Industry
Ciara Brady, who previously worked in Toronto for both Swiss Re and Chubb, becomes head of global liability for Allianz Global Corporate and Specialty effective Jan. 1, AGCS announced Tuesday. Brady will work out of Zurich and succeed Michael Hohmann in her new role, Munich-based AGCS said in a release. Brady currently works in Zurich […]
By Greg Meckbach | October 10, 2018
2 min read
TORONTO – Cannabis industry companies have several “deficiencies” in their disclosures to investors, including insufficient information in their financial statements, Canadian securities regulators say. The Canadian Securities Administrators reviewed the disclosures of 70 public companies in the marijuana industry and found licensed producers often did not provide enough information for an investor to understand their […]
By Jason Contant | October 10, 2018
4 min read
Commercial lines may be moving more toward a direct model, a property and casualty insurance industry analyst suggested recently. “It’s interesting to see commercial lines moving toward the direct model, which we haven’t really seen,” said Philip Heywood, a partner of financial services deals with PwC Canada. “It’s more personal lines that have gone direct […]
By Jason Contant | October 8, 2018
Totten Insurance Group Inc. might start offering brokers quotes within 24 hours on certain lines, the company’s president told Canadian Underwriter Friday. Totten, a Toronto-based managing general agent, recently acquired Saint John, N.B.-based MGA Anderson McTague & Associates Ltd., a coverholder in the Lloyd’s market. As a result, Totten now has 11 offices across Canada […]
By Greg Meckbach | October 7, 2018
When it comes to market conduct in the property and casualty industry, the regulations should recognize that brokers are independent, an Insurance Bureau of Canada spokesperson says. A guidance paper explaining regulators’ “overarching expectations” on market conduct for brokers, agents and carriers was released Sept. 27 by the Canadian Council of Insurance Regulators (CCIR) and […]
By Greg Meckbach | October 4, 2018
SSL Endeavour in Canada is streamlining access to the Lloyd’s market by rolling out its Advantage claims management platform, allowing Canadian coverholders and TPAs to input claims data directly into London’s central systems. Streamlining the claims process is a priority for SSL Endeavour, which provides access in Canada to the Lloyd’s market. Lloyd’s ranks fourth […]
By David Gambrill | October 4, 2018
3 min read
Anderson McTague & Associates Ltd., a New Brunswick-based coverholder in the Lloyd’s market, has been acquired by Toronto-based Totten Insurance Group Inc., a subsidiary of Hub International Ltd. Totten Insurance is a managing general agency founded in 2002 by H. Ross Totten, the firm’s CEO until 2012. Anderson McTague has offices in Saint John, N.B. […]
By Greg Meckbach | October 3, 2018
1 min read
Aside from the name change from NAFTA to the United States-Mexico-Canada Agreement (USMCA), what changed for Canada’s property and casualty insurers under the new free trade agreement announced Monday? Not a whole heck of a lot, it would appear. Regulations around solvency, capital requirements and market conduct are exactly the same under USMCA as they […]
By David Gambrill | October 2, 2018
Kingsway Financial Services Inc., which used to own Jevco and York Fire and Casualty, plans to relocate to the United States. Toronto-based Kingsway no longer writes property and casualty insurance in Canada, but it still has a Toronto head office and is traded on the Toronto Stock Exchange. The company announced Friday it plans to […]
By Greg Meckbach | September 28, 2018
What impact do rising interest rates have on P&C companies conducting mergers and acquisitions? We’re about to find out, as the Bank of Canada is widely expected to raise the interest rate target at an Oct. 24 rate announcement. “The premise is that a rising interest rate environment [will help] them in terms of their […]
By Jason Contant | September 27, 2018
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