Industry
SUM Insurance, an independent managing general agent formed by Travis Budd, Rick DeGrace, Stan Lam, Serge Melanson and Jeff Somerville, is now serving Canada coast-to-coast with offices in Toronto and Montreal.Formed in March 2011, Strategic Underwriting Managers Inc. (SUM Insurance and/or Gestionnaires d’Assurances) works collaboratively with insurers and reinsurers to design, underwrite and deliver casualty […]
By Canadian Underwriter | April 21, 2011
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Hagerty Classic Marine has launched a broker referral program for its Canadian product. The initiative allows brokers in Canada to refer collector boat insurance clients and receive commission for new and renewal business. There are no brokerage minimum volume requirements. Key features of the coverage include:• agreed value coverage;• standard, $1-million protection and indemnity (watercraft […]
Saskatchewan drivers with fuel-efficient vehicles will receive a 20% rebate on their insurance bill. The rebate applies to all hybrid vehicles, as well as vehicles meeting Transport Canada’s ecoAUTO thresholds for fuel efficiency for model years 2006 and newer. Owners of hybrid and qualifying fuel-efficient vehicles will receive a 20% rebate on their 2010 Auto […]
By Canadian Underwriter | April 20, 2011
Kanetix has added The Co-operators to its auto comparison service in Quebec. “Kanetix offers drivers a quick and easy way to comparison shop their auto insurance needs,” said George Small, co-founder of Kanetix Ltd. “With the addition of The Co-operators, shoppers will have an opportunity to compare even more quotes, further cementing our commitment to […]
Aon Risk Solutions has appointed Peter Mullen as chief executive officer of Aon Global Risk Consulting’s captive and insurance management operations.Mullen joins the captive and insurance management leadership team of:• Nancy Gray, regional managing director for the Americas.• John English, regional managing director for Europe, the Middle East and Africa.• Vic Pannuzzo, regional managing director […]
Slightly more than half of Ontario’s auto insurance market had rate changes approved in 2011 Q1, averaging out to a rate increase of 3.32% when weighted by market share, the Financial Services Commission of Ontario (FSCO) has reported. In 2011 Q1, 53.64% of the market had rate changes approved. Based on the entire market, the […]
By Canadian Underwriter | April 19, 2011
The credit crisis may have abated in the United States, but securities suit filings definitely haven’t.In fact, securities suit filings are on track to set a new record in 2011, according to Advisen Ltd’s most recent quarterly report on securities litigation, sponsored by ACE. “Following on the heels of the credit crisis, which sparked record-setting […]
Catastrophe losses from 2011 Q1 will likely eat into reinsurers’ earnings rather than their capital, according to Aon Benfield.Reinsurers grouped under the Aon Benfield Aggregate (ABA), a subset of Global Reinsurer Capital, have a combined loss estimate of $12.4 billion in 2011 Q1, with some companies still to comment on the extent of their exposures, […]
The Insurance Brokers Association of Ontario (IBAO) has launched a pilot program designed to educate and challenge brokers by examining and exploring cutting-edge business ideas.‘Beyond Best in Class’ (BBiC) aims to set a new standard of excellence for brokers, an IBAO release says. The five-day program encourages brokers to change the way they think about […]
By Canadian Underwriter | April 18, 2011
John Nelson will succeed Lord Levene as the next chairman of Lloyd’s insurance market in October 2011. Lord Levene is retiring after nine years as Lloyd’s chairman. Nelson spent 15 years at Kleinwort Benson, working in both the United Kingdom and the United States, before moving to Lazard in 1986. At Lazard, he ran the […]
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