Keyword
Commercial Risk Management
A.M. Best reports ‘substantial increase’ in p&c insurance mergers in 2015
February 22, 2016 by Canadian UnderwriterThere was a “substantial increase” last year of merger and acquisition activity in the United States property & casualty insurance industry, with the sixth-largest deal involving the Toronto-based Fairfax Financial Holdings Ltd., A.M. Best Company Inc. noted in a report…
Surveyed Canadians uninformed about flood damage protection: Square One
February 22, 2016 by Canadian UnderwriterTwo-thirds of those taking part in a recent poll by Vancouver-based Square One Insurance Services Inc. incorrectly believe flood protection is included in home insurance policies. The survey of 1,500 Canadians shows that 65% of those surveyed think flood protection…
Economical Insurance’s combined ratio improves 4.7 points in 2015 from 2014
February 21, 2016 by Canadian UnderwriterWaterloo, Ont.-based Economical Insurance reported on Friday a combined ratio of 97.4% for the full-year 2015, a 4.7 point improvement from the 2014 combined ratio of 102.1%. For the fourth quarter of 2015, ending Dec. 31, 2015, the combined ratio…
The Co-operators president and CEO, Kathy Bardswick, to retire at end of 2016
February 19, 2016 by Canadian UnderwriterKathy Bardswick, president and CEO of The Co-operators, announced her retirement on Friday, after 14 years in the role. The board of directors will initiate recruitment activities after the organization’s annual general meeting in April. “I have worked alongside the…
Karen Gavan, president & CEO of Economical Insurance, to retire at end of December 2016
February 19, 2016 by Canadian UnderwriterThe board of directors of Waterloo, Ont.-based Economical Insurance announced on Friday that Karen Gavan will retire as president and CEO and director at the end of her contract on Dec. 31, 2016. The board of directors will conduct a…
Total revenues for Allianz Group climb to a new high of 125.2 billion euros in 2015
February 19, 2016 by Canadian UnderwriterThe Allianz Group reported on Friday that total revenues climbed to a new high of 125.2 billion euros in 2015, up 2.4% year-on-year from 2014’s 122.3 billion euros. In the property and casualty insurance segment, both gross premiums written and…
Combined ratio for U.S. p&c to increase 1.2 points in 2016: A.M. Best
February 19, 2016 by Canadian UnderwriterThe combined ratio will rise from 98% in 2015 to 99.2% for the property and casualty insurance industry in the United States, while for the U.S. and Bermuda reinsurance industry, the combined ratio will deteriorate by 6.7 points, A.M. Best…
The Co-operators’ net income increases in fourth quarter, full-year 2015; keeping eye on the weather
February 19, 2016 by Canadian UnderwriterThe Co-operators General Insurance Company’s consolidated net income for the fourth quarter of 2015 increased to $103.3 million from $79.7 million in the prior-year quarter. For 2015, consolidated net income again was up, rising to $162.3 million from $137.6 million…
Combined ratio improves 3.7 points for Northbridge Insurance
February 18, 2016 by Canadian UnderwriterToronto-based Northbridge Insurance had a combined ratio of 91.8% in 2015, down 3.7 points from 95.5% in 2014, while net premiums written for OdysseyRe dropped 12.7%, from US$2.4 billion in 2014 to US$2.095 billion in 2015, the carriers’ corporate parent…
California hospital president and CEO admits to paying US$17,000 following ransomware attack
February 18, 2016 by Canadian UnderwriterThe president and CEO of a hospital in Los Angeles admitted in a statement on Wednesday that the hospital paid approximately US$17,000 to hackers following a ransomware attack. Allen Stefanek, president and CEO of the Hollywood Presbyterian Medical Center, said…
Garneau seeks Senate advice on rules, regs for future of driverless cars
February 18, 2016 Joan Bryden - THE CANADIAN PRESSOTTAWA – Canada’s Senate, often accused of being an anachronism, is being asked to wrestle with the futuristic dream of driverless cars. Transport Minister Marc Garneau wants the Senate’s transportation and communications committee to launch a study of the regulatory,…
Quebec hearings set to begin into taxi industry and Uber
February 18, 2016 by Canadian UnderwriterQUEBEC – Hearings begin at Quebec’s national assembly today into the province’s taxi industry as well as related services such as Uber. They are scheduled to last several days against the backdrop of sometimes hostile clashes between cabbies and Uber…