Keyword
Lloyd's
A.M. Best has ‘significant concerns’ about global reinsurance industry after 2016 accident year combined ratio tops 100%
September 5, 2017 by Canadian UnderwriterThe global reinsurance market is “far from thriving” and while the Lloyd’s market “maintains an excellent business profile,” its accident year combined ratio in reinsurance exceeded 100, A.M. Best Company Inc. said in a report released Tuesday. Each September, Oldwick,…
A.M. Best reports spike in Canadian investment in U.S. insurance market
September 1, 2017 by Canadian UnderwriterThere is a “growing interest” among Canadian property and casualty insurers in the United States market, while on this side of the border, Aviva plc has became the Number 2 P&C insurer in Canada and the loss ratio in Canadian…
Fairfax ‘not oriented’ towards more acquisitions: Watsa
August 10, 2017 by Canadian UnderwriterOfficials 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…
Extreme cloud attack could pack as much of a cost wallop as Hurricane Sandy
July 18, 2017 by Canadian UnderwriterA malicious hack that fells a cloud service provider for a time has the potential to produce estimated economic losses of as much as US$53 billion, in line with the hit delivered by Superstorm Sandy, suggests a new research scenario…
Fairfax completes acquisition of Allied World
July 6, 2017 by Canadian UnderwriterToronto-based Fairfax Financial Holdings Ltd. has completed its acquisition of Allied World Assurance Company Holdings AG, the firms announced Thursday. The deal was valued at nearly $5 billion when it was announced Dec. 18, 2016. All figures are in U.S.…
Fitch revises Lloyd’s outlook to negative due to deterioration in underwriting performance
June 30, 2017 by Canadian UnderwriterFitch Ratings has announced that it has revised Lloyd’s of London’s outlook to negative from stable as result of “deterioration in underwriting performance, coupled with increasing exposure to catastrophe risk in the context of continuing pressure on both risk-adjusted premium…
Specialist Lloyd’s broker now providing regional Canadian brokers with direct access to London liability insurance market
June 29, 2017 by Canadian UnderwriterServca, the independent international specialist Lloyd’s broker, announced on Thursday that is has expanded its global footprint into Canada. Servca now provides regional Canadian brokers with direct access to Lloyd’s of London specialist products, schemes and carriers, “catering for non-standard…
Investment income doubles for Canadian P&C industry: MSA
June 27, 2017 by Canadian UnderwriterThe Canadian property and casualty insurance industry had essentially no underwriting income during the first three months of the year but Q1 net investment income more than doubled year over year, figures from a report from MSA Research Inc. suggest.…
Negligence finding against brokerage arising from denied commercial fire claim overturned
June 20, 2017 by Canadian UnderwriterMarsh Canada Ltd. was not contributorily negligent after a fire claim filed by a Halifax pub owner was denied by its Lloyd’s insurers because the property was neither sprinklered nor made of masonry, contrary to a statement on the insured’s…
Combined ratio up 3.1 points for Allied World
May 1, 2017 by Canadian UnderwriterAllied World Assurance Company Holdings AG, which is expected to have a new Canadian corporate parent, recently reported a 3.1-point deterioration, year over year, in its first-quarter combined ratio, nearly a month after Cyclone Debbie hit the north shore of…
“New normal” may be emerging in global energy insurance markets: Willis Towers Watson
April 12, 2017 by Canadian UnderwriterThe energy sector is still beset by some significant challenges, including low oil prices, but there may also be a “new normal” emerging in the global energy insurance market, according to global advisory, broking and solutions company Willis Towers Watson…
Lloyd’s reports $2.1 billion pound profit for 2016, major claims from Fort McMurray
March 30, 2017 by Canadian UnderwriterLloyd’s, the world’s specialist market for insurance and reinsurance, has reported a pre-tax profit of 2.1 billion pounds for 2016, the same as in 2015. The level of Lloyd’s major claims last year (2.1 billion pounds compared to 0.7 billion…