Canadian Underwriter

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PERILS estimates property market loss for Cyclone Debbie at AU$1,116 million

May 9, 2017 by Canadian Underwriter

Tropical Cyclone Debbie – the initial loss estimate for which PERILS AG puts at AU$1,116 million – “underpins the need for reliable natural catastrophe insurance data for Australia,” suggests Darryl Pidcock, head of PERILS Asia-Pacific. Debbie affected the Australian states

News CatastrophesCommercial LinesEarnings / RatingsInsuranceReinsurance

Q1 insurance premiums up 95% at Berkshire Hathaway after adverse development reinsurance agreement with AIG

May 8, 2017 by Canadian Underwriter

Berkshire Hathaway Inc. announced Friday it recorded insurance premiums earned of $21.7 billion during the three months ending March 31 – up 95% from $11.1 billion in Q1 2016 -while Cyclone Debbie affected the Omaha, Neb.-based firm’s underwriting result by

News Commercial LinesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Combined ratio up 2.1 points, non-life premiums down 14% at PartnerRe

May 5, 2017 by Canadian Underwriter

A change in the measure used to calculate lump sum awards in bodily injury cases in Britain had an impact on PartnerRe Ltd.’s financial results, which the Hamilton, Bermuda insurer released Wednesday. PartnerRe, which has a Toronto branch office, reported

News CatastrophesConstructionInsuranceReinsurance

Insurance industry should look ahead to even larger losses than Fort McMurray, ICLR chair suggests

May 5, 2017 by Canadian Underwriter

The insurance industry should start thinking about what “could have been” if the Fort McMurray wildfire had been an even larger loss, the chair of Institute for Catastrophic Loss Reduction (ICLR) said on Friday at the institute’s annual general meeting.

News CatastrophesEarnings / RatingsInsurance

P&C reinsurance premiums down 17.6% for Swiss Re

May 4, 2017 by Canadian Underwriter

Swiss Re Ltd. reported Thursday a 2.3-point increase in its first-quarter combined ratio, as the reinsurer expects more than $300 million in claims from Cyclone Debbie, which caused widespread flooding in late March in Australia. Zurich-based Swiss Re released May

News Commercial LinesInsuranceLegalLegislation / RegulationMergers and AcquisitionsPersonal LinesReinsurance

Liberty Mutual Insurance completes acquisition of Ironshore from Fosun International for US$2.94 billion

May 3, 2017 by Canadian Underwriter

Liberty Mutual Insurance has announced that it has completed its acquisition of 100% ownership in Ironshore Inc. from Fosun International Limited. Global insurer Liberty Mutual made the announcement earlier this week that it had acquired Ironshore Inc., a global specialty

News Commercial LinesInsuranceMarkets / CoveragesMergers and AcquisitionsProductsReinsurance

Intact to acquire U.S. specialty insurer OneBeacon Insurance Group for US$1.7 billion

May 3, 2017 by Canadian Underwriter

Intact Financial Corporation has announced that it intends to acquire OneBeacon Insurance Group, Ltd., a specialty insurer in the United States, for US$1.7 billion. Intact declared on Tuesday that it has entered into a definitive agreement and plan of merger

News Earnings / RatingsInsurance

Underwriting income up 83.3% for Arch Capital

May 2, 2017 by Canadian Underwriter

Arch Capital Group Ltd. recently reported a seven-point improvement in its first-quarter combined ratio while net premiums written were up more than an eighth. Hamilton, Bermuda-based Arch released April 25 its financial results for the three months ending March 31,

News Commercial LinesEarnings / RatingsInsuranceReinsurance

Combined ratio 100% in Q1 for Markel

May 2, 2017 by Canadian Underwriter

Commercial insurance writer Markel Corp. reported a combined ratio of 100% in the three months ending March 31, a 12-point deterioration from its combined ratio of 88% during the first quarter of last year. Glen Allen, Virginia-based Markel released April

News CatastrophesClimate ChangeCommercial LinesInsuranceMarkets / CoveragesReinsurance

Canada lacks ‘commercially widely available wildfire models,’ Aviva Canada reinsurance VP warns

May 2, 2017 Greg Meckbach, Associate Editor

Insurers have no “meaningful way of modelling wildfire” losses, a senior executive for Swiss Re Ltd. recently suggested to industry professionals. “If you look at it globally speaking, usually about half of the total insured losses globally are unmodelled perils,”

News Commercial LinesEarnings / RatingsInsuranceReinsurance

Combined ratio up 3.1 points for Allied World

May 1, 2017 by Canadian Underwriter

Allied World Assurance Company Holdings AG, which is expected to have a new Canadian corporate parent, recently reported a 3.1-point deterioration, year over year, in its first-quarter combined ratio, nearly a month after Cyclone Debbie hit the north shore of

News CatastrophesPersonal Lines

Fort McMurray wildfire rebuild gaining momentum as hurdles cleared

April 30, 2017 Ian Bickis - THE CANADIAN PRESS

CALGARY _ A long-delayed building boom in Fort McMurray is ramping up as homeowners, insurers, contractors, and officials in the Alberta city clear hurdles that hindered reconstruction after the devastating wildfire last May. While many residents and businesses had hoped