Canada News

Major Canada Earthquake Could Lead to Widespread Insurer Insolvencies: Report

A massive earthquake off the coast of British Columbia has the potential to cause widespread failure among insurance companies and trigger a domino effect across the financial sector, according to a Conference Board of Canada report. “As the earthquake in New Zealand earlier this month reminds …

October Floods in Atlantic Canada Cost $100M-Plus in Insured Damage

A tropical moisture system resulting from Hurricane Matthew swept through Atlantic Canada last month, resulting in more than $100 million in insured damage, according to Insurance Bureau of Canada (IBC), which quoted a report from Catastrophe Indices and Quantification Inc. (CatIQ). A cold front interacting …

Chubb Launches Liability Coverage Suite to Protect Family Offices in Canada 

Chubb has launched a new suite of insurance coverages to help family offices* manage their liability exposures. Called the “Family Office Amplifier,” Chubb said the product addresses “the wide spectrum of family office risks including professional liability, trustee liability and …

PartnerRe to Buy Canada’s Aurigen Capital, in Life Reinsurance Push

PartnerRe Ltd., the reinsurer owned by John Elkann’s EXOR SpA, agreed to buy Aurigen Capital to expand in coverage of life policies in North America. PartnerRe agreed to pay C$375 million ($284 million) in a deal expected to be completed …

Canada’s Health Insurance Startup, League, Receives Broker License

Canadian health benefit startup League Inc said on Wednesday it has teamed up with the insurance arm of backer Royal Bank of Canada as it expands into insurance, targeting the many small businesses offering no such benefits to employees. The company received …

Olsen Tapped as President, HUB Canada; Robertson as Exec VP, Int’l Business

Hub International Ltd. (HUB), the Chicago-based global insurance brokerage, has named Tina Osen as president of HUB Canada. She currently is president of HUB TOS in British Columbia, Canada. In addition, Chad Robertson, currently regional president, Canada West, has been named executive …

Canada’s Regulator Tightens Capital Requirements for Mortgage Insurers

Canada’s financial services regulator released new draft capital requirements for federally regulated mortgage insurers to better reflect growing risks in the country’s housing markets. The Office of the Superintendent of Financial Institutions said Friday the new requirements, which will come …

Canada’s Economical Insurance Names Saunders as President & CEO

Economical Insurance, headquartered in Waterloo, Ontario, has named Rowan Saunders as president and CEO, effective Nov. 1, 2016. This follows the announcement on Feb. 19, 2016, that current president and CEO, Karen Gavan, will retire from the company and the …

BHSI Expands Financial Institutions Cover in Canada; Knight Leads Product Line

Berkshire Hathaway Specialty Insurance (BHSI) announced that it is introducing four new executive & professional lines products for financial institutions and named Andrew Knight as national director of Financial Institutions, Executive & Professional Lines, in Canada. The new products are: …

Pen Canada Launches E-Traded D&O Platform in Response to Broker Demand

Pen Underwriting Canada has launched a purpose-built, e-trading platform for directors and officers insurance, in response to broker demand for a quick-quote, competitive D&O solution. The platform is simple, straightforward and responsive – able to quote and issue a policy …