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Cooper Gay Swett & Crawford to sell North American business

November 13, 2015 by Canadian Underwriter

U.K.-based Cooper Gay Swett & Crawford (CGSC) announced Friday that the global wholesale, underwriting management and reinsurance broking group will pursue a sale of its North American business unit. “We believe this transaction will best serve the long-term interest of

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Report reinforces correlation between risk management, financial success of businesses: Aon

November 13, 2015 by Canadian Underwriter

Reinforcing the direct relationship between strong risk management practices and superior operating performance for organizations, a report released Thursday by Aon Global Risk Consulting further identifies three key factors to help organizations boost risk maturity. “Our data confirms that organizations

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Flood Re’s regulations in U.K. now in effect

November 12, 2015 by Canadian Underwriter

The signing of Flood Re’s regulations in the United Kingdom means as many as a half million households in high flood risk areas have moved one step closer to affordable flood insurance and away from spiralling home insurance premiums. Following

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Optimism among SMEs highest in U.S.: Zurich survey

November 11, 2015 by Canadian Underwriter

Competition and a lack of consumer demand are top concerns among surveyed executives of small and medium-sized enterprises (SMEs) in the United States, despite the group being relatively optimistic about future business opportunities, Zurich Insurance Group reports. Released Wednesday, results

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Hannover Re posts Group net income of 786.0 million euros in 2015 Q3, up from 695.4 million euros in prior-year quarter

November 4, 2015 by Canadian Underwriter

Hannover Re reports being well on track for solid year-end financial results, announcing Wednesday that Group net income was 786.0 million euros in 2015 Q3, a 13% increase over the 695.4 million euros in the prior-year quarter. The already good

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AIG reports net loss of US$231 million in 2015 Q3, down from net income of $2.2 billion in 2014 Q3

November 3, 2015 by Canadian Underwriter

American International Group, Inc. has reported the company has posted a net loss of US$231 million for the third quarter of 2015 compared to net income of $2.2 billion for the same quarter of 2014. “Compared to the prior-year quarter,

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Patricia-related insured losses to onshore properties in Mexico estimated not to exceed US$200 million

October 26, 2015 by Canadian Underwriter

Onshore properties in Mexico escaped major damage when Hurricane Patricia made landfall, with catastrophe modelling firm AIR Worldwide estimating Sunday that insured losses to those properties will not exceed US$200 million. When at its height earlier, the National Hurricane Center

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Tianjin explosions contribute to Allied World’s net loss for 2015 Q3

October 23, 2015 by Canadian Underwriter

Allied World Assurance Company Holdings, AG this week reported a net loss of US$51.6 million for 2015 Q3 compared to net income of US$30.9 million in 2014 Q3, partly driven by catastrophe and investment losses. “Net income for the quarter

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Travelers’ record NWP in 2015 Q3 over prior year quarter helps net income increase to US$928 million

October 22, 2015 by Canadian Underwriter

Record net written premiums (NWP) for The Travelers Companies, Inc. in the third quarter of 2015 helped buoy the company’s net income the quarter, which reached US$928 million compared to US$919 million in the same period of 2014. The 1%

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Insurance industry needs to better understand the consequences of large aggregation scenarios: AIR Worldwide

October 21, 2015 Angela Stelmakowich, Editor

The cyber risk the insurance industry seems most concerned about currently relates to large aggregation scenarios – such as the impact of an attack on the power grid or the cloud – but that concern has not necessarily translated into

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ACE sees net income in 2015 Q3 drop 32.7% from 2014 Q3, record P&C underwriting income

October 21, 2015 by Canadian Underwriter

ACE Limited reported Tuesday its net income for the third quarter of 2015 was US$528 million, down 32.7% from the US$785 million in the same quarter of 2014. Operating net income, net of tax, showed a slight increase, reaching a

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Dual approach seeks to help insurers better understand their specific Cat risk exposures: Willis Re

October 19, 2015 by Canadian Underwriter

Willis Re is hoping to help insurers develop their own independent view of risk with the adoption of a dual approach that involves enhancing and validating output for perils and regions covered by vendor models, as well as building new