Industry
SGI Canada entered into an agreement Friday to sell its shares in the Insurance Company of Prince Edward Island to EGI Financial Holdings Inc. at book value, estimated to be $10 million, with an additional $3.5 million to licence the use of SGI’s computer systems. The deal is expected to close this summer, SGI said […]
By Canadian Underwriter | March 28, 2014
2 min read
Commercial insurance writer CNA Canada has launched a new manufacturing package policy called oneworld, which includes features such as Product Recall with Loss of Profits, Manufacturer’s E&O, Contingent Business Interruption, and coverage for Research and Development activities, among others. “Manufacturers today face many different types and levels of risk, like product recalls, supply chain risks and […]
1 min read
The move toward increasingly automated vehicles demands that the insurance industry adjust its thinking and models which currently assess the driver more than the vehicle, Sharon Ludlow, president and CEO of Swiss Re in Canada, suggested during a presentation in downtown Toronto Thursday. “For all of us involved in casualty, this is going to impact […]
Technological change and new regulatory proposals outside of Canada are among the top issues for the insurance industry this year, PwC said in a new report released Thursday. In its report, dubbed Top Issues: The Insurance Industry in 2014, PwC suggested most updates to policy administration systems are not successful. “We are seeing unprecedented investment […]
By Canadian Underwriter | March 27, 2014
Merger and acquisition activity in the North American insurance market looks to be on the rise over the next few years, according to a new survey from professional services firm Towers Watson. In a survey of insurance executives, 85% said they expect to see an increase in the volume of M&A over the next one […]
The Co-operators has introduced a new insurance solution that provides appropriate coverage, policy enhancements and extras to properly insure valuable homes, including their contents, customizations and special features. Recognizing the unique insurance needs of higher-value homes in Canada, Prestige Plus is available for single-family homes valued at $750,000 or more through all Co-operators financial advisors […]
By Canadian Underwriter | March 26, 2014
Intact Insurance has launched a new national television and online campaign geared to consumers, promoting its 30 Minute Claims Service Guarantee. The campaign, which includes television commercials and online ads, is meant to respond to Canadians’ desire for responsive customer service from their insurer, Intact said Wednesday. The insurer points to a survey by Angus […]
Aligned Insurance Inc., a commercial broker based in downtown Toronto, officially launched operations in Ontario March 25. Led by president and chief executive officer Andrew Clark, Aligned is currently targeting small, medium and large organizations in and around the Greater Toronto Area. The new independent firm is attempting to differentiate itself with a 0% commission […]
By Canadian Underwriter | March 25, 2014
Ironshore Energy Property will increase capacity to $25 million for energy risks throughout its global platform. The move is in response to a rapidly expanding energy sector and the company’s increased commitment to the sector through the recent formation of its Energy Practice Group, Nigel Jobson, head of global energy property for Ironshore, said in […]
CHICAGO – An eight-car Chicago commuter train plowed across a platform and scaled an escalator at the underground station of one of the nation’s busiest airports early Monday, injuring 32 people on board, officials said. No one suffered life-threatening injuries in the Blue Line derailment at O’Hare International Airport, Chicago Fire Commissioner Jose Santiago said […]
By Canadian Underwriter | March 24, 2014
3 min read
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