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INSURANCE INDUSTRY NEWS
Intact, Tryg To Acquire RSA Insurance Group Plc
Intact Financial Corporation is pleased to announce that, together with Tryg A/S, it has reached an agreement to acquire RSA Insurance Group. Intact will retain RSA's Canadian, UK and International entities, Tryg will retain RSA's Swedish and Norwegian businesses, and Intact and Tryg will co-own RSA's Danish business. The transaction is subject to customary regulatory and shareholder approvals.
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General Motors Launches OnStar Insurance
General Motors is pleased to announce the launch of OnStar Insurance. GM's new insurance agency, OnStar Insurance Services, will be the exclusive agent for OnStar Insurance.
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Blink launches Business Interruption Solution
Irish InsurTech Blink is pleased to present the latest offering in its suite of parametric insurance solutions. "Blink Interruption" is the culmination of 10 weeks of intensive work in the prestigious Lloyd's Lab innovation accelerator programme; Blink developed a market-ready offering which can cut average business interruption claims processing time by up to 95%.
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HSB Canada Launches Turnkey Sensor Solution
HSB Canada, part of Munich Re, is pleased to introduce Sensor Systems by HSB, a turnkey solution to help insureds reduce common property claims. The program monitors, predicts and alerts customers to risk events associated with water leaks, pipe freezing and critical temperature changes.
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Independent Agents Face Pandemic Headwinds
The perennial dominance of the agent channel in the insurance industry continues to face strong headwinds due to increased competition and evolving consumer expectations that have been highlighted by the pandemic. According to the J.D. Power 2020 U.S. Independent Agent Performance and Satisfaction Study, misalignment and poor execution continue to place agent-based carriers on their heels in their ongoing battle with direct-to-consumer insurers as the channel of choice among modern property and casualty insurance consumers.
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Internal Failures Behind Most Cyber Claims
External attacks on companies result in the most expensive cyber insurance losses but it is employee mistakes and technical problems that are the most frequent generator of claims by number, according to a new report from Allianz Global Corporate & Specialty (AGCS).
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Business Insurance Action Team Supports Small Businesses
Insurance Bureau of Canada is pleased to announced that its newly launched Business Insurance Action Team (BIAT) is ready to help to find viable insurance for small businesses in Ontario's hospitality sector struggling to find insurance because of the COVID-19 pandemic.
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Tracey Swain Joins Apollo As CFO
Apollo Insurance Solutions is pleased to announce that Tracey Swain has joined the leadership team as Chief Financial Officer. Swain brings more than twenty years of experience in progressive accounting, audit, and finance roles for global companies.
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Most Canadians Feel Unprepared for Winter Driving
With winter creating unpredictable driving conditions across the country, coming to grips with the colder weather can often be a cause for concern, even for the most experienced of drivers. A new survey by belairdirect reveals that most Canadians are not fully prepared for the colder months ahead.
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Enstar To Sell Starstone To New Venture Inigo
Enstar Group Limited and Stone Point Capital LLC are pleased to announce they have signed definitive agreements to sell StarStone Underwriting Limited, the Lloyd's managing agency, together with the right to operate Lloyd's Syndicate 1301, to Inigo Limited, a new specialty re/insurance holding company.
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Aon Secures Capacity Led By HSCM To Transfer Systemic Cyber Risk
Aon plc, a leading global professional services firm, has launched a new product with Hudson Structured Capital Management Limited (undertaking its re/insurance business as HSCM Bermuda) to protect insurers and reinsurers against systemic and catastrophic cyber events. Aon and HSCM have already closed the first transaction, a retrocession contract on behalf of an undisclosed cedent.
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FIRST Canada Launches Interac e-Transfer Bulk Receivables
FIRST Insurance Funding of Canada, the industry leader in payment solutions, is pleased to announce the launch of Interac e-Transfer® Bulk Receivables in collaboration with AcordPay. FIRST Canada is the first in the insurance industry to offer its brokers the ability to request payment with Interac e-Transfer.
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Onlia Anticipates Holiday D.U.I. Increase
As Ontarians prepare for the holidays amidst the new reality of COVID-19, many feel a false sense of security both on the road and at home. Driving under the influence and “porch piracy” were cited as concerns in the newly released Onlia Winter Safety Index.
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