Ontario RIMS Meets with Commercial Union Executives
Ontario RIMS Meets With Commercial Union Executives
The Ontario Chapter of RIMS recently held a liaison meeting with executives of Commercial Union Assurance Company of Canada. The following are some highlights of the meeting.
Ray Gamble outlined two products that are being developed by Commercial Union. One is engine breakdown insurance for aircraft owners and operators other than large commercial airlines, and the other is a specialized electronic equipment policy for broadcasting, telecommunications, medical and other facilities. Mr. Gamble also stressed the insurer's prominence in boiler and machinery insurance in Canada.
Peter Keast outlined his expectations for the one-year-old Special Risks Unit he heads. While the establishment of this unit does not in itself change the direction of Commercial Union's underwriting or capacity, it should afford better access and service to insureds with medium- to large-sized risks. Mr. Keast added that he would consider fronting for captives on a case-by-case basis, but he does not actively pursue such business as a source of income.
Ken Harris explained that Commercial Union's policy is to underwrite on a country-by-country basis since the parent group is represented in most areas. For example, the company can handle Canadian accounts with small U.S. exposures from Canada, but when the U.S. exposures become material, the company normally splits the program with its U.S. affiliates. Mr. Harris explained that this policy evolved from Commercial Union's historical trading company philosophy, through which it continues to be sensitive to individual country's national concerns. …