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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

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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

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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

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Hannover Re’s net income of 1.15 billion euros in 2015 represents best-ever year for company

March 11, 2016 by Canadian Underwriter

Strong results for both property and casualty reinsurance and life and health reinsurance contributed to Hannover Re’s record profit in 2015, posting Group net income of 1.15 billion euros for the year and handily beating its profit target, notes a

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Share of AIG’s new and renewal U.S. Casualty portfolio to be ceded to Swiss Re

March 10, 2016 by Canadian Underwriter

American International Group, Inc. (AIG) announced on Wednesday that it has entered into a two-year reinsurance arrangement with Swiss Re, under which a share of AIG’s new and renewal U.S. Casualty portfolio will be ceded to the reinsurer. The arrangement

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More political risk reductions than increases on Aon’s 2016 emerging markets map

March 9, 2016 by Canadian Underwriter

For the first time in the last three years, more countries on the Aon Political Risk Map 2016 for emerging markets show political risk reductions than increases, although continued low oil prices is exacerbating political risk in already-fragile states. “Anti-corruption

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U.S. Federal Insurance Office requests voluntary data from insurers on participation in Terrorism Risk Insurance Program

March 8, 2016 by Canadian Underwriter

The U.S. Department of the Treasury’s Federal Insurance Office (FIO) has published a notice in the Federal Register requesting that insurers voluntarily submit certain insurance data and information regarding their participation in the Terrorism Risk Insurance Program (TRIP). Section 111

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XL Catlin appoints Nick Greggains as CEO of Canadian insurance operations

March 4, 2016 by Canadian Underwriter

XL Catlin announced on Friday the appointment of Nick Greggains as chief executive officer of XL Catlin’s Canadian insurance operations. In his new role, Greggains leads XL Catlin’s regional business strategy and guides the development and delivery of innovative insurance

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GC Securities completes cat bond notes on behalf of XL Insurance

March 4, 2016 by Canadian Underwriter

For the first time since XL Group plc’s acquisition of Catlin Group Limited, XL Catlin has utilized the 144A cat bond market as part of catastrophe bond Galileo Re Ltd., which provides aggregate protection against, among other things, earthquakes affecting

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XL Group proposes to relocate from Ireland to Bermuda

March 1, 2016 by Canadian Underwriter

Ten months after it completed its acquisition of Catlin Group Ltd., insurance carrier XL Group plc is proposing to change its place of incorporation to Bermuda. XL’s principal offices are currently in Dublin, Ireland. In Canada, XL’s coverages include commercial