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News CatastrophesReinsurance

FEMA approves $107 million in grants in Louisiana flooding

August 24, 2016 Melinda Deslatte - THE ASSOCIATED PRESS

BATON ROUGE, La. — Heavy trucks and their works crews have begun hauling away mounds of mouldy carpet, warped flooring and water-damaged furniture as south Louisiana digs out from flooding the governor estimated Tuesday had wrecked more than 100,000 homes.

News CatastrophesReinsurance

Wildfire still active, 75% contained in British Columbia’s Okanagan Valley

August 24, 2016 THE CANADIAN PRESS

WEST KELOWNA, B.C. — Visitors forced to flee from a campsite in British Columbia’s Okanagan Valley ahead of a raging wildfire on Sunday night will have a chance to retrieve abandoned items. The Central Okanagan Regional District says people who

News CatastrophesReinsurance

Italian rescuers pull victims out of rubble after 6.2 earthquake hits northeast of Rome

August 24, 2016 Paolo Santalucia And Nicole Winfield - THE ASSOCIATED PRESS

AMATRICE, Italy – A strong earthquake rocked central Italy early Wednesday, collapsing homes on top of residents as they slept. At least 11 people were reported dead in two hard-hit towns where rescue crews raced to dig survivors out of

News CatastrophesClimate ChangeConstructionInsuranceLegislation / RegulationMergers and AqcuisitionsReinsurance

Homes more resistant to ignition by embers had improved survival in Fort Mac wildfire, “luck” not a factor: ICLR report

August 22, 2016 by Canadian Underwriter

Surviving homes in otherwise decimated neighbourhoods of Fort McMurray hit by this spring’s massive wildfire were more resistant to ignition by embers, notes a preliminary report issued by the Institute for Catastrophic Loss Reduction (ICLR). Home survival is not random

News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

Only about 4% of Lloyd’s total business considered at risk from Brexit: Aon Benfield

August 18, 2016 by Canadian Underwriter

Only about 4% of Lloyd’s total business is considered to be at risk from the potential loss of membership of the single European market, following the United Kingdom’s decision to leave the European Union (EU) in June, according to Aon

News CatastrophesEarnings / RatingsInsuranceMergers and AqcuisitionsReinsuranceTechnology

AIG reaches agreement to sell United Guaranty Corporation to Arch Capital for US$3.4 billion

August 17, 2016 by Canadian Underwriter

American International Group, Inc. has entered into an agreement to sell its 100% interest in United Guaranty Corporation (UGC) to Arch Capital Group Ltd. for US$3.4 billion, a move in line with AIG’s continuing efforts to streamline operations and better

News InsuranceMarkets / CoveragesProfessional DevelopmentReinsurance

Ontario Municipal Insurance Exchange (OMEX) suspends underwriting operations

August 11, 2016 by Canadian Underwriter

The Ontario Municipal Insurance Exchange (OMEX) announced on Thursday that it will suspend Reciprocal underwriting operations effective immediately “to allow it time to fully assess the needs of Ontario municipalities with a view to redesigning its products to better service

News CatastrophesEarnings / RatingsInsuranceReinsurance

Q2 combined ratio up 6.5 points for Munich Re

August 9, 2016 by Canadian Underwriter

Munich Re reported Tuesday a 6.5-point deterioration in its Q2 combined ratio in property & casualty reinsurance, as the recent wildfires in Northern Alberta and the April earthquakes in Japan were among the natural catastrophes that contributed to the firm’s

News Earnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Berkshire Hathaway’s insurance premiums earned up nearly US$2 billion in first half of 2016

August 8, 2016 by Canadian Underwriter

Berkshire Hathaway Inc. has reported US$21.923 billion in insurance premiums earned for the first six months of the year, up from US$19.940 billion in the first half of 2015. For the second quarter of 2016 ending June 30, insurance premiums

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Economical Insurance cites wildfire’s impact, net income drops to $17.1 million in 2016 Q2

August 8, 2016 by Canadian Underwriter

Canada’s worst-ever insured natural disaster – the Fort McMurray wildfire – delivered a hard hit to the underwriting activity of Economical Insurance, contributing to a net income in the second quarter of 2016 of about half the prior-year quarter. Economical

News CatastrophesInsuranceMarkets / CoveragesReinsurance

“Entire new sponsors” will enter insurance linked securities market: Swiss Re

August 5, 2016 by Canadian Underwriter

The total value of outstanding insurance-linked securities issuance dropped from $24 billion to $22.3 billion between Jan. 1 and June 30, Swiss Re Capital Markets Corp. said in a report released Thursday, observing that issuance “came to a screeching halt”

News InsuranceLegalReinsurance

Disputed $25-million product liability claim will not reach Canada’s highest court, for now

August 4, 2016 by Canadian Underwriter

The Supreme Court of Canada recently announced it will not hear an appeal, from a forestry firm’s captive reinsurance company, of a ruling arising from a disputed $25-million liability insurance claim. This means that an order for a new trial