Industry
The Insurance Brokers Association of Ontario’s executive committee announced Tuesday that Randy Carroll has “moved on” from his role as CEO of the organization effective immediately. The executive committee has appointed Colin Simpson, former CEO of Independent Broker Resources Inc. (IBRI), as the interim CEO of IBAO. IBRI is the for-profit arm of the IBAO […]
By Canadian Underwriter | December 9, 2014
1 min read
More than half of insurance company respondents to a recent survey from rating agency A.M. Best said they do not purchase cyber security insurance for their own firms. In the survey, which included property and casualty insurance firms and life and health insurers, 53% said they don’t currently buy any kind of cyber coverage. Thirty […]
By Canadian Underwriter | December 8, 2014
2 min read
International insurance brokerage and risk management firm Integro Insurance Brokers has acquired Vancouver-based Finning Insurance Services. Financial details of the transaction, announced Monday, were not disclosed. Founded in 1988, Finning Insurance Services (FIS) offers heavy equipment insurance solutions to commercial clients. The company also has staff in Edmonton and Kamloops. The FIS team, led by Kris […]
TOKYO – The top Japanese auto safety official acknowledged Friday that Japan’s recall system needs an overhaul to better respond to global problems highlighted by the debacle over Takata air bags that can explode. “The framework in place now doesn’t allow for that,” Masato Sahashi, director of the recall office at the transport ministry, said […]
By Canadian Underwriter | December 5, 2014
3 min read
WINNIPEG – Drivers in Manitoba are going to be paying more to insure their vehicles. The Public Utilities Board has approved a 3.4 per cent increase in compulsory premiumseffective March 1. The board says basic insurance has seen combined losses over the past two fiscal years of more than $132 million. Manitoba Public Insurance is […]
By The Canadian Press | December 5, 2014
Ontario’s ruling Liberals are proposing to possibly expand the list of agricultural products eligible for crop insurance under Agricorp, while the opposition’s agriculture critic is calling for insurance for bees and racing horses. Agricorp, an Ontario crown corporation, provides coverage for production losses and yield reductions — caused by insured perils — for agricultural crops […]
Effective crisis response demands companies be prepared in advance of a security breach to better protect their brand reputations and reassure their customers, suggests Affect, a New York City-based public relations and social media firm that specializes in technology, healthcare and professional services. To properly respond to a crisis, the four phases of crisis management […]
ISO, a Verisk Analytics business, has announced the availability of two new coverage options designed to help businesses in the event that government authorities take steps to control the spread of Ebola. The first endorsement offers coverage for the loss of income a business faces when it follows orders to close during an Ebola outbreak; […]
By Canadian Underwriter | December 3, 2014
Hub Financial Inc., a subsidiary of brokerage Hub International, has acquired the shares of MGA Partners Inc.. an Ontario-based managing general agency. Terms of the acquisition were not disclosed. “The acquisition broadens Hub’s footprint in Canada’s eastern provinces, and its reach to financial advisors and insurance brokers seeking multi-fund insurance and risk solutions while maintaining their […]
Fairfax Financial Holdings Limited, through its wholly owned subsidiary The Pacific Insurance Berhad, has entered into a business transfer agreement to acquire a Malaysian insurer. Toronto-based Fairfax Financial reports that the agreement with MCIS Insurance Berhad and Koperasi MCIS Berhad will see it acquire the general insurance business of MCIS, an established life and general […]
By Canadian Underwriter | December 2, 2014
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