Topic Insurers
Bank of Canada raises interest rate to 0.75% from 0.5%
July 13, 2017 by Canadian UnderwriterThe Bank of Canada announced on Wednesday that it has raised its interest rate for the first time in seven years, to 0.75% from 0.5%. “Recent data have bolstered the Bank’s confidence in its outlook for above-potential growth and the…
Property market loss estimate for Europe’s Cyclone Egon reaches 275 million euros: PERILS
July 13, 2017 by Canadian UnderwriterThe latest property insurance market loss estimate for extratropical cyclone Egon, which hit parts of France and Germany in mid-January, has increased to 275 million euros, Zurich-based PERILS reported on Wednesday. Representing the third of four estimates to be issued…
Maintaining wetlands could slash riverine flooding-related damage, local pilot project has national applicability: study
July 12, 2017 by Angela StelmakowichJust leaving current wetlands in their natural state could cause riverine flooding-related flood damage to plummet as much as 38% and should provide the impetus for communities to view natural infrastructure as a climate adaptation solution, notes a study from…
Stilling quake risk in eastern Canada demands greater focus, awareness and effort: Swiss Re
July 11, 2017 by Angela StelmakowichRisk awareness is severely lacking and not enough attention is being paid to quake risk in eastern Canada, a region with “huge” loss-inflicting potential that a Swiss Re model projects could produce the country’s largest nat-Cat loss ever if the…
Bank of Canada expected to raise its key rate for first time in nearly seven years
July 11, 2017 by Craig Wong - THE CANADIAN PRESSOTTAWA – The Bank of Canada is expected to raise its key interest rate target for the first time in nearly seven years on Wednesday following signs the economy is well on the road to recovery after the crash in…
Homeowners could see cheaper premiums with private insurance than with NFIP: report
July 11, 2017 by Canadian UnderwriterA majority of single-family homes in Florida, Texas and Louisiana could see cheaper premiums with private insurance than with the National Flood Insurance Program (NFIP), according to a briefing paper from Milliman, a provider of actuarial and related products and…
GC Securities completes “first ever indemnity triggered multi-Europe peril only” cat bond
July 10, 2017 by Canadian UnderwriterGC Securities – a division of U.S. registered broker-dealer MMC Securities LLC, a subsidiary of Marsh & McLennan Companies, Inc. (MMC) – has announced the “first ever indemnity triggered multi-Europe peril only 144A catastrophe bond.” The placement of Principal At-Risk…
“Nearly all” U.K. drivers paying record amounts for car insurance: Association of British Insurers
July 10, 2017 by Canadian UnderwriterDrivers in nearly all age groups in the United Kingdom are paying record amounts for their car insurance and could face further increases unless the government takes action to reduce claims costs, the Association of British Insurers (ABI) warned recently.…
James Kent appointed to lead Willis Re as John Cavanagh announces retirement
July 7, 2017 by Canadian UnderwriterWillis Re, the reinsurance business of global advisory, broking and solutions company Willis Towers Watson (WTW), has announced that James Kent will succeed John Cavanagh as he steps down from his position as global CEO. Cavanagh will retire from WTW…
Fairfax completes acquisition of Allied World
July 6, 2017 by Canadian UnderwriterToronto-based Fairfax Financial Holdings Ltd. has completed its acquisition of Allied World Assurance Company Holdings AG, the firms announced Thursday. The deal was valued at nearly $5 billion when it was announced Dec. 18, 2016. All figures are in U.S.…
Intact Financial Corporation announces $105 million Cat loss for 2017 Q2
July 6, 2017 by Canadian UnderwriterIntact Financial Corporation’s (IFC) estimated catastrophe losses, net of reinsurance, for 2017 Q2 is about $105 million on a pre-tax basis, reports Canada’s largest provider of property and casualty. On an after-tax basis, the estimated loss amounts to $77 million…
‘Significantly more’ than 90% of Allied World Assurance shareholders expected to tender stock for Fairfax merger
July 5, 2017 by Canadian UnderwriterOfficials with Allied World Assurance Company Holdings AG “fully expect” that all closing conditions for the merger with Toronto-based Fairfax Financial Holdings Limited will be met by Thursday, Allied World suggested in Wednesday in a press release. A deadline, for…