Canadian Underwriter

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Reinsurance


News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

U.S. study explores ways to build resilience to wildfire, recommends developing a sustainable strategy: Swiss Re

September 18, 2015 by Canadian Underwriter

Most states in the United States lack a sustainable financial strategy to respond to the changing climate landscape, including wildfires, notes a study released Thursday by Swiss Re and Johns Hopkins School of Advanced International Studies (SAIS). “Although individual decision-makers

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Chile quake’s estimated losses high, damage to several coastal towns

September 18, 2015 by Canadian Underwriter

The U.S. Geologic Society is reported to have made a loss estimate from the 8.3-magnitude earthquake in Chile on Sept. 16 – emphasizing it is early on and the range is far from concrete – of as much as US$1

News Insurance

EXOR deal ‘may not be the end of the discussion’ on fate of PartnerRe: A.M. Best

September 17, 2015 by Canadian Underwriter

PartnerRe Ltd.’s announcement last month that its board recommends shareholders approve an acquisition by EXOR S.p.A. “may not be the end of the discussion” on whether PartnerRe will be actually acquired by EXOR or whether PartnerRe would merge with rival insurer

News CatastrophesInsurance

Magnitude 8.3 earthquake hits Chile, prompts tsunami warning

September 17, 2015 Luis Andres Henao - THE ASSOCIATED PRESS

ILLAPEL, Chile – Thousands of residents of this small city in northern Chile were sleeping outside Thursday after a powerful earthquake destroyed their homes, forced more than 1 million to evacuate and killed at least eight people in the quake-prone

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Sea level rise may challenge some local governments in U.S., spur higher insurance rates for citizens: Fitch Ratings

September 17, 2015 by Canadian Underwriter

The rise in sea levels in the long term – made worse by event risks such as hurricanes and storm surges – may pressure the operations, capital funding requirements and indebtedness of some local governments in the United States, Fitch

News CatastrophesInsurance

Cyber insurance market could increase to at least $7.5 billion by 2020, cyber resilient approach urged: PwC

September 16, 2015 by Canadian Underwriter

The global demand for cyber insurance presents a huge commercial opportunity for insurers and reinsurers – estimated to be at least US$7.5 billion by the end of the decade – but with that opportunity comes risks that could be potentially

News CatastrophesInsurance

Hannover Re anticipates rising demand in treaty renewals at Jan. 1, 2016

September 15, 2015 by Canadian Underwriter

Property and casualty reinsurance worldwide is seeing a reduction in the oversupply of reinsurance capacity compared to the previous year despite the continuing highly competitive environment, Hannover Re CEO Ulrich Wallin said Monday during a press conference in Monte Carlo.

News Insurance

Everest Re gets approval in principle to create new Lloyd’s syndicate

September 15, 2015 by Canadian Underwriter

Everest Re Group Ltd. plans to start writing insurance in the Lloyd’s market. The Hamilton, Bermuda-based insurer announced the Lloyd’s Franchise Board has approved, in principle, the creation of Everest Syndicate 2786. “The new syndicate provides Everest with a platform

News Insurance

PartnerRe directors reaffirm recommendation to be bought by EXOR

September 15, 2015 by Canadian Underwriter

PartnerRe Ltd. announced Tuesday its board “reaffirms” its recommendation to be acquired by EXOR S.p.A. now that a “go shop” period has expired without any other acquisition proposals. Pembroke, Bermuda-based PartnerRe, which has a branch office in Toronto, writes reinsurance

News CatastrophesInsuranceMergers and Aqcuisitions

Profits for Canadian p&c insurance companies endure despite challenging market conditions: A.M. Best

September 15, 2015 by Canadian Underwriter

Canada’s property and casualty insurance market – faced with challenging market dynamics and unforeseen headwinds like the steep decline in global oil prices – remains resilient, prompting A.M. Best to maintain a stable rating outlook for the industry as a

News Insurance

Marine cat model includes vulnerability curves for cargo

September 14, 2015 by Canadian Underwriter

Aon Benfield announced Monday a catastrophe model, for marine and energy insurers, which includes databases on major ports and vulnerability curves for different types of cargo. London-based Aon plc stated that its reinsurance intermediary unit partnered with Risk Management Solutions

News CatastrophesInsurance

Challenging market conditions continue to put pressure on reinsurance pricing: Guy Carpenter

September 14, 2015 by Canadian Underwriter

Abundant capacity, the influx of new capital and limited loss experience is keeping the pressure on reinsurance pricing, terms and conditions, Alex Moczarski, president and CEO of Guy Carpenter & Company, LLC and chairman of Marsh & McLennan Companies International,