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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 Commercial LinesInsurancePersonal LinesReinsurance

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

News CatastrophesReinsurance

Wildfire has ‘very very different pattern’ of impacted areas: CatIQ Catastrophe Conference speaker

February 8, 2017 Greg Meckbach, Associate Editor

When determining accumulation of risk, wildfire presents an “additional complexity” for insurers and reinsurers, a speaker suggested at a recent conference. “Wildfire is a really complex peril,” said Manuel Chirouze, managing director, natural hazards and geoscience for the Americas at

News CatastrophesCommercial LinesInsurancePersonal LinesReinsurance

Munich Re posts profit of 2.6 billion euros for 2016; Fort McMurray wildfire cost 404 million euros

February 7, 2017 by Canadian Underwriter

Munich Re reported on Tuesday a consolidated result of 2.6 billion euros for 2016, including a 0.5 billion euro profit in the fourth quarter of 2016 ending Dec. 31 compared to 0.7 billion euros in the previous year quarter. Munich

News InsuranceMarkets / CoveragesProfessional DevelopmentReinsuranceTechnology

Hannover Re, Generali Group and SCOR join blockchain insurance industry initiative B3i

February 6, 2017 by Canadian Underwriter

Hannover Re, Generali Group and SCOR announced on Monday that they have joined the blockchain insurance industry initiative B3i, bringing the total number of insurers and reinsurers in the initiative to 15. Members of the B3i initiative will explore the

News Commercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

AXIS Capital reports net income of US$131 million for Q4 2016

February 6, 2017 by Canadian Underwriter

Pembroke, Bermuda-based AXIS Capital Holdings Limited has reported a net income available to common shareholders for the fourth quarter of 2016 of US$131 million, comparable to a net income of US$135 million for the fourth quarter of 2015. Net income

News CatastrophesInsuranceMarkets / Coverages

Blackout with no transformer damage ‘very likely scenario’ from geomagnetic disturbance: C4 speaker

February 3, 2017 Greg Meckbach, Associate Editor

The insurance industry needs “a better understanding” of the probable impact of a coronal mass ejection or other extreme space event, but studies estimating losses in the hundreds of billions are pessimistic, a speaker from Swiss Re suggested Thursday at

Feature Catastrophes

Claims in Action

February 2, 2017 Pat Van Bakel, Chief Executive Officer, Crawford Canada

The scale and complexity of the Fort McMurray wildfire sparked a multitude of claims issues for the insurance industry as a whole. But a concerted effort by all stakeholders helped insurers address the many and unique challenges in the aftermath of the record loss.

News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

XL Group reports P&C combined ratio of 94.8% for Q4 2016

February 2, 2017 by Canadian Underwriter

XL Group Ltd. has reported a P&C combined ratio of 94.8% for the fourth quarter of 2016 ending Dec. 31, up 2.5% from the prior-year quarter. For the full year 2016, XL Group reported a combined ratio of 94.2% compared

News CatastrophesCommercial LinesInsurancePersonal LinesReinsurance

Terrorism insurance gaps demand rethinking focus on property: C4 2017 speaker

February 2, 2017 by Angela Stelmakowich

Terrorism insurance programs need a reset to ensure clients are appropriately covered in light of the continuing shift from attacks on property to attacks on people designed to produce mass casualties, Scott Bolton, the U.K.-based director of business development and

News CatastrophesClimate ChangeCommercial LinesPersonal LinesReinsurance

2016 sees highest-ever catastrophe insured losses, hail has impact: Rennie

February 1, 2017 by Angela Stelmakowich

2016 was a year of records: the largest catastrophe-related insured losses in Canada’s history, the biggest loss for a single Cat and the most hail events in the month of July, Carolyn Rennie, managing director of Catastrophe Indices and Quantification

News CatastrophesClimate ChangeInsuranceReinsuranceTechnology

Reinsurers face challenging market conditions, technology to play important role: Novarica

January 31, 2017 by Canadian Underwriter

Reinsurers can expect huge losses from man-made and natural catastrophes, open-ended liabilities like asbestos and terrorism, and developing creative technology solutions to become increasingly important in future, Novarica notes in a new report. The new challenges are in the wake