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INSURANCE INDUSTRY NEWS
Global Insurance Premiums Hit USD 5 Trillion
Global insurance premiums passed the USD 5 trillion mark for the first time in 2018, equivalent to more than 6% of world gross domestic product (GDP). This was based mostly on solid growth in the non-life sector, particularly in China and other countries in emerging Asia, and also among advanced markets, according to the latest sigma report from Swiss Re Institute.
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MGA & Program Sector Continues To Soar
The Managing General Agent and Program market is continuing its growth and is solidly entrenched as a key business model for property-casualty business, according to a new study by Conning.
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Acturis Acquires Zycomp In Market Shakeup
Acturis Group, the award-winning Software-as-a-Service (SaaS) provider of insurance technology solutions, is pleased to announce that it has acquired Zycomp Systems Limited, a leading provider of broker software in Canada.
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Markel International Launches Cyber 360 Policy
Markel International has launched its Markel Cyber 360 policy, which provides insureds with all-round protection against cyber risks to help them safeguard their business before, during and after a cyber attack. Markel Cyber 360 is offered across most businesses, industries and geographies; coverage will be provided on a stand-alone and add-on basis for businesses in the UK, Europe, Canada, Asia and elsewhere.
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Navacord Launches Disruptive Energy Solution
Navacord continues to fuel their entrepreneurial spirit with the launch of Navasure Structured Surety Solutions, Canada's only provider of innovative structured surety solutions for the energy and power industries, effective July 8, 2019.
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Aon Launches New IFRS 17 Solution
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has launched an IFRS 17 solution on its ReMetrica capital modelling platform to help insurers to fulfill their reporting obligations.
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Archway Makes Triple Acquisition In NB
Archway Insurance has announced a mega-deal to acquire three New Brunswick brokerages – Shaw Insurance Agency Ltd., Solutions Assurances 360° Inc. and J. & N. Assurances Ltée. The purchase will nearly double Archway's footprint in the province with seven new offices. It is Atlantic Canada's largest M&A deal this year.
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Navacord acquires Benefit Consultants Inc.
Navacord Corp. is pleased to announce the establishment of a group benefits and retirement presence in Western Canada with the acquisition of Edmonton-based Benefit Consultants Inc., effective July 1st.
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Hub Acquires BenefitLink Resource Group
Hub International Limited, a leading global insurance brokerage, is pleased to announce it has acquired BenefitLink Resource Group Edmonton Holdings Inc. Terms of the transaction were not disclosed.
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Hub Acquires Berk Bilgen Insurance
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired Berk Bilgen Insurance Ltd. Terms of the transaction were not disclosed.
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AIR Shares Catastrophe Exposure Data Schema
Catastrophe modeling firm AIR Worldwide has announced that it has published its Catastrophe Exposure Data Exchange (CEDETM) database schema publicly, to facilitate accurate and transparent data exchange throughout the insurance value chain more efficiently, and to encourage additional analytics on a greater number of exposures.
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Sun Life Completes Acquisition of Majority Stake in BentallGreenOak
Sun Life Financial Inc. has announced the completion of its acquisition of a majority stake in BentallGreenOak. Leveraging the deep and successful history of both firms, BentallGreenOak will form the real estate pillar of our recently established institutional asset management business, SLC Management, a top 100 global asset management firm.
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Spring Flood Caused >$200M In Insured Damage
The spring flooding that took place in late April and May across Ontario, Quebec and New Brunswick caused close to CAD 208 million in insured damage, according to Catastrophe Indices and Quantification (CatIQ) Inc. The most common cause of damage was overflowing rivers, which led to road and basement flooding, submerged vehicles, and shifted home foundations. Heavy rain also caused roof leaks and sewer backups.
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Is Your Car Ready For Summer Heat?
As high heat and humidity move in, CAA South Central Ontario is reminding motorists to check their car batteries in order to ensure their vehicles are ready for the summer heat.
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Drivers: #SlowDown For Construction Season
It's summer, and that means it's construction season. SGI is reminding drivers to be mindful of workers while travelling through construction areas – be patient, slow down and stay alert. Always obey traffic signs and directions from any flag person you see.
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