Industry
OTTAWA – The economy’s impressive run prompted the Bank of Canada to raise its trend-setting interest rate Wednesday for the third time since last summer – but looking ahead it warned of growing uncertainties about NAFTA. The central bank pointed to unexpectedly solid economic numbers as key drivers behind its decision to hike the rate […]
By Jason Contant | January 17, 2018
3 min read
Greg Somerville is stepping back from his role as president and CEO of Aviva Canada to become a non-executive director of Aviva Canada, effective Mar. 1, 2018. Colm Holmes, currently CEO of Aviva UK General Insurance and chairman of Global Corporate and Specialty, will succeed Somerville. “After more than twenty-five years in Aviva, the right […]
By David Gambrill | January 16, 2018
2 min read
Auto insurance reform was top of mind at this year’s Insurance Brokers Association of Ontario convention.
By Greg Meckbach, Associate Editor | January 11, 2018
In the event that a mutual company decides to demutualize, there is some debate over what happens with that insurer’s surplus. Current regulations do not address what happens in the event of a conversion. “The Insurance Companies Act and associated regulations do not specify what becomes of the surplus of a converting company upon its […]
By Jason Contant | January 10, 2018
With Economical Insurance on the road to demutualization, the question has always been: will other mutuals follow suit? But another possibility is that some of the smaller Canadian mutual insurers may merge to form larger entities in anticipation of demutualizing in the future. “Are we going to see a number of the mutuals merge and […]
By Jason Contant | January 9, 2018
The lack of “domestically sizeable targets” coming to market is one factor contributing to a less-than-expected number of acquisitions for Canadian carriers, an industry analyst says. And whenever a sizeable acquisition opportunity does arise, there is heated competition among multiple interested parties actively looking to acquire that asset. Since only one suitor will land the […]
By Jason Contant | January 5, 2018
Kernaghan Adjusters veteran retires Raymond Smith, an insurance industry veteran with more than 45 years of experience, has decided to retire. The vice president of marketing and executive adjuster with Kernaghan Adjusters formally retired after seven years with the firm, Kernaghan Adjusters said in a press release on Jan. 3. Throughout his career, Smith has […]
By Canadian Underwriter | January 4, 2018
Managing general agency Totten Insurance Group has acquired Windsor, Ont.-based EasyInsure, which offers quotes for both commercial and personal insurance online. Toronto-based Totten intends to use EasyInsure’s “digital capabilities to better support [Totten’s] current and future clients,” said Hub International Limited, Totten’s Chicago-based corporate parent, in a press release Wednesday. EasyInsure, legally known as Belyer […]
Despite a “relatively benign” year in Canada for catastrophes in 2017, the industry-wide combined ratio in Canada was still fairly high at 96.8% during the first nine months of last year, with auto results partly to blame, MSA Research reported in its 2017 Q3 quarterly outlook. MSA reported the combined ratio was 104% in the […]
By Greg Meckbach | January 2, 2018
A decades-old rivalry between the country’s two oldest insurance publications ended last week when the parent company of Canadian Underwriter announced its acquisition of Canadian Insurance Top Broker magazine and related assets from TC Media. The October 11 announcement came a day after Canadian Underwriter released its “relaunch” issue, which debuted a new design and editorial mandate […]
By Ian Portsmouth | January 1, 2018
1 min read
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