Industry
One of British Columbia’s largest brokerages, Axis Insurance Managers, has completed its acquisition of BMG Insurance Brokers, a Western Canada-based brokerage that specializes in aviation and aerospace risks. Vancouver-based Axis completed the acquisition of privately-owned BMG Aviation Ltd. (doing business as BMG Insurance Brokers), effective June 1. Axis says BMG is “recognized and respected nationally […]
By Jason Contant | June 17, 2022
2 min read
Central Canada’s derecho in May caused more than $875 million in insured damage, making it the sixth-largest NatCat in Canadian history.
By David Gambrill | June 16, 2022
A single large-scale natural disaster can cause the sudden failure of an otherwise solvent insurer, warns a new report from the Property and Casualty Insurance Compensation Corporation (PACICC). The latest installment of PACICC’s Why Insurers Fail series found the “traditional” causes of failure — internal operations (problematic business approaches), organizational structure (such as corporate governance) […]
By Jason Contant | June 15, 2022
4 min read
OTTAWA – The company overseeing the federal government’s $900-million settlement deal with military members who experienced sexual misconduct in uniform is admitting to more privacy breaches, despite repeated promises to have fixed the problem. Epiq Class Action Services Canada confirmed the additional errors after a third veteran came forward to The Canadian Press to report […]
3 min read
Broker errors and omissions (E&O) claims grew during the pandemic for those who failed to maintain adequate levels of coverage for their clients, a broker E&O specialist says. While home and auto claims were down due to lockdowns, resulting in a softening of broker E&O claims, there was growth in activity for other reasons, reports […]
By Jason Contant | June 14, 2022
OTTAWA – Key enterprises in the banking, telecommunications and transportation industries would be among those required to bolster cybersecurity and report digital attacks – or possibly face penalties – under a federal bill introduced Tuesday. The legislation is intended to flesh out Liberal government efforts to protect critical infrastructure following last month’s announcement that Chinese […]
Despite recently-withdrawn charges related to violent tow truck turf wars across the Greater Toronto Area, the investigation resulted in many positives, including regulatory change, says Équité Association. In 2021, Équité Association’s investigative services team supported the York Regional Police’s far-reaching and complex investigation into fraudulent behaviour of several industries linked to organized crime — with […]
By Jason Contant | June 10, 2022
High household debt and elevated housing prices have become bigger vulnerabilities in the past year, but the economy can still handle the rising interest rates needed to tame inflation, Bank of Canada governor Tiff Macklem said Thursday. “We think the economy needs higher interest rates, and it can certainly handle higher interest rates,” he told […]
Desjardins Group’s Marilyn Horrick has been elected to the Ontario Chamber of Commerce’s (OCC) board of directors. OCC president and CEO Rocco Rossi announced new members to the chamber’s board of directors last month. Horrick, senior vice president for Desjardins Group’s Ontario market, was one of seven newly elected board members. “I am extremely proud […]
By Jason Contant | June 9, 2022
Introducing Victor Canada’s new cyber assessment and consultation, a complimentary offering for Victor Errors & Omissions and Technology policyholders. An increase in the frequency and sophistication of cyberattacks has left many brokers wondering how best to help their clients manage their cyber exposures. With this in mind, Victor Insurance Managers Inc. (Victor Canada) has collaborated […]
June 9, 2022
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