Topic Insurers
Co-operators General Insurance Company net income $128.8 million in 2016 Q4, up from $103.3 million in 2015 Q4
February 16, 2017 by Canadian UnderwriterThe consolidated net income for Co-operators General Insurance Company increased for the fourth quarter of 2016 over the same quarter in 2015, but net income for 2016 decreased from 2015. The Co-operators has posted net income of $128.8 million for…
AIG sees net loss of about US$3 billion in 2016 Q4
February 15, 2017 by Canadian UnderwriterAmerican International Group, Inc. (AIG) has posted net losses for both the full year and the fourth quarter of 2016, but company president and CEO Peter Hancock reports that actions taken last year will help “dramatically reduce uncertainty and deliver…
Loss ratio up 1.4 points for Arch Capital
February 14, 2017 by Canadian UnderwriterArch Capital Group Ltd. reported Monday a combined ratio of 99.4% in insurance during the last three months of 2016 due in part to Hurricane Matthew, while net favorable development, due in part to better than expected claims emergence in…
Combined ratio up three points for Markel
February 10, 2017 by Canadian UnderwriterMarkel Corp. reported this week a 7.8% increase in net premiums written while the combined ratio deteriorated by three points in 2016 as the Richmond, Va.-based insurer experienced a $46.6-million underwriting loss related to Hurricane Matthew. Markel released Wednesday its…
Zurich reports business operating profit of US$4.5 billion for 2016, up 55% from prior-year period
February 10, 2017 by Canadian UnderwriterZurich Insurance Group has reported a business operating profit (BOP) for the full-year ending Dec. 31, 2016 of US$4.5 billion, up 55% from the prior-year period. The fourth quarter BOP for the three months ending Dec. 31, 2016 was up…
Aon reports net income of US$502 million for fourth quarter of 2016
February 10, 2017 by Canadian UnderwriterCommercial brokerage Aon plc has reported a net income attributable to Aon shareholders of US$502 million in the fourth quarter of 2016 ending Dec. 31 compared to US$584 million for the prior-year quarter. For the full year of 2016, net…
Fairfax proposes to acquire New Zealand insurer Tower for nearly $200 million
February 9, 2017 by Canadian UnderwriterFairfax Financial Holdings Ltd., the corporate owner of Northbridge Insurance, announced Wednesday it has agreed to buy Auckland-based Tower Limited, which writes property and casualty insurance in New Zealand and nearby nations. Tower’s shareholders, if they approve the deal, would…
Trisura to form new Canadian insurance holding company
February 9, 2017 by Canadian UnderwriterTrisura Guarantee Insurance Company has announced that it is forming Trisura Group Ltd., a new Canadian insurance holding company. Trisura Guarantee is currently owned 60% by Brookfield Asset Management and 40% by Trisura employees through a holding company. Mike George,…
Q4 combined ratio up 14.9 points at Aspen
February 9, 2017 by Canadian UnderwriterWildfires in Tennessee, an earthquake in New Zealand, Hurricane Matthew and energy-related losses all contributed to a 20.2-point deterioration in the fourth-quarter loss ratio in reinsurance for Aspen Insurance Holdings Ltd., while in primary insurance, Aspen reported a combined ratio…
Wildfire has ‘very very different pattern’ of impacted areas: CatIQ Catastrophe Conference speaker
February 8, 2017 by Greg Meckbach, Associate EditorWhen determining accumulation of risk, wildfire presents an “additional complexity” for insurers and reinsurers, a speaker suggested at a recent conference. “Wildfire is a really complex peril,” said Manuel Chirouze, managing director, natural hazards and geoscience for the Americas at…
Personal lines cat ratio up 9.3 points at Intact due in part to Fort McMurray
February 8, 2017 by Canadian UnderwriterIntact Financial Corp. released Wednesday its financial results for 2016, reporting a 5% increase in direct premiums written and a 40% drop in underwriting income during a year when Canada’s most expensive natural disaster cost the firm $400 million before…
Munich Re posts profit of 2.6 billion euros for 2016; Fort McMurray wildfire cost 404 million euros
February 7, 2017 by Canadian UnderwriterMunich Re reported on Tuesday a consolidated result of 2.6 billion euros for 2016, including a 0.5 billion euro profit in the fourth quarter of 2016 ending Dec. 31 compared to 0.7 billion euros in the previous year quarter. Munich…