a large dairy complex in southeastern Manitoba. The fire broke out sometime before 5 a.m. Monday at the four-barn Pennwood Dairy, northeast of Steinbach. Kelvin Toews, the community’s fire chief, said there were about 1,000 animals in the barns and about […]
By The Canadian Press | August 12, 2019
1 min read
VANCOUVER – The British Columbia Wildfire Service says a fire in the province’s south Okanagan remains out of control but its direction offers a better chance for containment. The blaze near the town of Oliver has charred nearly 23 square kilometres since it was discovered. Although flames continue to spread to the south and southeast, […]
By The Canadian Press | August 9, 2019
A privacy class-action lawsuit against The Personal Insurance Company could be settled for about $2.2 million, the plaintiffs’ law firm said Friday. In 2018, Waddell Phillips Professional Corporation filed the lawsuit in Federal Court on behalf of auto claimants with The Personal who had their credit score information accessed by the insurer. The Personal had […]
By Greg Meckbach | August 9, 2019
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