Industry
The Toronto-based Insurance Brokers Association of Ontario (IBAO) announced on Monday that Jim Murphy has been selected as the organization’s next CEO. Murphy comes to IBAO from the Canadian Association of Accredited Mortgage Professionals (CAAMP), where he served 11,500 members as president and CEO since 2007. “I’m looking forward to working with the board and […]
By Canadian Underwriter | July 13, 2015
2 min read
PartnerRe Ltd., whose board of directors is recommending the insurer merge with Axis Capital Holdings Ltd., said Friday a shareholders’ vote is being postponed to Aug. 7 from July 24. Both PartnerRe and Axis Capital write reinsurance and commercial primary insurance worldwide, both have Toronto branch offices and both are based in Pembroke, Bermuda. Both […]
By Canadian Underwriter | July 10, 2015
3 min read
HALIFAX – Officials say several buildings were destroyed today when a major fire broke out at a concrete plant outside Halifax. Mike Blackburn of Halifax Regional Fire says the blaze was reported at about 5 a.m. at Ocean Contractors Ltd. on Cono Drive. He says the fire has been put out but more than 30 […]
By The Canadian Press | July 10, 2015
1 min read
Insurance carriers other than Aviva Canada and Co-operators General Insurance Company are “sure to” announce overland flood coverage in Canada, and those who do not risk losing market share, MSA Research Inc. suggested in a recent report. “The risk to insurers that don’t offer flood is clear,” wrote Joel Baker, founder, president and chief executive […]
Evolving threats and increased demand from multinational clients has prompted ACE Group to increase insurance capacity of as much as US$100 million or 100 million euros for terrorism, political violence and war risks. The new totals are double what they previously were, namely US$50 million or 50 million euros, notes a statement Thursday from ACE […]
Companies may be underperforming in their efforts to ensure robust vendor risk management programs and stringent oversight are in place when outsourcing critical services to third parties, suggests a new study out of the United States. With cyber attacks and data security threats looming at insecure access points, third-party risk programs across industries lack maturity […]
4 min read
The agency responsible for personnel management of the United States civil service suggested Thursday it has concluded that sensitive information on nearly 20 million people applying for government employment has been compromised in a cyber security incident. The discovery was made while investigating an earlier cyber security breach, the Office of Personnel Management announced July […]
By Canadian Underwriter | July 9, 2015
If ACE Ltd.’s US$28.3-billion proposal to acquire insurance carrier The Chubb Corp. is approved, the combined firm would be a “significant player,” in Canada, in the market for high net worth consumers and would also “present a challenge” to the largest commercial insurers in Canada, MSA Research Inc. suggested in a recent report. ACE and […]
Toronto-based Fairfax Financial Holdings Limited announced Wednesday that it has completed its cash tender offer to shareholders of Brit PLC. Fairfax – a holding company that, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management – notes in a statement that it has sold 29.9% of the shares for […]
WASHINGTON Policymakers with the United States Federal Reserve saw signs in June that the economy was healing after its winter slump but still wanted more signs of improvement before they began raising interest rates. Minutes of the June 16-17 discussions released Wednesday showed that while one Fed official was ready to begin hiking rates at […]
By Canadian Underwriter | July 8, 2015
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