Canadian Underwriter

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Reinsurance


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Munich Re, Insurance Europe welcome U.S.-EU covered agreement

January 20, 2017 by Canadian Underwriter

Munich Re and Insurance Europe are welcoming the successful conclusion of “covered agreement” negotiations between the United States and the European Union. Munich Re said in a press release on Thursday that “finalizing the agreement is an important step to

News InsuranceLegislation / RegulationMarkets / CoveragesMergers and AqcuisitionsReinsurance

AIG, National Indemnity ink reinsurance agreement covering long-tail prior-year commercial casualty

January 20, 2017 by Canadian Underwriter

American International Group Inc. said Friday it “expects a material prior year adverse development charge” during the three months ending Dec. 31, 2016 and that National Indemnity Company (NICO) has agreed to reinsure 80% of losses on certain reserves for

News CatastrophesClimate ChangeInsuranceMergers and AqcuisitionsReinsuranceTechnology

Thinking outside the box key to keeping p&c industry relevant, responsive: Cook

January 12, 2017 by Angela Stelmakowich

Those in Canada’s property and casualty insurance industry must think outside the box and understand the importance of coupling new products with new delivery methods to meet ever-increasing and ever-changing customer expectations, Philip Cook, CEO of Omega Insurance Holdings Inc.,

News AssociationsCatastrophesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Canada becoming less attractive option for investors: Cook

January 11, 2017 by Angela Stelmakowich

Anticipated less-than-stellar financial results for Canada’s property and casualty industry in 2016 will likely contribute to the market becoming less attractive to investors and absent significant improvement, it is unlikely the current level of capital will remain in the country,

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

2016 Q4 preliminary loss estimate for natural catastrophes US$245 million: XL Group

January 10, 2017 by Canadian Underwriter

XL Group Ltd.’s insurance and reinsurance segments are almost evenly split with regard to accounting for the company’s approximately US$245 million, natural catastrophe net loss estimate for the fourth quarter of 2016. The preliminary loss estimate “is pre-tax and net

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Catastrophe bond issuance has ‘gradually tapered off:’ A.M. Best

January 7, 2017 by Canadian Underwriter

The entry of third-party capital into the reinsurance market appears to be slowing down, while demands from reinsurers “for further concessions in terms” appear to be diminishing, A.M. Best Company Inc. suggested in a report released Friday. Oldwick, N.J.-based A.M.

News CatastrophesClimate ChangeConstructionEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Severe weather, nat-cats cause record insurable damage in Canada: IBC/CatIQ

January 6, 2017 by Canadian Underwriter

Severe weather last year exacted a heavy toll in terms of insured losses, with the $4.9 billion hit dwarfing the previous annual record of $3.2 billion in 2013, Insurance Bureau of Canada (IBC) reports. Flooding in southern Alberta and the

News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

Terrorism insurance calls for ‘high level of vigilance:’ Guy Carpenter

January 5, 2017 by Canadian Underwriter

Reinsurers are “striving to close gaps” in policies covering terrorism, while the decline in reinsurance pricing has moderated, Guy Carpenter & Company LLC suggested in a release Thursday. “While there are many areas of focus for product expansion and evolution

News CatastrophesClimate ChangeInsuranceMergers and AqcuisitionsReinsurance

2016 costliest 12 months for natural catastrophes in the last four years: Munich Re

January 4, 2017 by Canadian Underwriter

The US$175 billion in natural catastrophes losses in 2016 – the lion’s share of which were uninsured – dwarfed those in the previous year and were just shy of 2012’s US$180 billion total, Munich Re reports. The research released Wednesday

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Canadian risk beginning to feature “fairly prominently” in cat bond market: PCS

January 4, 2017 by Canadian Underwriter

Canadian risk has begun to feature “fairly prominently” in the catastrophe bond market, with three cat bonds issued last year, according to Property Claim Services’ (PCS) full-year cat bond report for 2016. The report, titled Strong Finish: PCS FY2016 Catastrophe

News CatastrophesInsuranceMergers and AqcuisitionsReinsurance

Fort McMurray wildfire tops annual meteorologist list of weather stories

January 3, 2017 The Canadian Press

TORONTO – The “beast” of a wildfire that charred Fort McMurray, Alta., was named Canada’s biggest weather story of the year in an annual list compiled by the country’s top meteorologists. The list, which also includes the melting Arctic Sea

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

Record new Cat bond, ILS issuance in 2016 spurs highest-ever outstanding market size: Artemis.bm

January 3, 2017 by Canadian Underwriter

Catastrophe bonds and similarly structured insurance-linked securities (ILS) deals in 2016 propelled the market to record levels, with the approximately US$7 billion in new issuance resulting in an outstanding market size of US$26.82 billion at year-end, notes the latest edition