Industry
Economical Insurance has appointed Toomas (Tom) Reikman as senior vice-president and chief operating officer (COO) of the insurer, effective Jan. 20, the company announced Thursday. As COO, Reikman will report directly to Karen Gavan, the president and CEO of the Waterloo, Ont.-based company. “Tom brings to Economical more than 20 years’ experience in senior leadership […]
By Canadian Underwriter | January 10, 2014
1 min read
Risk management models are of limited value if insurance carriers are not able to produce reports that measure their actual level of risk, Towers Watson & Co. suggested in a recent report. “Once an organization has set its risk tolerances and limits, the focus naturally shifts to a monitoring process that assures that actual risk […]
3 min read
Rating agency A.M. Best Co. has issued a stable ratings outlook for the global reinsurance segment going into 2014, expecting a minimal number of ratings upgrades or downgrades over the next year to 18 months. “Reinsurance companies continue to be disciplined on both the underwriting and investing sides, and net favorable loss-reserve development has cushioned deterioration in […]
By Canadian Underwriter | January 9, 2014
2 min read
Senior management accounts for the greatest information security risks within organizations, according to a new survey out of the United States from risk services firm Stroz Friedberg. According to its survey of 764 workers, 87% of senior managers send work materials to a personal email or cloud account to work remotely (either frequently or occasionally), […]
As auto insurers adopt usage-based insurance and investment yields remain low, A.M. Best Company Inc. recently announced it is maintaining a negative outlook in commercial lines and a stable outlook in personal lines in the United States in 2014. The Oldwick, N.J.-based ratings firm noted it started its negative outlook in U.S. commercial lines in […]
The Boiler Inspection and Insurance Company of Canada has introduced a new product offering equipment breakdown coverage for home equipment systems, appliances, electronics and service lines. The offering, branded as Home Systems Protection, is available through insurers that partner with the company, the company, part of the HSB Group and Munich Re’s Risk Solutions group, […]
Six of 10 respondents to a recent online survey by KRC Research on behalf of State Farm Mutual Automobile Insurance Company would do well to clear the junk from their vehicle trunks and replace it with emergency supplies that can help them manage unexpected car trouble and get safely back on the road. Results of […]
Aviva Canada has partnered with Hagerty, a Michigan-based provider of classic vehicle insurance to offer a classic car insurance program in New Brunswick. The new program is a specialized “Agreed Value” policy that differs from a regular auto policy by recognizing classic car values do not depreciate and typically increase over a period of time, […]
By Canadian Underwriter | January 8, 2014
Insurance carriers seeking approval from the federal government to be reinsured by related parties can now, in some cases, get approvals for each reinsurer on an ongoing basis, rather than separate approvals for each reinsurance arrangement. “After January 1, 2014, approvals will generally be granted in respect of each Related Reinsurer as opposed to each […]
Macdonald Chisholm Trask (MCT) Insurance, which has 18 offices in Atlantic Canada, announced Tuesday it will join BrokerLink. MCT, which specializes in personal, commercial, marine, special risks and program insurance, will continue to operate its offices under its current name. The BrokerLink companies, which include Canada BrokerLink Inc., Canada Brokerlink (Ontario) Inc. and Canada Brokerlink […]
By Canadian Underwriter | January 7, 2014
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