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INSURANCE INDUSTRY NEWS
Cyber Incidents Decrease Shareholder Value: Aon Survey
Aon plc has published its 2023 Cyber Resilience Report, revealing that, on average, a major cyber incident resulted in a 9 percent decrease in shareholder value in the year following the event. The report serves as a guide to help business leaders benchmark their organization's cyber risk maturity against peers and make better decisions when managing cyber.
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AXA Launches Secure Generative AI For Employees
AXA is pleased to announce the deployment of AXA Secure GPT, an internal service built on Microsoft's Azure OpenAI Service. Developed by AXA's in-house experts leveraging AXA's collaboration with Microsoft, AXA Secure GPT gives AXA employees access to a secured digital cloud platform and enables enterprise-wide use of the transformative technologies of Generative AI and Large Language Models.
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Wawanesa To Sell U.S. Subsidiary, Focus On Canadian Market
The Wawanesa Mutual Insurance Company is pleased to announce that it has entered into a definitive agreement to sell its U.S. subsidiary Wawanesa General Insurance Company to the Automobile Club of Southern California's affiliated insurer, subject to regulatory approval and other customary closing conditions.
The financial terms of the transaction have not been disclosed.
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Hub Acquires Golden Ears Insurance Services
Hub International Limited, a leading global insurance brokerage and financial services firm, is pleased to announce that it has acquired Golden Ears Insurance Services Ltd. Terms of the transaction were not disclosed.
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Westland Acquires Hubbard Insurance, Assurance Belliveau
Westland Insurance, Canada's leading independently-owned insurance brokerage, is pleased to announce that it has acquired Ontario-based Hubbard Insurance Group and New Brunswick-based Assurance B. Belliveau Insurance Inc. These acquisitions contribute to Westland's national expansion and bring Westland into new areas.
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Acturis Acquires Broker Buddha, Enters US Market
Following its successful entry into the Canadian insurance market, Acturis Group is pleased to announce that it has acquired US-based Broker Buddha.
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Duliban Insurance Brokers Acquires 100-Year-Old Brokerage
Duliban Insurance Brokers Ltd. is pleased to announce their acquisition of Welland, Ontario-based Mason Insurance Brokers, a full-service, independent brokerage serving the Niagara Region since 1919.
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Prizm Financial Joins Acera Insurance
Acera Insurance Services Ltd. is pleased to announce Prizm Financial Inc. has joined Acera Insurance. This merger expands Acera's specialty Acera Benefits division.
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ICPEI Selects Guidewire Cloud For Business Growth
Guidewire Software is pleased to announce the Insurance Company of Prince Edward Island has selected Guidewire InsuranceSuite on Guidewire Cloud to power its core business, simplify its IT operations, and grow its business.
Guidewire PartnerConnect Consulting Global Premier member EY Canada will be leading the implementation project.
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IBAO Releases Foundational eLearning Course
The Insurance Brokers Association of Ontario has released a new eLearning course, “Auto Foundations: SABS for Personal and Commercial Lines Brokers.” The two-part course covers technical content, risk management and client considerations through a modern, learner-centric experience.
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2023 IBM Cost Of A Data Breach Report
In the past six months alone, data breaches at leading Canadian organizations have cost businesses millions of dollars, and the escalating tide of cyberattacks is having profound impacts, according to a new IBM report.
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ZestyAI Named A Top 50 InsurTech Leader
ZestyAI has been recognized as a top 50 InsurTech and leader in climate and property risk analytics solutions by CB Insights. ZestyAI's inclusion in this select group highlights the significant impact the company has had in delivering valuable climate and property risk analytics solutions to leading insurers.
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Ontarians Concerned With The Rise In Auto Theft: CAA Survey
A recent survey conducted on behalf of CAA Insurance Company has found that a growing number of Ontarians have significant concerns about vehicle theft. The findings indicate that almost half of respondents (47 per cent) are very concerned about auto theft. That number increases to 57 per cent for those living in Toronto and the Greater Toronto Area (GTA). In contrast, those who live in either Northern (14 per cent) or Southwestern Ontario (10 per cent) were less worried about auto theft.
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