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Fairfax-Allied World deal among the ‘most noteworthy’ of recent insurance M&A announcements: Willis Re

January 3, 2017 by Canadian Underwriter

The merger agreement between Fairfax Financial Holdings Ltd. and Allied World Assurance Company Holdings AG – announced Dec. 18 – reflects “the view that the new U.S. government may provide a more favorable corporate tax environment” and demonstrates “that scale

News Commercial LinesEarnings / RatingsInsuranceLegislation / RegulationMarkets / CoveragesPersonal LinesReinsurance

Europe’s insurers paid out 2.7 billion euros a day in 2015: Insurance Europe

December 20, 2016 by Canadian Underwriter

Europe’s insurers paid out a total of 975 billion euros in claims and benefits over the course of 2015, the equivalent of about 2.7 billion euros per day, according to figures released on Tuesday by Insurance Europe, the European insurance

News Commercial LinesInsuranceProfessional DevelopmentReinsurance

Benefits of merging Fairfax and Allied World ‘far outweigh’ overlap in reinsurance: Fairfax Insurance COO

December 19, 2016 by Canadian Underwriter

The merger agreement announced Sunday by Toronto-based Fairfax Financial Holdings Ltd. and Allied World Assurance Company Holdings AG will give Fairfax a “rather different profile” of insurance business than it currently owns, but it is not clear what percentage of

News Commercial LinesInsuranceMarkets / CoveragesReinsuranceTechnology

U.S. private cyber insurance market capable of managing most risks: study

December 17, 2016 by Canadian Underwriter

The private cyber insurance market in the United States is capable of managing most risks, according to a new policy study from Washington, D.C.-based think tank R Street Institute. Released on Thursday, the study from R Street senior fellow Ian

News CatastrophesCommercial LinesInsuranceMarkets / CoveragesPersonal Lines

Total economic losses from nat, man-made disasters in 2016 at least US$158 billion: Swiss Re sigma estimate

December 15, 2016 by Canadian Underwriter

Total economic losses from natural and man-made disasters in 2016 were at least US$158 billion, 68% higher than the US$94 billion losses in 2015, according to preliminary Swiss Re sigma estimates released on Thursday. The US$158 billion estimate in total

News Climate ChangeEarnings / RatingsInsuranceLegislation / RegulationMarkets / CoveragesProfessional DevelopmentReinsurance

Swiss Re adopts climate-related financial disclosure recommendations

December 14, 2016 by Canadian Underwriter

Swiss Re announced on Wednesday that it will adopt the climate-related financial disclosure recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). Swiss Re helped develop the voluntary guidelines on climate risk reporting and is a member of the

News Commercial LinesEarnings / RatingsInsurancePersonal Lines

U.S. personal lines stable, commercial lines remain negative in A.M. Best’s 2017 outlooks

December 14, 2016 by Canadian Underwriter

Ratings firm A.M. Best is maintaining a stable outlook for 2017 on the personal lines segment of the property and casualty industry in the United States, while also maintaining a negative outlook on commercial lines. The Oldwick, N.J.-based firm maintained

News Earnings / RatingsInsuranceReinsurance

A.M. Best maintains global reinsurance sector outlook at negative

December 13, 2016 by Canadian Underwriter

A.M. Best Company is holding its outlook for the global reinsurance sector at negative, citing the continued market challenges that will hinder the potential for positive rating actions over time and may eventually translate into negative rating pressures. The Best’s

News CatastrophesInsuranceReinsurance

Tennessee and Israel wildfires, New Zealand quake among expensive catastrophes in November: Aon Benfield

December 7, 2016 by Canadian Underwriter

The November 13 earthquake affecting New Zealand “serves as a reminder ” of earthquake risk in Oceania, while wildfires — some set deliberately – in Israel, will cause economic losses of over half a billion, Impact Forecasting LLC suggested in

News Catastrophes

Canadian couple among the dead in Tennessee wildfire

December 2, 2016 THE CANADIAN PRESS

GATLINBURG, Tenn. – A couple from Canada is among the victims of a wildfire that ravaged the Smoky Mountains resort city of Gatlinburg, Tennessee. Authorities say 71-year-old Jon Tegler and 70-year-old Janet Tegler are among 13 people who have died

News Commercial LinesInsuranceMarkets / CoveragesReinsuranceTechnology

Swiss Re plans to expand R&D capabilities to efficiently allocate capital into growing risk pools

December 2, 2016 by Canadian Underwriter

Swiss Re’s stronger focus on and investment in research and development (R&D) to identify risk pools, as well as its move to further leverage technology, seeks to meet the twin goals of facilitating enhanced client support and creating competitive advantage.

Feature CatastrophesInsuranceMarkets / Coverages

Protective Cover

December 1, 2016 Sean van Zyl, Freelance Writer

The role of capital markets in alternative risk transfer within the property and casualty insurance industry is not new. However, the development of sophisticated financial instruments continues to expand, with resilience bonds being the latest arrival in the catastrophic risk market.