Insurable Interest Canadian Insurance Blog

Canadian financial services and insurance co-operative sheds light on efforts to catalyze a sustainable, climate-resilient Canada Guelph, ON (May 13, 2024) – In a year marked by financial volatility and a worsening trend of climate-related events, Co-operators highlights in its 2023 Integrated Annual Report a need to develop and invest in collaborative, innovative solutions to the challenges faced by Canadians. While challenged by significant underwriting losses in its property and casualty line of business, driven in part by increased claims costs due to the high inflationary environment, buoyed in part by strong investment returns the Canadian financial services co-operative and insurer reported a net income before tax across its group of companies of $310.6 million, maintaining its strong capital position. Driven by its purpose of “Financial security for Canadians and our communities”, Co-operators has leveraged this strength to invest significantly in climate solutions, community resilience, and the net-zero, sustainable economy. In addition to $2.77 billion paid in claims and benefits to its clients in 2023, Co-operators directed a sizable proportion of its capital to build the sustainability and resilience of Canadians. By the end of 2023, 48.4% of its invested assets – or $5.90 billion – was invested in climate...

Hamilton, Bermuda (May 9, 2024) — Mosaic Insurance is pleased to announce it has launched a suite of professional liability products for specialist engineers, offering US$15 million in targeted primary coverage for unique risks. Mosaic’s professional liability team has a long track record of providing insurance solutions to the engineering sector across various industries and disciplines. The new form offers a dedicated product, with core coverage of professionalliability, plus enhancements such as pollution, public-relations costs, and mitigation. The suite caters to specialists serving a range of industries, including process, chemical, oil and gas, petrochemical, mining, nuclear, renewable energy, testing, defense, transportation, and environmental. “Specialist engineers have long been a focus for our team, so we are delighted to launch a dedicated product tailored for these professionals and the unique risks they are exposed to,” said Anna Jay, Global Head of Professional Liability at Mosaic. “The product combines key coverage with market-leading underwriting and access to our best-in-class claims-management team.” Highlights of the new suite include: Coverage offered to clients on a global scale Risks of all sizes considered, from multinationals to individuals working on a freelance project basis Up to USD$15-million line available Limits preferably deployed in primary lead position,...

Messagepoint’s latest version includes key capabilities that ensure accuracy while accelerating translation processes for customer communications Toronto, ON (May 17, 2024) – Messagepoint Inc. is pleased to announce enhancements in the latest release of its intelligent Content Hub for customer communications management, designed to streamline the process of translating customer communications and documents while ensuring accuracy. New capabilities that augment generative AI-based translation have been added to the solution’s Assisted Authoring feature and include the ability to: Simultaneously translate content into multiple languages, drastically reducing translation time Incorporate glossaries to support corporate and industry-specific terminology in translations for greater accuracy and consistency Check translation accuracy using semantic similarity, styles and named entities analysis Translation today is often a manual task, managed by emailing files and inputting translated content and changes. To ensure efficiency, control and tracking, Messagepoint has added purpose-built workflows that support the end-to-end process of translation and related quality checks. Whether working with internal teams, third parties or leveraging AI tools to support translation, users will be able to send content for translation via Messagepoint and seamlessly re-integrate that content with formatting, text styles and variable content still intact. This enables organizations to take advantage of streamlined workflows...

Toronto, ON (May 15, 2024) – SSRU is excited to announce a partnership with Millennium Insurance Corporation effective April 1, 2024. This strategic alliance has increased SSRU’s A-rated Commercial Property capacity to $38.5M for risks in the Energy, Mining and Manufacturing sectors. With the support of Alberta based Millennium, and the creation of a bespoke reinsurance treaty for the subject business, SSRU has further broadened syndication among its carriers. This expansion reduces clients’ exposure to counterparty risk and further insulates SSRU’s carrier panel from severity loss. Heather Jamieson, SVP of Property commented: “We look forward to strengthening our long-term relationships with our customer and broker partners by continuing to bring new capacity to the Canadian marketplace.” Stephen Stewart, President and CEO of SSRU commented: “This strategic alliance with Millennium not only expands our capacity but also reinforces our dedication to providing innovative capacity solutions to our broker partners and Insureds.” About SSRU SSRU is a leading Specialty Insurance MGA based in Toronto, Canada. Since its inception in 2016, SSRU has been at the forefront of offering specialized insurance products to diverse sectors including Construction, Manufacturing, Natural Resources, Public Entity, Realty, and Transportation. For more information, visit ssru.ca. About Millennium Insurance...

Hub International strengthens Commercial and Personal Insurance capabilities with acquisition of certain assets from Alberta-Based 2197747 Alberta Ltd. Chicago, IL (May 8, 2024) – Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, announced today the acquisition of certain assets from 2197747 Alberta Ltd., which is in turn partially owned by Carianne O’Connor (O’Connor). Terms of the transaction were not disclosed. Located in Edmonton, Alberta, Canada, O’Connor is an experienced insurance consultant specializing in commercial insurance, including farm, and personal insurance, home and auto. O’Connor will join Hub Prairies. About Hub’s M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience. For more information on the Hub M&A experience, visit WeAreHub.com. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 17,000 employees in offices located throughout North America, Hub’s vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so...