Canadian Underwriter

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Fort McMurray wildfire


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Fairfax ‘not oriented’ towards more acquisitions: Watsa

August 10, 2017 by Canadian Underwriter

Officials with Fairfax Financial Holdings Ltd., which recently bought a majority interest in Allied World Assurance Company Holdings AG, “want to look at how” they can “organically expand” the firm’s existing business, chairman Prem Watsa told financial analysts recently. Toronto-based

News CatastrophesInsuranceMarkets / CoveragesMergers and Aqcuisitions

Five Canadian cats in first half of 2017 led to $438 million in insured losses: Property Claim Services

August 9, 2017 Jason Contant, Online Editor

Five catastrophe events in Canada led to $438 million in insured losses in the first half of this year, according to the PCS H1 2017 Catastrophe Review, released on Wednesday. “Unsurprisingly, insured losses from PCS-designated events in Canada fell dramatically

News CatastrophesEarnings / RatingsInsuranceMergers and Aqcuisitions

Economical reports 12.8% increase in gross written premiums in Q2 2017, 8.3 point increase in combined ratio to 112.8%

August 4, 2017 by Canadian Underwriter

Economical Insurance reported a 12.8% increase in gross written premiums (GWP) in the second quarter of 2017 to $660.6 million, driven by strong personal lines growth, including contributions from Sonnet and Petline. “While we generated significant growth in gross written

News Earnings / RatingsInsuranceMergers and Aqcuisitions

Intact has yet to see ‘full impact’ of 2016 change to Ontario auto catastrophic impairment criteria

August 3, 2017 by Canadian Underwriter

It has been more than a year since Ontario changed its criteria for catastrophic impairment and reduced the mandatory coverage for accident benefits, but the “long tail profile” of accident benefits claims means the Ontario reforms “have not fully been

News CatastrophesEarnings / RatingsInsuranceMergers and Aqcuisitions

Q2 combined ratio improves 4.2 points for Intact, OneBeacon acquisition “on track to close” in 2017

August 1, 2017 by Canadian Underwriter

Intact Financial Corp. reported Tuesday its underwriting income was $103 million during the three months ending June 30, up $87 million from $16 million during the same period in 2016. Toronto-based Intact said direct premiums written rose 2%, from $2.458

News Earnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Absence of large losses contributes to 20.6-point drop in Q2 combined ratio for PartnerRe

August 1, 2017 by Canadian Underwriter

PartnerRe Ltd. reported a combined ratio of 87.7% during the three months ending June 30, a 20.6-point improvement over 108.3% during the same period in 2016, when Canada experienced its most expensive natural disaster ever and a loss from an

News CatastrophesInsuranceMergers and AqcuisitionsReinsurance

Q2 combined ratio improves 13.3 points to 101% for The Co-operators

July 28, 2017 by Canadian Underwriter

Co-operators General Insurance Company reported Thursday an underwriting loss of $6.6 million in the three months ending June 30, while direct premiums written were $768.7 million, up 6.4% from $722.6 million in Q2 2016. During the second quarter of 2016,

News InsuranceMarkets / Coverages

Economic growth blows past expectations in May, powered by energy industry

July 28, 2017 Craig Wong - THE CANADIAN PRESS

OTTAWA – Economic growth in the country blew past expectations in May, powered by the energy sector, raising expectations that the Bank of Canada will raise interest rates again this fall. Statistics Canada said Friday that real gross domestic product

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Alberta Motor Association takes legal action to recover money from reinsurance companies providing Fort McMurray wildfire coverage

July 13, 2017 by Canadian Underwriter

The Alberta Motor Association Insurance Company (AMA) has announced that it has filed a statement of claim with the Court of Queen’s Bench of Alberta to take “legal action to recover money owed to it by a number of companies

News CatastrophesConstructionInsuranceMergers and Aqcuisitions

State of emergency continues as wildfires affect interior B.C.

July 13, 2017 by Canadian Underwriter

Mining and wood products are among the industries affected by wildfires in British Columbia’s interior, where a state of emergency is in place. Imperial Metals Corp. announced Wednesday that an open pit copper/gold mine 56 kilometres northeast of Williams Lake

News CatastrophesConstructionInsuranceMergers and Aqcuisitions

Canadians evacuated from homes after a wildfire can expect to suffer $11,300 in financial losses: Square One Insurance

July 6, 2017 by Canadian Underwriter

Canadians evacuated from their homes because of wildfires can expect to suffer an average of $11,300 in financial losses, a recent study from Square One Insurance Services Inc. has found. Those with home insurance can recover most, but not all,

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Cat bonds with coverage for Canada in the first half of 2017 totalled $2.7 billion: PCS

July 5, 2017 by Canadian Underwriter

Sponsors completed six catastrophe bonds with coverage for Canada in the first half of 2017, raising $2.7 billion through transactions that included Canada, Property Claim Services (PCS) said in its PCS H1 2017 Catastrophe Bond Report. The first cat bond,