Industry
Toronto-based Fairfax Financial Holdings is among the insurers who own Lloyd’s syndicates that were shut down at the end of 2018. The Corporation of Lloyd’s released Wednesday a list of the eight syndicates that stopped trading as of Dec. 31. Among them are syndicates ultimately owned by Paris-based AXA-XL and Bermuda-based Axis Capital Holdings Inc. […]
By Greg Meckbach | March 27, 2019
2 min read
Nearly half of Canadian consumers would be willing to share “significant personal information,” such as location data and lifestyle information, with their insurer or bank in exchange for lower pricing on products and services, according to a new report from Accenture. Globally, more than half of consumers would share that data for benefits, including things […]
By Jason Contant | March 22, 2019
Economical Insurance is a step closer to demutualization and becoming publicly traded on the stock exchange. An overwhelming majority (99%) of the insurer’s mutual policyholders voted Wednesday in favour of a demutualization proposal released in January. Several more steps are necessary before Economical could demutualize, but the insurer described Tuesday’s vote in Kitchener, Ont. as […]
By Greg Meckbach | March 20, 2019
Trisura Guarantee Insurance Company has appointed Chris Sekine as president and CEO. He succeeds Mike George, who will continue to work with Trisura Guarantee on a consulting basis. Sekine has led Trisura Guarantee’s surety group since its inception. He has helped to set the company’s executive and strategic direction, and played a role in its […]
By David Gambrill | March 19, 2019
A Calgary-based Lloyd’s coverholder has re-launched its website to make it easier for brokers to bind policies for special events without having to deal with a lot of paper forms. PAL Insurance Brokers Canada Ltd. has allowed clients to apply for policies online for at least four years, said Matthew Taylor, general manager of PAL, […]
By Greg Meckbach | March 19, 2019
3 min read
TORONTO – TD Securities is predicting the Bank of Canada will keep its key interest rate on hold through to the end of next year. The forecast builds on the firm’s forecast last week that the central bank would not hike its key interest rate target this year. Andrew Kelvin, TD’s senior Canada rates strategist, […]
By Greg Meckbach | March 15, 2019
1 min read
Validus Reinsurance Ltd., a Bermuda-based reinsurer acquired by AIG last year for $5.5 billion, is looking to establish a Canadian branch office. Validus intends to file an application with the Office of the Superintendent of Financial Institutions (OSFI) on or after Apr. 8, 2019 to write reinsurance in Canada, according to a notice posted Saturday […]
By David Gambrill | March 13, 2019
Expect RSA in Canada to take remedial underwriting actions in its personal lines portfolio – including auto rate increases of between 3% and 16%, and potentially selected broker cancellations – in order to shore up results after a tough year of property losses in 2018. “Insured damage for severe weather events in 2018 reached $1.9 […]
By David Gambrill | March 11, 2019
Clients planning St. Patrick’s Day celebrations may find themselves short on luck when it comes to insurance coverage. It’s becoming more difficult for clients to get insurance for liquor-related losses with the terms they need, one managing general agent observes. “Right now, liquor liability is one of those operations that are turning into more of […]
By Greg Meckbach | March 11, 2019
OTTAWA – A weak data report “surprised” the Bank of Canada ahead of its decision to cast doubts about future interest-rate hikes and to warn Canadians the ongoing slump could prove to be unexpectedly stubborn, says one of the bank’s top officials. Deputy governor Lynn Patterson said in a speech Thursday that the central bank […]
By Greg Meckbach | March 9, 2019
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