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…
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…
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…
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…
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…
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,…
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…
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…
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…
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…
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,…
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.…