Keyword
Underwriting
XL Catlin doubles standalone terrorism limits in U.S.
February 26, 2016 by Canadian UnderwriterXL Catlin’s crisis management business has doubled available liability limits in the United States for standalone terrorism insurance coverage to US$200 million and unveiled specialized active assailant coverage as an answer to increased terrorism and active assailant threats. The options…
RSA Group reports combined ratio of 91.7% in Canada for 2015
February 25, 2016 by Canadian UnderwriterRSA Group has reported a record underwriting profit in Canada for 2015, with a combined ratio of 91.7% for the year, compared to 98.6% in 2014. The core Group combined ratio was 96%, an improvement from 98.8% in 2014. RSA…
BB&T Corporation to acquire Swett & Crawford for US$500 million
February 25, 2016 by Canadian UnderwriterBB&T Corporation has reached an agreement to acquire CGSC North America Holdings Corporation (Swett & Crawford) from Cooper Gay Swett & Crawford (CGSC) for US$500 million in cash, a move expected to provide BB&T’s wholesale insurance business with scale and…
Facility Association board okays working group, opportunity to improve residual market mechanism structures: Tisdale
February 25, 2016 Angela Stelmakowich, EditorThe Facility Association’s (FA) Board of Directors Wednesday authorized the creation of a working group to explore the optimal residual market mechanisms for automobile insurance in Canada, Bob Tisdale, outgoing chair of the board, announced at the association’s Annual General…
Swiss Re sees 2015 net income increase 31% to US$4.6 billion compared to 2014
February 23, 2016 by Canadian UnderwriterAll of Swiss Re’s business units contributed positively – although Life and Health (L&H) Reinsurance was a standout – to the 31% increase in net income of US$4.6 billion in 2015 compared to US$3.5 billion in 2014. “The result benefited…
U.S. P&C industry expected to post third consecutive underwriting profit in 2015, despite slight deterioration in combined ratio: A.M. Best
February 23, 2016 by Canadian UnderwriterThe property and casualty industry in the United States is expected to produce a third consecutive underwriting profit in 2015, despite a slight deterioration in the combined ratio as rate increases slow and the level of favourable loss reserve development…
Surveyed Canadians uninformed about flood damage protection: Square One
February 22, 2016 by Canadian UnderwriterTwo-thirds of those taking part in a recent poll by Vancouver-based Square One Insurance Services Inc. incorrectly believe flood protection is included in home insurance policies. The survey of 1,500 Canadians shows that 65% of those surveyed think flood protection…
Economical Insurance’s combined ratio improves 4.7 points in 2015 from 2014
February 21, 2016 by Canadian UnderwriterWaterloo, Ont.-based Economical Insurance reported on Friday a combined ratio of 97.4% for the full-year 2015, a 4.7 point improvement from the 2014 combined ratio of 102.1%. For the fourth quarter of 2015, ending Dec. 31, 2015, the combined ratio…
Combined ratio for U.S. p&c to increase 1.2 points in 2016: A.M. Best
February 19, 2016 by Canadian UnderwriterThe combined ratio will rise from 98% in 2015 to 99.2% for the property and casualty insurance industry in the United States, while for the U.S. and Bermuda reinsurance industry, the combined ratio will deteriorate by 6.7 points, A.M. Best…
More challenging environmental risks may pose insurance coverage issues for Canadian companies: Marsh
February 18, 2016 by Canadian UnderwriterCanadian companies may find it increasingly difficult to obtain insurance coverage for more challenging environmental risks as the number and size of environmental claims continue to grow, according to Marsh’s Canada Insurance Market Report 2016, released on Thursday. Marsh, an…
Net income for Echelon Financial Holdings down 56% to $3.7 million in 2015 Q4 compared to 2014 Q4
February 18, 2016 by Canadian UnderwriterAn underwriting loss in the fourth quarter of 2015 contributed to Echelon Financial Holdings Inc. (EFH) seeing net income drop 56% for both 2015 Q4 and full-year 2015. Net income for the three months ended Dec. 31, 2015 was approximately…
Aviva detects fraud on 2,200 new commercial motor policies in the UK in 2015
February 17, 2016 by Canadian UnderwriterAviva plc said on Wednesday that it had detected policy fraud on almost 2,200 commercial motor policies in 2015. The extent of “front-end” fraud in the commercial motor space came as Aviva announced it is now screening all commercial motor…