Keyword
AIG
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…
A.M. Best projects combined ratio of 100.3% for U.S. industry in 2017
January 30, 2017 by Canadian UnderwriterThe industry-wide combined ratio of the United States property & casualty insurance industry is estimated to have deteriorated by 2.4 points to 100.7% in 2016, A.M. Best Company Inc. said in a recent report. The decline in underwriting performance “was…
Adverse development charge highlights AIG’s challenges with longer tail commercial lines: A.M. Best
January 27, 2017 by Canadian UnderwriterA week after American International Group Inc. announced it expects to report next month a “material prior year adverse development charge” for Q4 2016, A.M. Best Company Inc. has placed the long-term issuer credit rating of the New York City-based…
AIG, National Indemnity ink reinsurance agreement covering long-tail prior-year commercial casualty
January 20, 2017 by Canadian UnderwriterAmerican 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…
Fairfax’s Newline insurer to open German office
December 14, 2016 by Canadian UnderwriterNewline Insurance Company Ltd., which is ultimately owned by Toronto-based Fairfax Financial Holdings Ltd., announced Tuesday it has received regulatory approval to open a new branch office in Cologne. Newline, which writes international casualty and cargo coverage, is part of…
AIG reports net income of US$462 million for Q3 2016 compared to net loss of US$231 million in Q3 2015
November 3, 2016 by Canadian UnderwriterAmerican International Group, Inc. (AIG) has reported a net income of US$462 million for the third quarter of 2016 ending Sept. 30 compared to a net loss of US$231 million in the prior-year quarter. Net income during the quarter included…
AIG quadruples global property terrorism insurance limits to $1 billion
October 26, 2016 by Canadian UnderwriterAmerican International Group, Inc. (AIG) announced on Wednesday that it has raised its property terrorism insurance limits globally to $1 billion. The larger capacity is available to clients on a standalone basis or as expanded limits within AIG’s Large Limits…
Canada Pension Plan Investment Board to acquire Lloyd’s syndicate Ascot Underwriting for US$1.1 billion
September 16, 2016 by Canadian UnderwriterThe Canada Pension Plan Investment Board (CPPIB) announced on Friday that it has signed an agreement with American International Group (AIG) to acquire 100% of Ascot, AIG’s Lloyd’s platform, for a “total consideration” of US$1.1 billion. The CPPIB said in…
Combined ratio for AIG up 3.3% in Q2 2016 to 102.1%
August 3, 2016 by Canadian UnderwriterAmerican International Group, Inc. (AIG) has reported a 3.3% deterioration in its combined ratio for the second quarter of 2016, from 98.8% in Q2 2015 to 102.1% in the most recent quarter, reflecting underwriting loss driven by higher catastrophe losses,…
Double Duty
August 1, 2016 Hollis Bromley, Partner, Alexander Holburn Beaudin + Lang LLPA recent ruling out of British Columbia reviewed the duty to defend in the context of forced labour and slavery allegations. The case addresses a number of weighty coverage considerations, including the “mere possibility” test and derivative pleadings.
Berkshire Hathaway Specialty Insurance enters into transactional liability insurance market in Canada and the U.S.
July 19, 2016 by Canadian UnderwriterBerkshire Hathaway Specialty Insurance (BHSI) announced on Tuesday that it has expanded into the transactional liability insurance market in Canada and the United States. BHSI also said in a press release that it has named Robert Underhill as senior vice…
Global commercial insurers operating in Canada join forces to form new association
July 18, 2016 by Canadian UnderwriterA number of foreign-owned commercial insurers operating in Canada have come together to form the Global Commercial Insurers Association (GCIA). The Toronto-based association will provide a platform through which foreign-owned commercial insurance carriers can become informed of current regulatory developments…