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$5.0 billion
HANDBOOK
DEAL TRACKER
pliant broker transactions with in- surers across multiple platforms in real time, including first notice of loss, claims inquiry and premium inquiry. During this journey, partial steps will be the reality as capabilities are built. Collaboration, cooperation and an as- sumption of positive intent are critical in moving forward.
For brokers, it is crucial to consider their insurer connectivity options. They need to take advantage of new business opportunities that will allow them to thrive in today’s marketplace of innova- tion and changing consumers. Efficient digital connectivity between brokers and carriers is essential to enhance the
core value proposition of the indepen- dent broker, which is to provide access to product range, insurer choice, and lo- calized personal advice.
Technology continues to transform the insurance landscape. Brokerages that embrace the possibilities of becom- ing a digital brokerage through connec- tivity will be best positioned to grow and thrive in this new era.
Steve Whitelaw is vice president of industry rela- tions with Applied Systems and is based in Missis- sauga, Ont. He has more than 20 years of senior leadershipexperienceinthepropertyandcasualty insurance industry.
Latest acquisition news & activity
Special Risk Insurance Managers Ltd.
Brown & Brown Inc.
Special Risk Insurance Managers Ltd., a Langley, B.C.-based managing general agent, has been acquired by Brown & Brown Inc. of Daytona Beach, Fla.
SRIM will operate as part of Brown & Brown National Programs.
Staying on with Brown & Brown are SRIM president and CEO Mark Woodall and Tom Willie, SRIM’s director and chief underwrit- ing officer.
Brown & Brown reported US$2 billion in commissions and fees in 2018. In its 2018 annual report, Brown & Brown said it had 286 locations in 42 states. In addition to its Surrey head office, SRIM has locations in Vancouver, Winnipeg, Markham, Ont., Bed- ford, N.S., and Vulcan, Alta.
Lifemark Health Group AssessMed
Lifemark Health Group (LHG) has acquired Mississauga, Ont.-based AssessMed, which provides independent medical examination services to auto insurers.
AssessMed serves auto insurers, person- al injury law firms, life and health disability insurers, provincial workers’ compensation boards, and employers.
Lifemark has more than 225 locations in Canada. It offers both medical assessments for insurers as well as rehabilitation ser- vices, including physiotherapy, chiropractic and return-to-work services.
AssessMed president Don Kunkel said in a blog post that there would be no customer service or operating procedure disruptions.
OMERS Riverstone UK (owned by Fairfax)
Ontario Municipal Employees Retirement System (OMERS) has agreed to buy 40% of RiverStone UK, Fairfax Financial Holdings Ltd.’s runoff group in Britain, for more than half a billion dollars, Toronto-based Fairfax announced.
The Fairfax RiverStone Group runs legacy and run-off insurance businesses and portfolios. At the end of 2018, it had US$3.8 billion of gross insurance liabilities under management.
OMERS was one of Fairfax’s partners when Fairfax acquired the majority of Allied World Assurance Company Holdings AG in 2017. At the time, OMERS kicked in about $1 billion, initially taking a 21% interest in Allied World.
In addition to its stake in Allied World, Fair- fax also owns Northbridge, OdysseyRe, Brit PLC, and Crum & Forster, among others.
The deal is subject to regulatory approval.
BY THE NUMBERS
Canada’s Nat Cat risk: Where we stand globally
The Global Climate Risk Index (CRI), developed by Germanwatch, uses data from Munich Re’s NatCatSERVICE to quantify the impact of extreme weather events, both in terms of fatalities as well as economic losses. The countries ranking highest are the ones most affected by
extreme weather and “should consider the CRI as a warning sign that they are at risk
of either frequent events or rare, but extraordinary catastrophes,” Germanwatch says.
Top 10 countries in
the world facing Nat Cat risk
Ranking 2018 (2017 Ranking)
1 (36) 2 (20) 3 (40) 4 (7) 5 (14) 6 (2) 7 (45) 8 (87)
10 (96)
Losses per unit of GDP in %
0.64 0.48 0.12 1.32 0.36 1.24 0.40 0.34 0.12 1.14
Country
CRI Score
Death Toll
Deaths per 100,000 inhabitants
Absolute Losses (U.S. dollars)
Japan
5.50
1,282
1.01
$35.8 billion
Philippines
11.17
455
0.43
$4.5 billion
Germany
13.83
1,246
1.50
Madagascar
15.83
72
0.27
$568 million
India
18.17
2,081
0.16
$37.8 billion
Sri Lanka
19.00
38
0.18
$3.6 billion
Kenya
19.67
113
0.24
$708 million
Rwanda
21.17
88
0.73
$93 million
9 (42)
Canada
21.83
103
0.28
$2.3 billion
Fiji
22.50
8
0.90
$118.6 million
canadianunderwriter.ca
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