Industry
Bermuda insurer Axis Capital Holdings Ltd. has picked Brad Randell as its new chief agent in Canada. The appointment is subject to regulatory review, Axis said Thursday in a release. The previous chief agent in Canada for Axis – Darin Scanzano – resigned earlier to become chief executive officer of Everest Insurance Company of Canada. […]
By Greg Meckbach | July 19, 2018
2 min read
One Canadian public insurer is bucking the trend – seen across the country – of carriers asking to raise auto rates. Saskatchewan Government Insurance (SGI) told Canadian Underwriter Tuesday that it plans to apply for a rate decrease later this year. SGI’s rates are subject to review by the Saskatchewan Rate Review Panel. “Although we’re above […]
By Jason Contant | July 18, 2018
Average premiums for personal auto in Atlantic Canada decreased for the second consecutive quarter, according to Applied Systems’ latest quarterly rating index. On the other side of the country, in British Columbia, average personal property premiums also decreased for the second quarter. Released last week, the 2018 Q2 index found the average premiums for personal […]
By Jason Contant | July 17, 2018
3 min read
While kidnap and ransom (K&R) insurance is one type of insurance nobody wants to have to use, there are a few things that should be kept top of mind for brokers placing the coverage. The most important consideration revolves around negotiators contained in the K&R policy, said Gary Hirst, president and CEO of managing general […]
By Jason Contant | July 16, 2018
Electrical and utility firms in North America continue to be a target for cyber criminals, the head of a cyber loss modelling provider suggests. Over the past few months, there has been an “uptick in threat actor activity around energy and utility companies in North America,” Pascal Millaire, CEO of CyberCube Analytics Inc., told Canadian […]
By Greg Meckbach | July 16, 2018
TORONTO – Kingsway Financial Services Inc. has signed a deal to sell its non-standard auto insurance business to Premier Holdings, LLC. Chief executive Larry Swets Jr. says the sale will help the company focus on its extended warranty business. Under the agreement, Kingsway will sell Mendota Insurance Co., Mendakota Insurance Co. and Mendakota Casualty Co. […]
By The Canadian Press | July 16, 2018
1 min read
Canadian insurers are jumping out of the trampoline business. Gina Bennett, vice president of Markel Canada’s western region, told Canadian Underwriter Thursday that there are few markets to approach for trampoline risks, as most sports insurance carriers have exited writing this class. Bennett is the former president of Allsport Insurance, a managing general agent (MGA) […]
By Jason Contant | July 8, 2018
Brokers interested in selling marine insurance should target coverholders and managing general agents (MGAs) in Canada rather than going straight to the London market, a senior marine surveyor told Canadian Underwriter recently. “There are a lot of MGAs and coverholders in Canada and if [brokers] are selling [marine], that’s where they should be selling,” Captain […]
By Jason Contant | July 4, 2018
Brokers can expect to see a major carrier consolidation deal this year, assuming the prediction of a major mergers and acquisitions (M&A) advisory firm holds true. Of the top 10 Canadian P&C insurers, “it could be expected that a few of them are looking at mergers and acquisitions intensely,” Georges Pigeon, Montreal-based partner with KPMG’s […]
By Greg Meckbach | July 3, 2018
More than eight in 10 polled Canadians who have purchased travel medical insurance are “satisfied with the product and the value it provides” and 98% of those who made claims in the past year were fully or partially paid, a new study has found. If there was any room for improvement, it was in the […]
By Jason Contant | June 29, 2018
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