Industry
TORONTO – TD Securities is predicting the Bank of Canada will keep its key interest rate on hold through to the end of next year. The forecast builds on the firm’s forecast last week that the central bank would not hike its key interest rate target this year. Andrew Kelvin, TD’s senior Canada rates strategist, […]
By The Canadian Press | March 15, 2019
1 min read
Validus Reinsurance Ltd., a Bermuda-based reinsurer acquired by AIG last year for $5.5 billion, is looking to establish a Canadian branch office. Validus intends to file an application with the Office of the Superintendent of Financial Institutions (OSFI) on or after Apr. 8, 2019 to write reinsurance in Canada, according to a notice posted Saturday […]
By David Gambrill | March 13, 2019
2 min read
Expect RSA in Canada to take remedial underwriting actions in its personal lines portfolio – including auto rate increases of between 3% and 16%, and potentially selected broker cancellations – in order to shore up results after a tough year of property losses in 2018. “Insured damage for severe weather events in 2018 reached $1.9 […]
By David Gambrill | March 11, 2019
3 min read
Clients planning St. Patrick’s Day celebrations may find themselves short on luck when it comes to insurance coverage. It’s becoming more difficult for clients to get insurance for liquor-related losses with the terms they need, one managing general agent observes. “Right now, liquor liability is one of those operations that are turning into more of […]
By Greg Meckbach | March 11, 2019
OTTAWA – A weak data report “surprised” the Bank of Canada ahead of its decision to cast doubts about future interest-rate hikes and to warn Canadians the ongoing slump could prove to be unexpectedly stubborn, says one of the bank’s top officials. Deputy governor Lynn Patterson said in a speech Thursday that the central bank […]
By Greg Meckbach | March 9, 2019
BrokerLink has welcomed into its tent a 40-year-old family brokerage located in the Peace River area of northern Alberta. Nicolet Insurance Ltd., a full-service operation offering auto, home, business and travel insurance, has joined Brokerlink, one of Canada’s largest property and casualty insurance brokerages. The transaction was effective March 1, 2019. Terms of the transaction […]
By David Gambrill | March 8, 2019
H.W. Kaufman Group and Burns & Wilcox Canada announced Thursday they have acquired Toronto-based TRU Transportation Risk Underwriters Ltd., a managing general agency with unique transportation expertise. TRU will become part of B&W Canada, a flagship organization of Kaufman and Burns & Wilcox, an MGA and specialty insurance broker. TRU works exclusively with independent insurance […]
By Jason Contant | March 7, 2019
Editor’s Note: This version of the article includes a correction showing that operating profit was flat at £46 million (approximately Cdn$82 million in 2018, and Cdn$78 million in 2017). A previous version incorrectly showed the operating profit of 46 million in Canadian dollars, not pounds. CU apologizes for the error. Aviva Canada’s road to […]
By David Gambrill | March 7, 2019
Ninety insurance companies working with Ontario’s broker channel would be looking at a total investment of $4 billion over five years to conform to the CSIO XML standards required for an industry-wide, real-time data exchange solution between brokers and carriers. Colin Simpson, CEO of the Insurance Broker Association of Ontario (IBAO), made the observation Tuesday […]
By David Gambrill | February 27, 2019
Seventeen years after selling its personal lines business to the insurer now known as Intact, Zurich Canada has ambitions to re-enter the “retail” space, but it remains to be seen how it would do that or what form it would take. “In Canada, up to 2002, we were a very large player in the retail […]
By Greg Meckbach | February 27, 2019
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