Topic
Markets / Coverages
Fairfax ‘not oriented’ towards more acquisitions: Watsa
August 10, 2017 by Canadian UnderwriterOfficials with Fairfax Financial Holdings Ltd., which recently bought a majority interest in Allied World Assurance Company Holdings AG, “want to look at how” they can “organically expand” the firm’s existing business, chairman Prem Watsa told financial analysts recently. Toronto-based…
Reinsurance Reset
August 10, 2017 Jason Contant, Online Editor; and Angela Stelmakowich, EditorWhile reinsurance industry players must remain alert to what sometimes seems an endless stream of change, that focus should not distract them from taking timely action on lessons that have already been learned.
Summer storm floods Saskatoon streets, cuts power and forces mall to close
August 9, 2017 The Canadian Press (CPSTF)SASKATOON – A summer storm that swamped Saskatoon submerged streets, knocked out power in some neighbourhoods and forced a city mall to close. Market Mall shut down Tuesday afternoon after rain, which dumped more than 50 millimetres on some parts…
Five Canadian cats in first half of 2017 led to $438 million in insured losses: Property Claim Services
August 9, 2017 Jason Contant, Online EditorFive 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…
Understanding of insider threat far from complete: U.S. report
August 9, 2017 by Canadian UnderwriterAlmost 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…
Federal justice minister seeks to beef up blood/alcohol levels for drivers
August 8, 2017 The Canadian Press (CPSTF)OTTAWA – Federal Justice Minister Jody Wilson-Raybould is considering lowering the legal alcohol limit for licensed drivers, according to a letter she sent to her Quebec counterpart. In the correspondence to Stephanie Vallee dated on May 23, Wilson-Raybould suggests lowering…
Gross written premiums up 9.7% for Northbridge
August 8, 2017 by Canadian UnderwriterNorthbridge Insurance had a 0.3-point in its second-quarter combined ratio, from 100% last year to 99.7% this year, while OdysseyRe’s combined ratio improved 3.9 points, the insurers’ parent firm, Fairfax Financial Holdings Ltd., reported recently. Toronto-based Northbridge Insurance had an…
Kingsway reports net loss of US$7.9 million in Q2 2017
August 8, 2017 by Canadian UnderwriterToronto-based Kingsway Financial Services Inc. has reported a net loss attributable to common shareholders of US$7.9 million in the second quarter of 2017 compared to a net loss attributable to common shareholders of US$0.6 million in the same quarter last…
B.C. extends state of emergency for second time over wildfires
August 4, 2017 The Canadian Press (CPSTF)VICTORIA – The British Columbia government has extended a state of emergency declared in response to the raging wildfires that have devastated numerous areas of the province’s Interior. This is the second time Premier John Horgan’s government has extended the…
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 UnderwriterCatastrophe 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…
Q2 commission, fee growth flat at Willis Towers Watson
August 4, 2017 by Canadian UnderwriterWillis Towers Watson plc reported Thursday its commissions and fees from corporate risk and broking were $624 million during the three months ending June 30, a slight drop from $627 million during the same period in 2016. “North America organic…
Arthur J. Gallagher gains presence in Quebec with acquisition of GPL Assurance Inc.
August 4, 2017 by Canadian UnderwriterArthur 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…