Industry
Transatlantic Holdings Inc. (NYSE: TRH) and Allied World Assurance Company Holdings AG will merge to form a global specialty insurance and reinsurance company under a holding company structure with the name TransAllied Group Holdings AG.The merger is expected to be completed in 2011 Q4. The deal will see Allied pay Transatlantic $3.2 billion, reported Bloomberg.com.The […]
By Canadian Underwriter | June 13, 2011
1 min read
A set of global principles will allow public policymakers to leverage the experience and information stored within the global insurance industry to help mitigate ‘unknown’ risks and adapt to a changing global climate, said Paul Clements-Hunt, the head of the UN Environment Programme Finance Initiative.Clements-Hunt spoke at a UN-convened consultation session aimed at developing a […]
2 min read
An official from Penn West Petroleum Ltd. has said the company expects to draw on its business interruption insurance after taking a cash flow hit of between $60 million and $70 million following the wildfires still blazing in northern Alberta, according to a report in the Wall Street Journal.The amount of damage due to the […]
The Travelers Companies Inc. estimates its catastrophe losses related to the numerous and severe catastrophes in the U.S. Midwest in April and May of 2011 to range between $1 billion and $1.05 billion after-tax and net of reinsurance.These losses resulted from multiple tornadoes and hailstorms, primarily in the Midwest and Southeast regions of the United […]
Intact Financial Corporation’s acquisition of AXA Canada, announced on May 31, will ultimately result in the disappearance of AXA Canada’s brand name, but brokers can expect no cuts in commissions or in how the new, bigger Intact will work with its brokers, according to Intact Insurance president Louis Gagnon.Gagnon spoke about the deal at the […]
By Canadian Underwriter | June 10, 2011
3 min read
Consumers this year have a markedly decreased affinity to the insurance product and how it is sold than they did last year, according to figures presented by the Insurance Brokers Association of Ontario (IBAO).IBAO CEO Randy Carroll and board chairman Bryan Yetman presented the figures while discussing emerging trends in the industry at the IBAO’s […]
Canada will host a United Nations-convened consultation session aimed at developing a set of sustainability principles for the insurance industry.Between June 12 and 13, 2011, The Co-operators will host at its Guelph headquarters the third in a series of seven global consultation meetings to develop the United Nations Environment Programme Finance Initiative’s Principles for Sustainable […]
The Financial Services Commission of Ontario (FSCO) has charged the director of a Greater Toronto Area-based treatment centre with knowingly making false or misleading statements to an auto insurer to obtain payment for goods and services provided to an insured.The allegations have not yet been proven in court. Following an investigation, FSCO found that Misha […]
An amendment to Ontario’s Insurance Act will essentially allow insurers to challenge claims suspected to be fraudulent by refusing to pay for treatment plans until the treatment providers produce reasonable information.Ontario Regulation 194/11 takes effect on July 1, 2011. The regulation gives insurers the authority to request the following information from treatment providers, who will […]
By Canadian Underwriter | June 9, 2011
The burden of regulation was identified as the biggest risk keeping the global insurance industry awake at night, according to a survey by the Centre for the Study of Financial Innovation and PricewaterhouseCoopers.Insurance Banana Skins 2011 identifies the risks facing the global insurance industry in early 2011, as seen by a global sample of nearly […]
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