Industry
Echelon Financial Holdings Inc. announced Tuesday it has completed the sale of its European operations, which provide non-standard auto through Danish insurer Qudos Insurance A/S. At current exchange rates, Mississauga, Ont.-based Echelon will receive about $5.1 million on closing “and an additional $17.2 million prior to December 31, 2017,” the firm said in a press […]
By Canadian Underwriter | March 8, 2017
2 min read
Several significant events during the fourth quarter of 2016 contributed to Kingsway Financial Services Inc. (KFS) reporting a net loss for both the quarter and the full year. For all of 2016, the company posted a loss of about US$9.4 million compared to net income of about US$1.3 million in 2015, notes a KFS statement […]
3 min read
TIPI Insurance Partners and IMI Brokerage Company have announced a partnership to create “Canada’s largest Indigenous-owned insurance agency,” providing property insurance, pension plans and group benefits designed exclusively for Indigenous people. Announced late last week, the partnership roughly doubles TIPI’s size and expands its reach from Ontario and throughout Western Canada, TIPI said in a […]
By Canadian Underwriter | March 6, 2017
Homesharing hosts should have to provide criminal background, ownership and insurance checks and prove they are compliant with apartment and/or condominium board rules for their unit, a coalition of hotel and tenants associations suggested in a new report. Fairbnb, a coalition calling for “fair” regulation of Airbnb and other short-term rental companies in Canada, released […]
The Insurance Corporation of British Columbia (ICBC) is looking to reduce pressure on customers who do not cause crashes and increase the accountability of at-fault drivers with proposed changes to basic insurance. “We believe that drivers who cause crashes should pay more than those who don’t,” Barry Penner, chair of ICBC’s Board of Directors, says […]
Two Ontario brokerages – Vision Insurance Brokers Ltd. and Steele & Ferraro Insurance Brokers Limited – announced on Thursday that they will join BrokerLink, one of the largest property and casualty insurance brokerages in Canada. Terms of the transactions, finalized on March 1, were not disclosed. Staff at both brokerages will join BrokerLink. Based in […]
By Canadian Underwriter | March 3, 2017
RICHMOND HILL, Ont. – DesRosiers Automotive Consultants says Canadian auto sales hit a new monthly high for February. The consulting firm says sales of cars and light trucks totalled 123,032 last month, up 3.2 per cent from the same month last year. The increase came as sales of light trucks last month climbed 5.7 per […]
By The Canadian Press | March 2, 2017
1 min read
Ongoing challenges have not forced Canada's property and casualty industry from its position of strength, but that continued performance should not be viewed as a given. Ongoing and emerging threats demand that the market remains vigilant and beefs up enterprise risk management capabilities.
By Greg Williams, Senior Director, Property/Casualty Ratings Division, A.M. Best Group, Inc. | March 1, 2017
6 min read
Risk management is really about applying common sense, suggests RIMS Canada Council chair Ren Lips, who has spent most of her career in risk and insurance within construction.
By Greg Meckbach, Associate Editor | March 1, 2017
5 min read
Desjardins General Insurance Group (DGIG), a Desjardins Group subsidiary specializing in property and casualty insurance, has announced a combined ratio excluding market yield adjustment (MYA) of 62.1% for the fourth quarter of 2016, down 25.9 percentage points from 88% in the prior-year quarter. Lévis, Que.-based DGIG released its financial results for the three-month period and […]
By Canadian Underwriter | February 28, 2017
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