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JLT Re expands analytical modelling capability in Canada

March 20, 2017 by Canadian Underwriter

JLT Re, the global provider of reinsurance broking and consultancy and part of Jardine Lloyd Thompson Group plc, announced on Monday that it has combined forces with flood modelling company KatRisk to provide flood risk modelling capabilities to clients “across

News CatastrophesClimate ChangeInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

Risk to U.S. property from severe convective storms as high as from hurricanes: Willis Re

March 20, 2017 by Canadian Underwriter

Severe convective storms (SCS) posed as much risk to property in the United States as hurricanes between 2003 and 2015, with the average annual loss from SCS amounting to US$11.23 billion compared to US$11.28 billion from hurricanes. So concludes a

News Earnings / RatingsInsuranceReinsuranceTechnology

84% of polled insurance companies planning to make acquisitions in 2017: KPMG International

March 17, 2017 by Canadian Underwriter

The lion’s share of insurance companies taking part in a KPMG International-commissioned survey plan to make acquisitions in 2017, with most respondents saying their companies are being driven by need to transform business and operating models. The insurance sector looks

News CatastrophesInsuranceReinsuranceTechnology

Data-driven methodology allows (re)insurers to identify liability risk exposure across entire portfolios

March 16, 2017 by Canadian Underwriter

Lloyd’s reports that a partnership with modelling company Arium has produced a data-driven methodology that will allow (re)insurers to model liability risk exposure probabilistically across entire portfolios. The approach – the result of a three-year project between Lloyd’s and Arium

News CatastrophesEarnings / RatingsInsuranceMergers and AqcuisitionsReinsuranceTechnology

Munich Re operating result down in 2016 from 2015, new partnerships could answer changing client demands

March 16, 2017 by Canadian Underwriter

Munich Re is looking to set up partnerships that would previously not have been considered, the company reported this week in announcing the group operating result fell 16.5% to 4,025 million euros in 2016 compared to 4,819 million euros in

News AssociationsCatastrophesClimate ChangeInsuranceReinsurance

IBC supports regional platform for disaster risk reduction outcomes, vows to continue working with government

March 15, 2017 by Canadian Underwriter

Insurance Bureau of Canada (IBC) has voiced the property and casualty industry’s continued support for efforts by the federal government to enhance disaster risk reduction and make communities more resilient. “Our industry remains committed to being a full partner with

News InsuranceMergers and AqcuisitionsReinsurance

Fairfax Financial to increase cash consideration component in proposed acquisition of Allied World

March 13, 2017 by Canadian Underwriter

Fairfax Financial Holdings Limited and Allied World Assurance Company Holdings jointly announced Friday that the former has exercised its option to increase the cash consideration component of its US$4.9 billion cash and stock offer to Allied World shareholders. In exercising

News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

Largest single loss for Hannover Re in 2016 was the Fort McMurray wildfire, with net cost of 127.9 million euros

March 10, 2017 by Canadian Underwriter

The largest single loss for Hannover Re last year was the Fort McMurray wildfire, with a “net strain” of 127.9 million euros, the reinsurer reported on Thursday. Hannover Re released its financial results on Thursday, reporting a Group net income

News AssociationsInsuranceMergers and AqcuisitionsReinsuranceTechnology

ATB Financial joins R3 distributed ledger consortium

March 10, 2017 by Canadian Underwriter

ATB Financial announced Thursday that the Alberta-based financial services provider has joined the consortium of financial innovation firm R3 to design and apply distributed and shared ledger-inspired technologies to global financial markets. The company will be collaborating with more than

News CatastrophesInsuranceMergers and AqcuisitionsReinsurance

Outbreak of severe convective storms across U.S. Midwest causing widespread damage in Missouri, Iowa and Minnesota: RMS

March 9, 2017 by Canadian Underwriter

As of March 8, cumulative preliminary tornado, hail and straight-line wind reports in the United States for the year have all been more than double their respective 2005-2015 averages, according to the records of the National Oceanic and Atmospheric Administration’s

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Flood insurance reform bill re-tabled in U.S. congress

March 8, 2017 by Canadian Underwriter

A bill aimed at increasing participation by the private sector in the flood insurance market in the United States was tabled Wednesday in the House of Representatives, a U.S. congressman from Florida announced. The Flood Insurance Market Parity and Modernization

News CatastrophesInsuranceLegalReinsuranceTechnology

Companies can come to grips with cyber risk, government back-stop may be needed for certain risks: Swiss Re

March 1, 2017 by Canadian Underwriter

Concern about cyber resilience is on the rise – as are the potential costs associated with attacks – but insurers and companies should understand steps can be taken to manage the risk, suggests the latest sigma report from Swiss Re