Industry
***CORRECTION***: In the original version of this story, posted on Sept. 12, Canadian Underwriter incorrectly identified written exposures as premium volumes. This version corrects the numbers and units of measurement. Canadian Underwriter apologizes for the error. Facility Association volume remains relatively “stable” across the system, with some volume growth in New Brunswick and Newfoundland and […]
By Canadian Underwriter | September 12, 2011
2 min read
The Boiler Inspection and Insurance Company of Canada (BI&I), a subsidiary of Hartford Steam Boiler Group (HSB), is adopting the brand of its parent company, Munich Re. HSB’s “iconic” locomotive symbol and name will be preserved and appear in the context of the Munich Re brand, a press release says. “The dual brand combines the […]
1 min read
Factors contributing to a hard market are changing, with reinsurers’ total available capital no longer considered the only driver of reinsurance market softening or hardening, said Martin Sullivan, deputy chairman of Willis Group and CEO of Willis Global Solutions.Sullivan offered a keynote speech during the PricewaterhouseCooper’s breakfast briefing during the annual Monte Carlo Reinsurance Rendez-vous. […]
A Magnitude-6.4 earthquake that hit just west of Vancouver Island on Sept. 9 caused more than 100 aftershocks – the largest being a Magnitude of 4.9 – but no significant damage has been reported, according to Earthquakes Canada.The initial 6.4 quake was felt from across Vancouver Island, Greater Vancouver and as far east as Kelowna. […]
**CORRECTION**The following story was published on August 5, 2011 with incorrect content. This version omits the incorrect information. Canadian Underwriter apologizes for the error. McLarens Canada has been renamed Granite Claims Solutions.McLarens Canada began 35 years ago in Toronto as Ponton Coleshill InsuranceAdjusters. Since then, the company has grown to over 500 employees and provides […]
By Canadian Underwriter | September 9, 2011
Granite Claims Solutions acquired Toronto-based BBCG Claim Services Limited. BBCG will continue to operate under the BBCG name. It is a niche-market adjusting firm specializing in surety and fidelity bonds, builders’ risk, course of construction, professional errors and omissions and trade credit claims. The BBCG team is led by William E. (Ted) Baker, and has […]
The Economical Insurance Group (TEIG) reported a net income of $23.2 million in 2011 Q2, marking a significant improvement from 2010 Q2’s net loss of $3.6 million.For the first half of the year, TEIG reported a net income of $52.1 million, an increase from the $12.4 million reported in 2010 H1.The insurer’s combined ratio dropped […]
Aon Benfield estimates insured losses in the United States from Hurricane Irene will range between $1.6 billion to $6.6 billion. The storm killed about 46 people in the United States and caused nearly 8 million power outages at its peak, as well as damage to tens of thousands of homes, businesses, other structures and vehicles, […]
Liability premiums for Ontario municipalities have increased by 22.2% since 2007 and are among the fastest growing municipal costs, according to the Association of Municipalities of Ontario (AMO)’s first-ever comprehensive survey of municipal insurance costs.Total 2011 Ontario municipal insurance costs are $155.2 million, the survey found. Liability premiums make up the majority of these expenses […]
Insured losses from natural catastrophes and man-made disasters reached an estimated $70 billion in the first half of 2011, according to Swiss Re’s sigma report. This is more than double the $29 billion incurred in the first half of 2010.Insured losses from natural catastrophes reached $67 billion in the first half of 2011, up from […]
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