Industry
Economical Mutual Insurance Company announced on Tuesday that is has completed its previously announced acquisition of Western Financial Insurance Company (WFIC) and its flagship brand Petsecure from Desjardins Group. Concurrent with the acquisition, WFIC changed its legal name to Petline Insurance Company, Economical said in a press release, adding that the brand name Petsecure remains […]
By Canadian Underwriter | January 3, 2017
2 min read
As president of the Canadian Insurance Claims Managers Association, claims specialist Alex Lethbridge wants to raise awareness of the inter-company arbitration agreement.
By Greg Meckbach, Associate Editor | January 2, 2017
5 min read
The threat of extortion-driven cyber attacks is "a massive issue now" for insurance companies, while insurers' own risk and solvency assessments have been "quite well done," speakers told attendees of KPMG's recent insurance issues conference.
By Angela Stelmakowich, Editor; and Jason Contant, Online Editor | January 2, 2017
9 min read
The staff of Canadian Underwriter would like to wish everyone a happy, healthy and safe holiday season, and best wishes in the New Year! This is the last installment of Canadian Underwriter’s Daily News for 2016. We will resume with our regular online coverage on Jan. 3, 2017.
By Canadian Underwriter | December 23, 2016
1 min read
Manitoba Finance announced on Thursday that it has amended regulations to allow provincial auto dealers to provide guaranteed asset protection (GAP) insurance. Finance Minister Cameron Friesen announced the changes, saying that they will provide “more insurance options and better protection for consumers. In listening to the industry, we have made these changes to make it […]
By Canadian Underwriter | December 22, 2016
Lemonade Insurance Company announced on Friday that it has filed for a licence in 46 states and the District of Columbia in the United States, in addition to New York, where it was licensed three months ago. Lemonade, the renters and homeowners insurance company powered by artificial intelligence and behavioural economics, said in a press […]
Deal volumes for the fourth quarter of 2016 so far have fallen to 201 deals compared to 307 in Q4 2015, according to Willis Towers Watson’s (WTW) latest Quarterly Deal Performance Monitor (QDPM), released on Tuesday. While there is a “significant slowing” of deal volumes in the fourth quarter, those that did close were high-performing, […]
By Canadian Underwriter | December 21, 2016
4 min read
Europe’s insurers paid out a total of 975 billion euros in claims and benefits over the course of 2015, the equivalent of about 2.7 billion euros per day, according to figures released on Tuesday by Insurance Europe, the European insurance and reinsurance federation. The figures, which were published in the federation’s annual European Insurance in […]
By Canadian Underwriter | December 20, 2016
The U.S. Federal Reserve’s decision to raise short-term interest rates by 25 basis points is unlikely to provide much relief for insurers, ratings firm A.M. Best Company said on Wednesday. That day, the Federal Reserve raised its benchmark rate by a modest quarter-point to a still-low range of 0.5% to 0.75%, the Associated Press reported. […]
By Canadian Underwriter | December 14, 2016
Newline Insurance Company Ltd., which is ultimately owned by Toronto-based Fairfax Financial Holdings Ltd., announced Tuesday it has received regulatory approval to open a new branch office in Cologne. Newline, which writes international casualty and cargo coverage, is part of Fairfax-owned Odyssey Re Holdings Corp., based in Stamford, Conn. The opening of a German office […]
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