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Allied World board members concerned in 2016 with ‘protracted negotiations’ with un-named prospective buyer: SEC filing

May 23, 2017 by Canadian Underwriter

Six months before announcing its proposed acquisition by Toronto-based Fairfax Financial Holdings Ltd., commercial insurer Allied World Assurance Company Holdings AG received an offer letter from an un-named prospective buyer for $48 a share, recently-released documents indicate. Fairfax and Zug,

News CatastrophesClimate ChangeEarnings / RatingsInsuranceTechnology

Resource risk top concern for wind energy sector: GCube Underwriting

May 23, 2017 by Canadian Underwriter

Resource risk has surpassed mechanical and electrical breakdown to become the number one potential source of financial losses for onshore wind energy developers, owners and operators globally, suggests a new report from GCube Underwriting Ltd. Despite continued development and improvement

News InsuranceMarkets / Coverages

Nuclear energy producers, alcohol manufacturers excluded from new AIG mutual fund

May 19, 2017 by Canadian Underwriter

Investors wanting to keep their money out of nuclear energy, the arms industry or alcohol manufacturers are being targetted by American International Group Inc., which announced Thursday it is marketing a new dividend mutual fund. New York City-based AIG announced

News CatastrophesCommercial LinesInsurancePersonal LinesTechnology

Technology advances to change insurance value chain, offers chance to reboot

May 19, 2017 by Angela Stelmakowich

Technology advances will likely affect – perhaps even eliminate – some current roles in the insurance value chain, but should be regarded as an opportunity to focus more on value-added services and getting a seat at the table where new

News InsuranceMarkets / CoveragesPersonal LinesTechnology

Global market for usage-based insurance grew by 32% in 2016 to 14 million policies: PTOLEMUS

May 18, 2017 by Canadian Underwriter

The global market for usage-based insurance (UBI) insurance grew by 32% in 2016 to 14 million policies, according to PTOLEMUS Consulting Group’s UBI Quarterly Dashboard, released on Thursday. The dashboard is a 100-page quarterly quantitative and business intelligence report surveying

News Commercial LinesInsuranceMarkets / CoveragesPersonal LinesTechnology

Autonomous vehicles will add US$81 billion in new premiums for U.S. auto insurers by 2025: report

May 18, 2017 by Canadian Underwriter

Insurance coverage for autonomous vehicles will bring US$81 billion in new premiums to the auto insurance industry in the United States over the next eight years, according to a new report from Accenture and Stevens Institute of Technology (SIT). The

News AssociationsInsuranceMarkets / CoveragesTechnology

Customer choice must be key consideration in next wave of insurTech: expert

May 18, 2017 by Angela Stelmakowich

An insurer’s safest bet for survival as insurTech enters its second wave is to make customer choice a true focal point, providing customers access to answers and services when and how they want, Matteo Carbone, founder and director of the

News CatastrophesInsurancePersonal Lines

Q1 combined ratio ex-MYA 101.6% for Desjardins General Insurance

May 16, 2017 by Canadian Underwriter

Desjardins General Insurance Group reported Thursday an underwriting loss, excluding market yield adjustment, of $17.2 million during the three months ending March 31, while premiums dropped 11% from the same period of last year. Direct premiums written dropped from $1.04

News InsuranceLegislation / RegulationPersonal Lines

IBC board recommends Ontario, Atlantic Canada members voluntarily align home policies to protect innocent co-insureds

May 16, 2017 by Canadian Underwriter

The Insurance Bureau of Canada’s (IBC) board of directors is recommending that IBC’s members operating in Ontario and the Atlantic provinces voluntarily align their home insurance policies with other jurisdictions when it comes to protecting “innocent co-insureds.” Current legislation in

News Earnings / RatingsInsurancePersonal LinesProductsTechnology

U.S. personal lines carriers investing in insurtech for early information on new ideas, competitive advantage: Novarica

May 16, 2017 by Canadian Underwriter

Personal lines carriers in the United States are using insurtech to focus on diverse research and development efforts, analytics, improved self-service capabilities (including mobile platforms) and core systems upgrades with an eye to the future, suggests a new report from

News Earnings / RatingsInsuranceMarkets / CoveragesMergers and AcquisitionsReinsurance

Soft pricing in global reinsurance market to continue for at least the rest of 2017: Fitch

May 16, 2017 by Canadian Underwriter

The soft pricing in the global reinsurance market will continue for at least the rest of 2017, ratings firm Fitch Ratings said in a report released Monday. “We expect premium rates to continue declining, due to large volumes of under-deployed

News Commercial LinesInsuranceMarkets / CoveragesPersonal LinesTechnology

Global cyber attacks expected to up demand for related insurance, U.S. market could grow 10-fold: Fitch Ratings

May 16, 2017 by Canadian Underwriter

Fitch Ratings expects demand for cyber insurance protection will increase in the wake of the slew of recent ransomware cyber attacks in 150-plus countries, but cautions against aggressive expansion that could prove credit-negative. “Growth in corporate anxiety from cyber-related threats