Industry
Legacy modernization and replacement will be the top IT challenge for the insurance industry in 2011, according to X by 2, an insurance industry technology consulting firm.When it comes to legacy systems, insurers will face critical decisions about whether to continue to modernize old systems or replace them, the firm said in a release.Rounding out […]
By Canadian Underwriter | January 5, 2011
2 min read
Registered Insurance Brokers of Ontario (RIBO), Ontario’s insurance broker regulator, has cautioned brokers to obtain a proper exemption from their regulator if they wish to share office space with another business.”It has recently come to our attention that firms are sharing office space with another business without first applying for an exemption from [RIBO’s] Qualification […]
1 min read
The Office of the Superintendent of Financial Institutions (OSFI) has posted its final B-3 Guideline on Sound Reinsurance Practices and Procedures, which spells out four principles that should be incorporated into an insurer’s overall reinsurance risk management policy.OSFI expects insurance company boards of directors to follow the first principle, which is to approve a reinsurance […]
Lombard Canada Ltd.’s commercial brokers are now able to access client data and policy declaration pages remotely through Keal’s commercial management system (CMS), comXP.Using Lombard Canada’s Commercial LINCQ, brokers can download Lombard’s Business Choice renewal policy directly into Keal’s CMS.The integration includes a PDF download of the declaration page directly from LINCQ, brought back to […]
Desjardins Financial Group has made a $443-million, all-cash offer to buy Western Financial Group (TSX:WES), the largest insurance and financial services retailer in Western Canada.The transaction contemplated by the offer will be carried out by way of a take-over bid through Desjardins Financial Corporation Inc., a wholly-owned subsidiary of Desjardins Financial Group. Western Financial Group […]
By Canadian Underwriter | January 4, 2011
Canada experienced a significant reduction in reinsurance capacity secured during Jan. 1, 2011 renewals because of a continued movement from proportional reinsurance to excess-of-loss treaties, mergers and acquisitions and increased retentions, reported Aon.These factors set the stage for a competitive domestic reinsurance market with excess capacity available to deploy, despite the fact that Canada experienced […]
Cunningham Lindsey has acquired the U.S. loss adjusting business of GAB Robins North America Inc.As a result of the acquisition, Cunningham Lindsey’s U.S. operations will expand by more than 380 people and 100 office locations, bringing its total U.S. presence to more than 1,100 full-time employees in 200 office locations.The combined business will operate under […]
Colin Simpson has stepped down from Kingsway Financial Services Inc.’s board of directors.Simpson was the company’s former president and CEO. He resigned in April 2010 and was replaced by Larry Swets. Simpson remained on the board of directors. “We are grateful to Colin for his contributions, and we wish him continued success in his future […]
Mutual policyholders of The Economical Mutual Insurance Company will not only be considering a path of demutualization in May 2011, but they may also be asked to consider a re-composition of its board of directors. Toronto firm VC & Co. Advisory Limited confirmed in a press release on Jan. 4 that policyholder proposals were submitted […]
This holiday shopping season was a busy one in Canada — and not just for consumers. Canadian property and casualty companies were clearly in a shopping mood, with several major deals or potential deals announced in December. As we go to press, Desjardins Financial Group, including its property and casualty insurance company Desjardins General Insurance, […]
December 31, 2010
3 min read
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