Canadian Underwriter

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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 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 CatastrophesInsurance

AIR Worldwide, security risk firms collaborate on advanced cyber model

September 14, 2015 by Canadian Underwriter

AIR Worldwide will work with security risk and cyber data providers BitSight Technologies and Risk Based Security (RBS) to build an advanced cyber risk model. AIR Cyber Risk Model will seek to help the insurance industry better manage the evolving

News CatastrophesInsurance

Insurers discussing ‘broader form’ of contingent business interruption coverage: Swiss Re

September 14, 2015 by Canadian Underwriter

Contingent business interruption insurance does not cover some “important supply chain risks,” though some insurers are discussing the possibility for broadening CBI coverage, while a lack of historical data makes it difficult for carriers to underwrite terrorism coverage, Swiss Re

News Insurance

Towers Watson to acquire Brovada for US$15.24 million, move to expand insurance technology offerings

September 14, 2015 by Canadian Underwriter

Global professional services company Towers Watson announced Monday that it has signed a definitive agreement to acquire Brovada, a Canadian insurance technology firm, for US$15.24 million. Towers Watson reports that the transaction, expected to close in the coming weeks, will

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,

News Insurance

Global benefits of cyber connectivity expected to outweigh costs by $160 trillion through 2030, report says

September 10, 2015 by Canadian Underwriter

The accumulated global benefits of cyber connectivity should still outpace the costs through the year 2030 by nearly US$160 trillion (constant 2011 United States dollars), an 8% gain in the cumulative global GDP between 2010 and 2030, according to a

News InsuranceMergers and Aqcuisitions

Bryan Bedford named CIP Society’s Emerging Leader for 2015

September 10, 2015 by Canadian Underwriter

Bryan Bedford has joined a long list of respected leaders in Canada’s insurance industry, becoming the latest recipient of the Emerging Leader honour from the Chartered Insurance Professionals’ (CIP) Society. The Emerging Leader category is part of the CIP Society’s

News InsuranceMergers and Aqcuisitions

ACE announces leadership teams for company’s North American business units, effective upon completion of acquisition of Chubb

September 10, 2015 by Canadian Underwriter

ACE Limited has announced the leadership teams it intends to appoint for the company’s North American business units, including national accounts, middle market, small commercial, personal lines, wholesale/excess and surplus lines, Bermuda and agriculture. All of the appointments will take

News InsuranceMergers and Aqcuisitions

Lloyd’s 2015 first-half profit of 1.19 billion compares to 1.65 billion in 2014 H1

September 10, 2015 by Canadian Underwriter

Expert underwriting and rigorous oversight has helped Lloyd’s achieve pre-tax profit of £1.19 billion during the first half of 2015, although the figure is down from “exceptional high” of £1.65 billion for the first six months of 2014. At June

News CatastrophesInsuranceMergers and Aqcuisitions

One of the worst wildland/urban interface fire disasters in modern Canadian history could be repeated, study suggests

September 9, 2015 by Canadian Underwriter

Present conditions at the study sites of one of the worst wildland/urban interface (WUI) fire disasters in modern Canadian history – the 2003 Okanagan Mountain Provincial Park wildfire in Kelowna, British Columbia – indicate that the disaster could be repeated,

News InsuranceMergers and Aqcuisitions

Archway Insurance acquires N.S.-based swanfinancial, cites value of traditional settings

September 8, 2015 by Canadian Underwriter

Archway Insurance, one of Atlantic Canada’s largest independently owned insurance brokerages, announced Tuesday that it has acquired the general insurance business of swanfinancial, which is based in Oxford, N.S. The terms of the transaction, effective October 1, were not disclosed.