Industry
Toronto-based commercial insurance brokerage ALIGNED Insurance Inc. announced Friday it is continuing to grow with the acquisition of the shares of Precept Insurance & Risk Management Inc. for an undisclosed amount. ALIGNED is “thrilled to add the entire Precept Insurance & Risk Management team and nearly 800 clients as we continue to deliver industry-leading insurance […]
By Canadian Underwriter | June 5, 2015
2 min read
Satisfaction among Gen Y customers who are becoming first-time home owners and homeowners’ insurance buyers in Canada is declining at a faster rate than in any other generational group, suggests the J.D. Power 2015 Canadian Home Insurance Study, released on Thursday. The annual study from global market research company J.D. Power examines customer satisfaction with […]
By Canadian Underwriter | June 4, 2015
The rate of reinsurance price declines is moderating, partly driven by a healthier Florida insurance environment that is prompting higher demand for reinsurance, Guy Carpenter & Company, LLC reports in announcing its June 1 renewals. After two years of price decreases averaging 15% on U.S. property catastrophe placements, risk-adjusted pricing moderated at the most recent […]
Takata Corporation, the Japanese company behind the recent massive air bag recall, has recommended that all “batwing driver inflators in any vehicle registered anywhere in the United States” be replaced in national recalls to be conducted by the affected automakers. In written testimony Tuesday before a U.S. congressional hearing by the House Committee on Energy […]
By Canadian Underwriter | June 3, 2015
3 min read
Almost 70% of businesses experienced at least one hacking incident in the last year, according to a study of business risk managers released on Wednesday by The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re. Yet, more than half (55%) don’t believe their company is dedicating enough money or trained and […]
Peel Mutual Insurance Company, which has been providing insurance products for Ontario residents since 1876, has launched its CSIO XML eDocs solution for personal lines brokers. Designed to save brokers time by offering easy download of policy declaration documents to all supported broker management systems (BMS), the eDocs solution “adds an automatic delivery and attachment […]
James Richardson & Sons, Limited (JRSL) announced on Tuesday that it has entered into a definitive agreement with Parrish & Heimbecker, Paterson Global Foods and Cargill Ltd. to acquire their ownership interest in Wynward Insurance Group. The transaction will provide JRSL and Richardson International with 100% ownership of Wynward. Previous to the transaction, Richardson International, […]
By Canadian Underwriter | June 2, 2015
TORONTO – Ontario unanimously passed legislation Tuesday increasing penalties for drivers who text or use a handheld phone while on the road, and who open their door into the path of a cyclist. The update to the Highway Traffic Act also imposes a one-metre distance rule between motor vehicles and bicycles – “where practicable” – […]
The Insurance Bureau of Canada (IBC) announced on Tuesday that Sylvie Paquette has been elected by its board of directors as chair of the board. Paquette is president and chief operating officer of Desjardins General Insurance Group (DGIG) and has served on the IBC board since 2010. Kenn Lalonde, executive vice president, insurance, TD Bank […]
Shareholders of PartnerRe Ltd. and Axis Capital Holdings Ltd. – both of which write commercial insurance and reinsurance in Canada and elsewhere – will vote July 24 on a proposal to merge the firms. PartnerRe announced Monday that both of the carriers have scheduled special meetings of their shareholders in Pembroke, Bermuda, where both firms […]
4 min read
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