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Canada in better position than most to close protection gap, collaboration key: Scotti

April 6, 2016 by Angela Stelmakowich

“Canada is in a better position than many other countries to actually close its protection gap,” Veronica Scotti, president and CEO of Swiss Re Canada, said Wednesday during Swiss Re’s Canadian Insurance Outlook in downtown Toronto. “Sometimes it takes an

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMergers and AqcuisitionsTechnology

Canada’s p&c industry sees big jump in underwriting income, big drop in nat-cat losses in 2015: IBC

April 6, 2016 by Angela Stelmakowich

Despite the challenges and fluctuations of 2015 – including plummeting oil prices – Canada’s property and casualty industry “had a relatively good year,” with underwriting income tripling to about $1.7 billion, David McGown, senior vice president of strategic initiatives for

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Aon to launch new global reinsurer trading platform

April 5, 2016 by Canadian Underwriter

Aon Benfield will launch its new global reinsurer trading platform Apr. 11, a move meant to enhance placements with real-time data when ABConnect Placements goes live for July 1 treaty placements, the global reinsurance intermediary and capital advisor of Aon

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesMergers and Aqcuisitions

Reinsurance demand uptick despite price softening, reinsurers may not grant more concessions: Willis Re

April 4, 2016 by Canadian Underwriter

Encouraging signs for reinsurers are coming to light despite reinsurance rates falling for the fourth consecutive year at the Apr. 1, renewals, suggests Willis Re suggests in its latest 1st View Reinsurance Renewals report. “Amidst a gloomy picture of sustained

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Everest Re names Jonathan M. Zaffino as president of North America Insurance Division

March 30, 2016 by Canadian Underwriter

Everest Re Group, Ltd. announced on Wednesday that it has named Jonathan M. Zaffino as president of its North America Insurance Division, effective April 1. Zaffino joined Hamilton, Bermuda-based Everest Re in 2015 as president of Everest National / U.S.

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Cyber risk, interest rates, economy remain major concerns for insurers: A.M. Best

March 28, 2016 by Canadian Underwriter

Concerns regarding cyber risk, interest rates and the economy remain prominent among insurers, according to the latest quarterly survey from A.M. Best Company. The Best’s Special Report, released on Thursday, included several hundred responses, representing property and casualty (70.4%), life

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Ottawa proposes to clarify tax rules on imported reinsurance services

March 28, 2016 by Canadian Underwriter

The federal government recently announced it intends to “clarify” the rules for calculating sales tax on reinsurance premiums in certain cases. In its 2016-17 budget document, the ruling Liberals propose “to clarify that two specific components of imported reinsurance services,

News CatastrophesInsuranceMergers and Aqcuisitions

Combined ratio for Lloyd’s at 90% for 2015, up from 88.4% in 2014

March 24, 2016 by Canadian Underwriter

Lloyd’s of London, the world’s specialist market for insurance and reinsurance, announced on Wednesday a combined ratio of 90% for 2015, up from 88.4% in 2014. Lloyd’s also reported a pre-tax profit of 2.1 billion pounds for 2015, down from

News CatastrophesInsuranceMergers and Aqcuisitions

2015 quiet in terms of global insured losses at US$30.5 billion, despite exceptionally strong El Nio: Guy Carpenter

March 22, 2016 by Canadian Underwriter

Although 2015 marked one of the strongest El Niño periods on record, it was a quiet year in terms of global insured losses, according to Guy Carpenter’s Global Catastrophe Review – 2015. The review, released on Tuesday, noted that there

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EXOR completes acquisition of PartnerRe; new board includes Fiat Chrysler chairman, former PartnerRe CEO, former ACE vice chairman

March 18, 2016 by Canadian Underwriter

PartnerRe Ltd., a Bermuda reinsurer and commercial primary insurance carrier with a Toronto branch office, announced Friday its acquisition by EXOR S.p.A. has been completed and former chief executive officer Patrick A. Thiele will now sit on its board of

News InsuranceMergers and Aqcuisitions

Opta says model lets insurers ‘quickly identify properties more at risk of flooding’

March 17, 2016 by Canadian Underwriter

SCM Insurance Services announced Wednesday that its Opta Information Intelligence unit has a partnership with Impact Forecasting LLC to provide flood model products to Canadian insurance providers. “Opta will leverage this technology to provide its customers with the ability to

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Munich Re forecasts 98% combined ratio in p&c reinsurance in 2016, appoints Wenning as new CEO

March 16, 2016 by Canadian Underwriter

Munich Re said Wednesday it expects its combined ratio in property & casualty reinsurance will deteriorate more than eight points this year, due in part to low catastrophe losses in 2015. In a press release Wednesday Munich Re, said in