Industry
Michael J. Buzzeo has been appointed vice president of ClaimsPro Inc.’s special risk division (SRD), the company announced Sept. 20. An executive general adjuster with ClaimsPro, Buzzeo has a strong network nationally and internationally with brokers, underwriters, and clients, the company said in a statement. He will now help lead the growth strategy at ClaimsPro, […]
By Canadian Underwriter | September 20, 2012
1 min read
EGI Financial Holdings Inc. has appointed Alvin Sharma as the company’s new chief financial officer, effective Sept. 24. Sharma previously has held roles at RBC Capital Markets, American Life Insurance Co. and Sun Life Financial. He has expertise in investor relations, regulatory and rating agency management, capital markets, investments, mergers and acquisitions, capital management and […]
The Financial Services Commission of Ontario issued three insurance scam warnings on Sept. 19. FSCO has warned that Trans Direct Insurance Co. is not licensed to do insurance business in Ontario. It also warned that two individuals, Jermaine Nathaniel Jones and Abdoul-Karim Traore are not licensed to do insurance business in Ontario. They claimed to […]
By Canadian Underwriter | September 19, 2012
Auto insurance rates in Ontario remained flat in the second quarter of 2012, according to figures from the Financial Services Commission of Ontario (FSCO). Rate filings approved between April 1 and June 30 remained relatively flat, averaging a 0.06% increase, based on the entire market. As a result, auto insurance rates declined by 0.12% in […]
A majority of teens included in a recent U.S. survey say their parents make risky choices while behind the wheel, though the same teens often mirror that behaviour. In a new survey from Liberty Mutual Insurance and Students Against Destructive Decisions (SADD), 66% of teens say their parents follow different rules when driving than what […]
By Canadian Underwriter | September 18, 2012
2 min read
The United States federal government has sold the majority of its common stock in American International Group Inc. (AIG), receiving proceeds of $20.7 billion. The U.S. Treasury and Federal Reserve Bank of New York provided a $182 billion bailout to AIG following the 2008 financial crisis. The government now owns about 16% of AIG’s stock, […]
More than half (53% ) of chief financial officers said their companies’ investment risk profiles were at or near their stated risk tolerance limits, according to survey results released this month by Towers Watson. The report, which looked at CFOs perspectives on investment strategies, suggests the remaining 47% of companies were significantly under their limit. […]
Royal Premium Budget Canada Inc. announced its entry into Canada on Sept. 17, providing insurance premium financing in the Canadian marketplace. The company will offer customized financing through its affiliate, Burns & Wilcox Canada, a wholesale broker focused on specialty risks, to all provinces from its Toronto headquarters. “The Canadian market has been underserved when […]
By Canadian Underwriter | September 17, 2012
About 40% of major insurance organizations included in a global survey have experienced one or more security breaches in the last 12 months, according to a recent report from Deloitte. The company’s 2012 Global Financial Services Industry Security Survey, published in September, includes data from 46 major insurance companies worldwide. The insurance sector made up […]
Toronto’s Kingsway Financial Services Inc. announced a restructuring of its insurance services and insurance underwriting segments on Sept. 17. Bradley Diericx will join Kingsway as executive vice president in its insurance services business. Diericx most recently worked as a partner and leader of the Midwest practice at Johnson Lambert LLP, an insurance-focused CPA firm. He […]
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