Industry
Willis Group Holdings and Towers Watson announced on Tuesday the signing of a merger agreement worth about US$18 billion. The signing of the definitive merger agreement, based on the closing prices of Willis’ and Towers Watson common stock on June 29, was unanimously approved by the board of directors of each company. The combined company […]
By Canadian Underwriter | June 30, 2015
3 min read
Reinsurers seem to feel the need to grow and diversify, but the current wave of consolidation presents its own challenges, attendees heard during a recent Casualty Actuarial Society (CAS) reinsurance seminar in Philadelphia. Meyer Shields, managing director of Keefe, Bruyette & Woods and a CAS fellow, is quoted in a CAS press release Monday as […]
2 min read
TORONTO – One of the co-founders of Airbnb says he welcomes Quebec’s move to consider regulations governing the online home-rental industry, adding that such oversight would boost his website’s credibility. “To be regulated is to be recognized, so we definitely look forward to new policy,” Nathan Blecharczyk said in an interview Monday at Airbnb’s Toronto […]
By Canadian Underwriter | June 29, 2015
The Co-operators plans to up its funding commitment to $10 million for the soon-to-be-launched Canadian Co-operative Investment Fund (CCIF), a fund meant to help support and strengthen the country’s co-operative sector. Created under the leadership of Co-operatives and Mutuals Canada (CMC), the CCIF is the first-ever such fund in the country, notes The Co-operators, a […]
By Canadian Underwriter | June 28, 2015
Ongoing performance pressures in Canada’s property and casualty market, combined with the need for scale and long-term strategic positioning continue to drive consolidation in the sector, says a new report from rating agency A.M. Best Company. Released on Friday, the Best’s Special Report, titled Active M&A Market for Canadian P/C Insurers Expected to Continue, notes […]
By Canadian Underwriter | June 26, 2015
The time is nearing for Economical Insurance to unlock its “potential to compete on a level playing field with larger competitors and become a leading force in the Canadian property and casualty industry,” chairman Gerry Hooper said in prepared remarks at the company’s annual general meeting (AGM) Wednesday. Pointing out “there are a few moments […]
By Canadian Underwriter | June 25, 2015
4 min read
Saskatchewan Government Insurance (SGI) said on Thursday that police in the province ticketed more than 3,000 speeders during May’s traffic safety spotlight focusing on impaired driving. In addition to the speeding ticket, there were also 131 offences related to alcohol or drug use while driving, including three zero blood alcohol content (BAC) (zero to .08) […]
1 min read
Navacord Inc., one of the largest privately owned and largest commercial brokers in Canada, announced on Thursday that Alberta brokerage Iridium Risk Services – which is focused exclusively on the Canadian and international energy sector – will join Navacord effective June 30. T. Marshall Sadd, executive chairman at Navacord, said in a press release that […]
Cowan Insurance Group has announced the availability of a private client risk management solution that reflects both the wants and meets the unique and complex insurance needs of high-net-worth clients. Led by a team of risk and investment experts, COWAN INFINITE offers tailor-made wealth management products and services, as well as personal and business insurance […]
Three-quarters of respondents in New Zealand show little confidence that business preparedness is sufficient to keep data secure and confidential in the event of a breach, suggests the Insurance Council of New Zealand (ICNZ). Results of research released Thursday by ICNZ indicate that 76% of respondents believe New Zealand businesses are not well-prepared to manage […]
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