Industry
Global investment firm KKR has entered an agreement to gain ownership of Mitchell International, a technology provider for the property and casualty claims and collision repair industries. The agreement would see Aurora Capital Group exit its equity position and transition ownership of the San Diego-based company to KKR. Financial terms of the transaction were not […]
By Canadian Underwriter | September 6, 2013
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The Insurance Corporation of British Columbia, along with the provincial government and police, launched a month-long distracted driving campaign on Thursday, a behaviour it says causes nearly 100 deaths per year. Distracted driving is the third leading cause of fatal car crashes in B.C., behind speed and impaired driving, according to ICBC. On average, 91 […]
By Canadian Underwriter | September 5, 2013
A.M. Best Co. released Wednesday a briefing on whole account broker deals in Britain, suggesting such deals could present a risk of non-disclosure and lower margins but they also have the potential to reduce the cost of acquiring new business and to let insurance carriers diversify risks. In its Best Briefing, titled London Market Placement […]
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Concern is mounting among global energy companies about continuing uncertainty surrounding the application of cyber exclusion clauses in policy wordings by insurers, notes Marsh’s latest Energy Market Monitor. Inclusion of so-called “CL380 clauses” – which are currently imposed across a broad range of energy insurance policies – mean insurers may deny energy firms’ claims for […]
Aviva Canada has launched new coverage designed for high-value homes, vehicles and possessions. After a successful debut in Ontario over the spring, the new Ovation program is now available in British Columbia and will come to the remaining provinces in the fall/winter of 2013 and early 2014. Under the coverage, customers will have their own […]
LexisNexis Risk Solutions has launched a new mobile app that would allow smartphones to capture and transmit driving data for potential usage-based auto insurance programs. The white-label LexisNexis Telematics Mobile app, available for Android and Apple smartphones, is an attempt to compete with higher cost in-car telematics devices, the company said. It says its solution can […]
By Canadian Underwriter | September 4, 2013
A Willis review of Fortune 1,000 companies in the United States shows that firms in the health care, technology and insurance sectors are most concerned about cyber threats, yet more than a fifth remain silent on the issue. Willis Fortune 1000 Cyber Disclosure Report, 2013, released Tuesday, found that with respect to “perceived risk,” health […]
4 min read
Drivers in the United States are open to the idea of buying usage-based auto insurance, especially if they could be guaranteed their premiums wouldn’t increase, according to a new poll from Towers Watson. Of the U.S. drivers included in the global survey, 79% said they would either buy a UBI policy. If they could be […]
Global reinsurer capital reached $510 billion in the first half of the year, the latest Aon Benfield Aggregate (ABA) report estimates. That estimate, as of June 30, is an increase of 1% since Dec. 31, 2012, according to Aon. The company’s calculation is a broad measure of the capital available for insurers to trade risk […]
By Canadian Underwriter | September 3, 2013
The Insurance Institute for Highway Safety has awarded Honda’s 2014 Odyssey minivan a Top Safety Pick+ award. Arlington, Va.-based IIHS announced Aug. 30 that the 2014 Odyssey is the first minivan to earn the Top Safety Pick+ award, adding the vehicle got “good” performance in all five IIHS crash evaluations. IIHS, a non-profit organization that […]
3 min read
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