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Markel gets two new co-CEOs, Kirshner becomes executive chairman

November 20, 2015 by Canadian Underwriter

Markel Corp. announced Thursday that Thomas S. Gayner and Richard R. Whitt, III will become co-CEOs of the specialty insurance carrier effective Jan. 1. Allan Kirshner, Markel’s chairman of the board and chief executive officer since 1986, will continue to

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PartnerRe shareholders approve EXOR acquisition, completing expected in Q1 2016

November 19, 2015 by Canadian Underwriter

Bermuda reinsurer and commercial insurer PartnerRe Ltd. announced Thursday its shareholders voted in favour of a takeover by EXOR S.p.A., the Turin, Italy-based investment firm that effectively controls Fiat-Chrysler Automobile. The transaction had been valued earlier at $6.9 billion. All

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Meetings on proposed merger between Willis and Towers Watson adjourned until Friday

November 18, 2015 by Canadian Underwriter

Willis Group Holdings has announced that it has adjourned an Extraordinary General Meeting (EGM) on a proposed merger with Towers Watson that was scheduled for Wednesday until Friday at 9:30 a.m. EST. The decision was made as a result of

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GEO commits to unleashing open data in a bid to address global challenges, including climate change

November 16, 2015 by Canadian Underwriter

In a time of exponential data growth, human development and climate change, the intergovernmental Group on Earth Observations (GEO) announced Friday that members are committed to sharing data on Earth observations. “We promote open access to data, knowledge and information,”

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Cooper Gay Swett & Crawford to sell North American business

November 13, 2015 by Canadian Underwriter

U.K.-based Cooper Gay Swett & Crawford (CGSC) announced Friday that the global wholesale, underwriting management and reinsurance broking group will pursue a sale of its North American business unit. “We believe this transaction will best serve the long-term interest of

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Flood Re’s regulations in U.K. now in effect

November 12, 2015 by Canadian Underwriter

The signing of Flood Re’s regulations in the United Kingdom means as many as a half million households in high flood risk areas have moved one step closer to affordable flood insurance and away from spiralling home insurance premiums. Following

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Grandisson next president of Arch Capital

November 11, 2015 by Canadian Underwriter

Bermuda insurer Arch Capital Group Ltd. announced Wednesday it has promoted Marc Grandisson to the position of president and chief operating officer effective Jan. 1. Grandisson is currently chairman and chief executive officer of Arch Worldwide Reinsurance and Mortgage Groups.

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Optimism among SMEs highest in U.S.: Zurich survey

November 11, 2015 by Canadian Underwriter

Competition and a lack of consumer demand are top concerns among surveyed executives of small and medium-sized enterprises (SMEs) in the United States, despite the group being relatively optimistic about future business opportunities, Zurich Insurance Group reports. Released Wednesday, results

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Tianjin explosions cost Berkshire Hathaway $130 million in reinsurance losses

November 9, 2015 by Canadian Underwriter

Berkshire Hathaway Inc. reported Friday its estimated losses from the Tianjin, China explosions last August were $130 million, though the Q3 underwriting gain for the Berkshire Hathaway Primary Group increased 31% year over year. “In the third quarter of 2015,

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New products biggest growth opportunity for (re)insurers in 2016: Guy Carpenter

November 6, 2015 by Canadian Underwriter

New products represent the biggest growth opportunity for (re)insurers in 2016, according to a survey released on Thursday by Guy Carpenter & Company, LLC, a global risk and reinsurance specialist and wholly owned subsidiary of Marsh & McLennan Companies. For

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Gross premium volume up 11% at Markel

November 5, 2015 by Canadian Underwriter

Markel Corp. reported Wednesday its third-quarter combined ratio improved 11 points, driven mainly by favourable development on prior years’ loss reserves, while gross premium volume increased 6% due in part to higher premium volume in credit and surety reinsurance. Glen

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Munich Re sees profit fall to 525 million euros in 2015 Q3 from 736 million euros in 2014 Q3

November 5, 2015 by Canadian Underwriter

Munich Re reports it is still on course for a good year despite a challenging environment that has contributed to the company posting a profit of 525 million euros for 2015 Q3 compared to 736 million euros in the same