Topic Insurers
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…
Revenue for U.S./Canada Marsh division of Marsh & McLennan Companies up to US$701 million in Q1 2016 from US$638 million in Q1 2015
April 28, 2016 by Canadian UnderwriterRevenue for the United States/Canada Marsh division of Marsh & McLennan Companies, Inc. (MMC), was up to US$701 million for the first quarter of 2016 ending March 31, from US$638 million in the first quarter of 2015, the global professional…
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…
Gross written premiums up 16% at Axis Capital
April 27, 2016 by Canadian UnderwriterAxis Capital Holdings Ltd. reported Wednesday a 91% year-over-year increase in first-quarter gross written premiums in aviation insurance and a 19.7% drop in marine premiums, while its combined ratio improved 1.8 points. Pembroke, Bermuda-based Axis Capital released its financial results…
Reinsurance company SCOR’s net income falls slightly to 170 million euros in the first quarter of 2016 compared to prior-year quarter
April 27, 2016 by Canadian UnderwriterDespite a low natural catastrophe-loss environment that helped SCOR’s Global Property and Casualty segment record strong technical profitability and a solid contribution from the Life segment for gross written premiums, the company’s net income fell slightly to 170 million euros…
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…
U.S. D&O insurance pricing pressure to dampen performance: Fitch
April 13, 2016 by Canadian UnderwriterMarket conditions are evolving in the directors’ and officers’ (D&O) liability insurance market in the United States, with merger and acquisition activity in 2015 facilitating greater market concentration, according to a new report from Fitch Ratings. The report, titled U.S.…
Forecasting emerging risks expected to get tougher: Marsh/RIMS report
April 11, 2016 by Angela Stelmakowich, EditorSAN DIEGO – Cyber attacks – once again identified as a top critical business risk – are expected to be a source of emerging risks, but forecasting for all emerging risks could prove more challenging over the next three years,…
ISO to collect cyber insurance data to help mitigate risk related to cyberattacks
April 6, 2016 by Canadian UnderwriterISO, a Verisk Analytics business, announced on Wednesday that it will collect, aggregate and analyze cyber insurance data to help address a major issue facing today’s cyber insurance market: the need for more detailed underwriting and rating information. ISO said…
Canada’s p&c industry sees big jump in underwriting income, big drop in nat-cat losses in 2015: IBC
April 6, 2016 by Angela StelmakowichDespite the challenges and fluctuations of 2015 – including plummeting oil prices – Canada’s property and casualty industry “had a relatively good year,” with underwriting income tripling to about $1.7 billion, David McGown, senior vice president of strategic initiatives for…
Global reinsurer capital down 2% in 2015 relative to 2014: Aon Benfield
April 4, 2016 by Canadian UnderwriterGlobal reinsurer capital stood at US$565 billion at Dec. 31, 2015, a reduction of 2% relative to the end of 2014, according to the latest edition of the Aon Benfield Aggregate (ABA) report. Aon Benfield, the global reinsurance intermediary and…