Industry
EXOR S.p.A. announced Tuesday it is improving its US$6.8-billion offer to acquire Pembroke, Bermuda-based PartnerRe Ltd., a reinsurer and commercial insurance carrier with a branch office in Toronto. Last April, Turin, Italy-based EXOR – an investment firm controlled by the Agnelli family – announced an offer to acquire PartnerRe for US$130 per share. However, PartnerRe’s […]
By Canadian Underwriter | July 8, 2015
3 min read
Sharing services used for temporary rentals of property are all the rage these days, but insurance was not top of mind for a quarter of polled Canadian homeowners who used the services to rent out their properties, Allstate Insurance Company of Canada reports. Research conducted by Leger on behalf of Allstate Canada shows that 25% […]
XL Group PLC announced this week it is offering customized insurance covering operational risk for financial institutions, with limits of up to US$900 million. The target market includes Canada. The losses it covers could include fraud, mis-selling or exchange manipulation, an XL Catlin spokesperson told Canadian Underwriter Wednesday. “We will create a customized policy to […]
2 min read
The U.K.-based Cambridge Centre for Risk Studies reports that a scenario developed for Lloyd’s involving a concerted, malicious cyber attack on the electrical grid in the United States indicates such an attack has the potential to be a catastrophic event for the insurance industry. Published Wednesday, the Erebos Cyber Blackout Scenario shows a cyber attack […]
6 min read
Marsh & McLennan Companies Inc. Tuesday launched a new unit offering a range of reinsurance and advisory services to help protection and indemnity associations and insurers address the increasingly complex challenges they face. The new Protection & Indemnity Client Service (PICS) unit brings together under one co-ordinated approach called the MMC Advantange the knowledge, resources […]
By Canadian Underwriter | July 7, 2015
The “convergence” of information technology and “operational” technology can increase cyber risk for mining and metals firms, while new financial reporting requirements increase the risk of resource nationalism, EY warned in a report announced Tuesday. “Being a victim of any form of cyber-attack can cost a company millions of dollars in lost production, threaten worker […]
Paul Taylor has taken on duties as president and of Western Financial Group, effective July 6. As part of his new role, Taylor will oversee Western Financial’s network of insurance brokerages, as well as lead all company business units, including Western Financial Group Insurance Solutions, Western Financial Insurance Company (Petsecure) and Western Life Assurance Company, […]
Winnipeg police investigating the bombing of a law firm say if there are any more suspicious packages in the mail they will likely be found in the next day or so. So far three bombs have been found and police were investigating reports of a suspicious package discovered at a Canada Post depot in the […]
By The Canadian Press | July 6, 2015
The insurance industry can gain the most useful risk management insights from catastrophe models by collaborating to innovate, suggests Aon Benfield. Working with third parties can bring new opportunities, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, suggests in a statement Monday announcing the availability of the ELEMENTS 9.5 platform, Impact […]
By Canadian Underwriter | July 6, 2015
Desjardins General Insurance Group Inc. announced Monday its mobile app for usage-based auto insurance is now available on the Apple Inc.’s recently-launched computerized wristwatch. Levis, Quebec-based DGIG announced in May the availability of an Ajusto app for devices running Apple Inc. iOS and Google Inc.’s Android operating systems. Now the Ajusto app is available on […]
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