Hay also had a 13-year career at The Hartford, including stints in its personal lines, middle market and small commercial divisions.

Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.

John Black arrives as executive vice president to lead an expansion into the middle market.

Robert White has over 50 years’ industry experience, and the joined the company through its acquisition of FPIC Group.

The step is the latest in a flurry of initiatives companies in the insurance sector are taking to combat climate change.

The costliest event was a Calgary hailstorm in June.

Axis and AIR partnered with the think tank on the study.

Life insurance distribution is dominated by traditional agencies.