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…
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…
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…
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…
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…
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”…
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…
Hannover Re saw net income fall 8.6% to 486.1 million euros for the first half of 2016 from 531.9 million euros in the prior-year half, but remains confident the company is on track to achieve its full-year target of at…
Recovery from the Fort McMurray fire is continuing and will likely do so for some time. But how can stakeholders work together to parlay unprecedented damage and loss into a living, sustainable approach to help better manage wildfire risks? Lessons learned – both old and new – coupled with clear requirements and buy-in from all concerned, could help with realizing concrete benefits in future.