Topic
Markets / Coverages
U.S. commercial auto insurance “a chronic underperformer”: Fitch Ratings
April 28, 2016 by Canadian UnderwriterCommercial auto insurance in the United States has evolved into a “chronically underperforming product segment” for P&C insurers in the country, according to Fitch Ratings. While the P&C industry has reported three consecutive years of significant underwriting profits, the commercial…
Global IT spending in insurance to grow to US$184.9 billion in 2016: Celent
April 28, 2016 by Canadian UnderwriterGlobal IT spending in insurance will grow to US$184.9 billion this year, according to a report released on Thursday by Celent, a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. The report, titled…
XL Group combined ratio up 3.6 points in Q1 2016
April 28, 2016 by Canadian UnderwriterXL Group plc has reported a P&C combined ratio of 92.5% for the first quarter of 2016 ending March 31, up from 88.9% in the prior-year quarter. Dublin, Ireland-based XL Group released its financial results on Wednesday, noting that the P&C…
Traditional reinsurance capital dropped 3.5% in 2015 from 2014: Willis Re
April 27, 2016 by Canadian Underwriter2015 saw a 3.5% reduction in traditional capital dedicated to reinsurance, down US$13 billion from US$370 billion at year-end 2014, according to the latest Reinsurance Market Report from Willis Re, the reinsurance business of global advisory, broking and solutions company…
The Boiler Inspection and Insurance Company of Canada introduces coverage for invisible risks to microelectronics
April 27, 2016 by Canadian UnderwriterThe Boiler Inspection and Insurance Company of Canada (HSB BI&I), part of Munich Re, announced on Wednesday the introduction of TechAdvantage – a product the company is calling the “first equipment breakdown insurance product covering undetectable physical damage to microelectronics.”…
Everest Re Group’s net income almost halved to US$171.7 million in 2016 Q1 from prior-year quarter
April 26, 2016 by Canadian UnderwriterNet income available to common shareholders of Everest Re Group Ltd. was US$171.7 million in the first quarter of 2016 compared to US$323.0 million in the same quarter of 2015, the company reported Monday. The after-tax operating income available to…
Commercial prices in aggregate for Canadian insurers up 3.8% in general products and liability lines during Q4 2015 vs. Q4 2014: pricing survey
April 25, 2016 by Canadian UnderwriterCommercial insurance prices in aggregate for Canadian insurers increased 3.8% in the general products and liability line during the fourth quarter of 2015 compared to those charged for the same coverage during Q4 2014, according to the latest Willis Towers…
Canada’s FirstOnSite Restoration to join forces with U.S.-based Interstate Restoration
April 22, 2016 by Canadian UnderwriterFirstOnSite Restoration G.P. Inc. (the general partner of FirstOnSite Restoration L.P.), Canada’s largest independent disaster restoration services provider, announced on Thursday that it has reached a definitive asset purchase agreement with U.S.-based Interstate Restoration LLC. Under the agreement, subject to…
White Mountains completes $2.6B sale of Sirius International Insurance
April 19, 2016 by Canadian UnderwriterThe US$2.6-billion sale of Sirius International Insurance Group Ltd., which has a Toronto office, is now complete, White Mountains Insurance Group Ltd. announced Monday. Sirius International is now owned by Singapore-based CM International Holding Pte. Ltd., which is the investment…
OSFI working on new capital guideline for mortgage insurers, amendments to guidelines for corporate boards
April 18, 2016 Greg Meckbach, Associate EditorOfficials with Canada’s Office of the Superintendent of Financial Institutions are working on a “wide range of amendments” to its guidelines for corporate boards of directors, as well as a new capital guideline for private mortgage insurers, OSFI’s deputy superintendent…
UN, World Bank Group and insurance industry join forces for formation of Insurance Development Forum
April 18, 2016 by Canadian UnderwriterLeaders of the United Nations, the World Bank Group and the global insurance industry on Monday announced the formation of the Insurance Development Forum (IDF), which occurred at a high level meeting in Washington, DC, last week. The IDF has…
Great American offers supplemental employment insurance in British Columbia through BFL
April 15, 2016 by Greg MeckbachThe Canadian branch of Great American Insurance Company is offering consumers coverage intended to supplement federal Employment Insurance benefits through brokerage BFL Canada Risk and Insurance Services Inc., BFL announced Thursday. BFL is selling the Great American coverage, dubbed SalaryGuard,…