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IT decision makers, C-suite executives each believe the other is responsible for cyber breaches: study

February 10, 2017 by Canadian Underwriter

IT decision makers and C-suite executives each believe the other is responsible in the event of a cyber breach, according to new research from BAE Systems, a provider of technology defence, aerospace and security solutions. According to BAE Systems’ 2017

News Commercial LinesEarnings / RatingsInsuranceReinsurance

Combined ratio up three points for Markel

February 10, 2017 by Canadian Underwriter

Markel Corp. reported this week a 7.8% increase in net premiums written while the combined ratio deteriorated by three points in 2016 as the Richmond, Va.-based insurer experienced a $46.6-million underwriting loss related to Hurricane Matthew. Markel released Wednesday its

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Tough slogging expected across Atlantic Canada in wake of major storm

February 10, 2017 The Canadian Press

Schools were closed and travel hampered in much of Atlantic Canada on Friday due to a fast-moving and powerful winter storm that blew in from the United States on Thursday night. Environment Canada had issued multiple snow, storm surge and

News Commercial LinesEarnings / RatingsInsurancePersonal Lines

Zurich reports business operating profit of US$4.5 billion for 2016, up 55% from prior-year period

February 10, 2017 by Canadian Underwriter

Zurich Insurance Group has reported a business operating profit (BOP) for the full-year ending Dec. 31, 2016 of US$4.5 billion, up 55% from the prior-year period. The fourth quarter BOP for the three months ending Dec. 31, 2016 was up

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Hacking of driverless cars a concern for mining industry: Deloitte

February 10, 2017 by Canadian Underwriter

The exploration plans of Canadian mining firms are among the “prime” targets for hackers, while autonomous vehicles used by miners could be influenced by computer viruses, Deloitte Touche Tohmatsu Ltd. warned in a recent report. “Malicious viruses, like Stuxnet, explicitly

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Kaspersky finds “invisible” cyberattacks in 40 countries using legitimate software

February 10, 2017 by Canadian Underwriter

Global cybersecurity company Kaspersky Lab has reported that it has found “invisible” cyberattacks in 40 countries, attacks that are using only legitimate software. The series of targeted attacks use “widely available penetration-testing and administration tools, as well as the PowerShell

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FSCO issues warning over mail scam conducted by unlicensed insurance company

February 10, 2017 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has issued a warning to consumers about a mail scam conducted involving an unlicensed insurance company called TD Insurance, Melohre Mannex. “Although this company may have a similar name to a licensed insurance company,

News Commercial LinesEarnings / RatingsInsurance

Aon reports net income of US$502 million for fourth quarter of 2016

February 10, 2017 by Canadian Underwriter

Commercial brokerage Aon plc has reported a net income attributable to Aon shareholders of US$502 million in the fourth quarter of 2016 ending Dec. 31 compared to US$584 million for the prior-year quarter. For the full year of 2016, net

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Fairfax proposes to acquire New Zealand insurer Tower for nearly $200 million

February 9, 2017 by Canadian Underwriter

Fairfax Financial Holdings Ltd., the corporate owner of Northbridge Insurance, announced Wednesday it has agreed to buy Auckland-based Tower Limited, which writes property and casualty insurance in New Zealand and nearby nations. Tower’s shareholders, if they approve the deal, would

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Trisura to form new Canadian insurance holding company

February 9, 2017 by Canadian Underwriter

Trisura Guarantee Insurance Company has announced that it is forming Trisura Group Ltd., a new Canadian insurance holding company. Trisura Guarantee is currently owned 60% by Brookfield Asset Management and 40% by Trisura employees through a holding company. Mike George,

News InsuranceTechnology

Number, sophistication and severity of cyberattacks on Canadian companies on the rise: study

February 9, 2017 by Canadian Underwriter

The number, sophistication and severity of cyberattacks on companies in Canada are each on the rise, with the average number of reported cyberattacks rising to 44 attacks per year, according to the findings of a new study. Scalar Decisions Inc.

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Q4 combined ratio up 14.9 points at Aspen

February 9, 2017 by Canadian Underwriter

Wildfires in Tennessee, an earthquake in New Zealand, Hurricane Matthew and energy-related losses all contributed to a 20.2-point deterioration in the fourth-quarter loss ratio in reinsurance for Aspen Insurance Holdings Ltd., while in primary insurance, Aspen reported a combined ratio