Industry
BrokerLink has welcomed into its tent a 40-year-old family brokerage located in the Peace River area of northern Alberta. Nicolet Insurance Ltd., a full-service operation offering auto, home, business and travel insurance, has joined Brokerlink, one of Canada’s largest property and casualty insurance brokerages. The transaction was effective March 1, 2019. Terms of the transaction […]
By David Gambrill | March 8, 2019
2 min read
H.W. Kaufman Group and Burns & Wilcox Canada announced Thursday they have acquired Toronto-based TRU Transportation Risk Underwriters Ltd., a managing general agency with unique transportation expertise. TRU will become part of B&W Canada, a flagship organization of Kaufman and Burns & Wilcox, an MGA and specialty insurance broker. TRU works exclusively with independent insurance […]
By Jason Contant | March 7, 2019
Editor’s Note: This version of the article includes a correction showing that operating profit was flat at £46 million (approximately Cdn$82 million in 2018, and Cdn$78 million in 2017). A previous version incorrectly showed the operating profit of 46 million in Canadian dollars, not pounds. CU apologizes for the error. Aviva Canada’s road to […]
By David Gambrill | March 7, 2019
3 min read
Ninety insurance companies working with Ontario’s broker channel would be looking at a total investment of $4 billion over five years to conform to the CSIO XML standards required for an industry-wide, real-time data exchange solution between brokers and carriers. Colin Simpson, CEO of the Insurance Broker Association of Ontario (IBAO), made the observation Tuesday […]
By David Gambrill | February 27, 2019
Seventeen years after selling its personal lines business to the insurer now known as Intact, Zurich Canada has ambitions to re-enter the “retail” space, but it remains to be seen how it would do that or what form it would take. “In Canada, up to 2002, we were a very large player in the retail […]
By Greg Meckbach | February 27, 2019
Direct writer Sonnet accounted for about 5% of Economical Insurance‘s premiums in 2018, the Waterloo, Ont. mutual reported Thursday. “While Sonnet requires additional scale to achieve profitability, we now have sufficient insights and experience to improve performance, and we have confidence in the numerous actions we have already taken,” Economical Insurance CEO Rowan Saunders said […]
By Greg Meckbach | February 22, 2019
OTTAWA – The head of the Bank of Canada says his trend-setting interest rate is low enough, at its below-inflation level of 1.75 per cent, that it’s delivering stimulative effects to the economy. But even in the stronger economy, governor Stephen Poloz said Thursday that the benchmark rate’s upward journey to its likely destination range […]
By Greg Meckbach | February 21, 2019
Speed is one of the main benefits of parametric insurance compared to traditional forms of insurance, with the underwriting process taking just several days to two weeks, speakers from AXA Global Parametrics in France said Tuesday. Parametrics is index-based insurance, meaning the insurance payout is automatically triggered by a parameter or set of parameters that […]
By Jason Contant | February 20, 2019
A tough Lloyd’s market and California’s worst-ever wildfire led to an underwriting loss for Brit Plc, which Toronto-based Fairfax Financial Holdings Ltd. acquired in 2015. Fairfax officials faced pointed questions during its recent earnings call from one analyst who suggested Brit’s return on capital has been less than 10%. “It is primarily catastrophes,” replied Fairfax […]
By Greg Meckbach | February 20, 2019
While Fairfax Financial Holdings Ltd. is not ruling out the possibility of buying small specialty insurance players, don’t expect the firm to buy any big insurers any time soon. Toronto-based Fairfax, whose holdings include Northbridge Insurance, bought the majority of Allied World Assurance Company Holdings AG in 2017. “After we completed the acquisition of Allied […]
By Greg Meckbach | February 19, 2019
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