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Combined ratio down 5.9 points, P&C reinsurance premiums down 8% for Munich Re

August 11, 2017 by Canadian Underwriter

Munich Re reported Wednesday a combined ratio of 93.9% in reinsurance in the three months ending June 30, down 5.9 points from 99.8% in the same period in 2016, when the German reinsurer had natural catastrophe claims costs of €335

News CatastrophesInsuranceMarkets / Coverages

NOAA upwardly revises forecast for 2017 Atlantic hurricane season

August 10, 2017 by Canadian Underwriter

The National Oceanic and Atmospheric Administration (NOAA) in the United States is now forecasting 14-19 named storms, five to nine hurricanes and two to five major (Category 3+) hurricanes between June and November for the Atlantic Basin. The agency’s August

News CatastrophesInsuranceMergers and Aqcuisitions

U.S. p&c industry’s reserve adequacy relatively stable in 2016, auto takes hit: Conning

August 10, 2017 by Canadian Underwriter

The reserve adequacy of the property and casualty industry south of the border was relatively stable last year, with 2016 marking the 11th consecutive year of favourable development from prior-accident years, Conning notes in a study issued this week. “The

News CatastrophesInsuranceMarkets / CoveragesMergers and Aqcuisitions

Five Canadian cats in first half of 2017 led to $438 million in insured losses: Property Claim Services

August 9, 2017 Jason Contant, Online Editor

Five catastrophe events in Canada led to $438 million in insured losses in the first half of this year, according to the PCS H1 2017 Catastrophe Review, released on Wednesday. “Unsurprisingly, insured losses from PCS-designated events in Canada fell dramatically

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Understanding of insider threat far from complete: U.S. report

August 9, 2017 by Canadian Underwriter

Almost half of respondents to a recent U.S. survey are unaware of the potential for financial losses associated with an insider incident and a third do not know how much related losses are costing their organizations. Findings indicate many organizations

News Earnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Aon plc net income up to US$769 million in Q2 2017 from US$300 million in Q2 2016

August 8, 2017 by Canadian Underwriter

Aon plc has reported a net income attributable to shareholders of US$769 million for the three months ending June 30, a drastic increase from US$300 million in the prior-year period. Total revenue increased 4% to US$2.4 billion from US$2.3 billion

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Cat bond issuance in Q2 reaches US$6.38 billion across 20 transactions, easily surpassing Q2 2014 record of US$4.49 billion: Aon Securities

August 4, 2017 by Canadian Underwriter

Catastrophe bond issuance during the second quarter of 2017 totalled US$6.38 billion across 20 transactions, a new record for quarterly issuance that easily surpassed the previous record of US$4.49 billion set in Q2 2014, Aon Securities said in a new

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Arthur J. Gallagher gains presence in Quebec with acquisition of GPL Assurance Inc.

August 4, 2017 by Canadian Underwriter

Arthur J. Gallagher (AJG) announced late Thursday that it has “extended its investment in Canada and further diversified it geographic presence” with the acquisition of retail insurance broker GPL Assurance Inc. in Quebec. Terms of the transaction were not disclosed. Established

News Earnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Commercial premiums down 15% for AIG

August 3, 2017 by Canadian Underwriter

American International Group Inc. reported Wednesday its net income was $1.13 billion during the three months ending June 30 and its Q2 combined ratio in personal insurance improved 5.9 points from last year, but the combined ratio in commercial insurance

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Premium renewal rate positive across almost the majority of commercial product lines in U.S.: IVANS

August 3, 2017 by Canadian Underwriter

The premium renewal rate change for most standard commercial lines products in the United States remained in positive territory for July, with workers’ compensation representing the only standout, notes the latest IVANS Index. The majority of standard commercial lines products

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Record breaking US$6.3 billion of non-life property cat issuance in Q2 sees ILS reach “critical juncture:” Willis Towers Watson Securities

July 28, 2017 by Canadian Underwriter

Non-life insurance-linked securities (ILS) issuance reached a record breaking US$6.3 billion in Q2 2017, continuing the trend from the first quarter of the year, Willis Towers Watson Securities’ said in its latest ILS Market Update, released on Friday. ILS assets

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Worldwide small- and medium-sized business IT spending to top US$676 billion in 2021: International Data Corporation

July 26, 2017 by Canadian Underwriter

Total IT spending by small- and medium-sized businesses (SMBs) around the globe will approach US$568 billion in 2017 and increase by more than $100 billion to exceed US$676 billion in 2021, according to the International Data Corporation (IDC). IDC, the