Industry
TD Bank has sold its U.S. insurance subsidiary to USI Insurance Services, a middle-market brokerage firm owned by Goldman Sachs Capital Partners, for an undisclosed amount. TD Insurance Inc. is one of the largest bank-owned insurance agencies and brokerage firms in the United States, offering personal and commercial insurance, as well as employee benefits products […]
By Canadian Underwriter | August 27, 2012
1 min read
The airline insurance market has shrunk in premium volume in 2012 as the industry’s positive loss record continues to exert downward pressure on rates, notes a recent report from Willis. The report, which covers renewals in June and July, states that premium volume in the airline insurance market is down 5% so far this year. […]
By Canadian Underwriter | August 24, 2012
Desjardins General Insurance Group (DGIG)’s net income for 2012 Q2 was $39.5 million, more than double the $16.6 million in 2011 Q2. DGIG’s loss ratio for the quarter ended June 30, 2012 fell to 71% – 5.9% lower than in the second quarter of 2011 – despite severe rains and flooding this spring in Montreal, […]
By Canadian Underwriter | August 23, 2012
FirstOnSite Restoration has named Sean Hobson as senior vice president of sales for the company. Hobson’s extensive background in insurance, construction and restoration industry sales nationally and internationally will assist him in his duties to lead FirstOnSite’s sales teams across the country to ensure consistent service at the national and branch levels. “Sean’s experience is […]
Traffic enforcement officers will be focused on intersection safety during Saskatchewan Government Insurance (SGI)’s two-day blitz, Operation Crossroads, which runs Aug. 22 to 23. Enforcement staff across the province, but with a concentrated effort in the Prince Albert area, will be on the lookout for both motorists and pedestrians who violate traffic laws, SGI reports […]
By Canadian Underwriter | August 22, 2012
Lambton Mutual is implementing automated new business upload for automobile and habitational policies, a functionality expected to provide significant efficiency gains for both the company and its brokers. Part of Lambton’s efforts to streamline the new business submission process, the move follows the successful rollout of real-time policy, billing and claims inquiry, notes a statement […]
Property and casualty insurers in the United States are expected to post better underwriting results this year as firmer pricing patterns spread across the industry, notes a new report from Fitch Rating Service. “Fitch estimates that 2012’s underwriting results will be a material improvement over 2011; however, current returns on capital remain below historical averages,” […]
By Canadian Underwriter | August 21, 2012
The British Columbia Utilities Commission, “after considering the evidence and arguments of all parties,” has given the green light to an 11.2% rate hike for universal compulsory automobile insurance in the province for 2012. The approval of the double-digit increase for basic insurance follows a request from the Insurance Corporation of British Columbia (ICBC) and […]
By Canadian Underwriter | August 20, 2012
A recent survey of 16 equity analysts by Towers Watson discovered that the property and casualty insurance industry should take a “moderate degree of investment risk” in current economic conditions to bolster returns. The poll, which was designed to gather insight from investment analysts specializing in researching p&c companies, found “there was a recognition that […]
The Insurance Brokers Association of Ontario (IBAO) recently issued a notice about the importance of arranging a home inspection before a property sale is finalized. For peace of mind and financial health, IBAO recommends having home inspections for both resale and newly built homes. New buyers will find that some lenders insist on a home […]
By Canadian Underwriter | August 17, 2012
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