News
The Guarantee appoints new VP for specialty business aimed at high net worth individuals
February 25, 2013 by Canadian UnderwriterThe Guarantee Company of North America has appointed Marilyn Horrick as national vice president for its Guarantee GOLD business segment, which caters to high net worth individuals. In the new role, effective Feb. 19, Horrick is accountable for all aspects…
Lloyd’s insurer ponders offering privacy breach response in Canada
February 25, 2013 by Canadian UnderwriterBeazley Group PLC may in the future offer a cyber breach response service in Canada, suggests an article posted Monday to the Lloyd’s website. Beazley, a London-based Lloyd’s insurer whose offerings include property, reinsurance and a variety of liability coverages,…
NDP presses for auto premium reductions in Ontario budget
February 22, 2013 by Greg Meckbach, Associate EditorThe Ontario New Democratic Party continued Thursday to press the ruling minority Liberal provincial government to force insurance carriers to reduce personal auto premiums by 15%, while government members are focusing on implementing additional anti-fraud measures and the Insurance Bureau…
Industry must recognize shortcomings of cat models, says Gen Re head
February 22, 2013 by Canadian UnderwriterRegardless of the causes of climate change, extreme weather is becoming more common and the insurance industry needs to step up to minimize the impact, notes a new paper from General Re chairman and CEO Tad Montross. “My own view…
Snow in Midwest U.S. to help, but not end long-running drought
February 22, 2013 by Canadian UnderwriterThe storm that unloaded more than a foot of snow on parts of Kansas and Nebraska this week may contribute to easing, but not eliminating, drought conditions for the stricken area. Rain and snow from the storm “will put a…
AIG reports net loss of $4 billion for Q4 2012, net income of $3.4 billion for the year
February 22, 2013 by Canadian UnderwriterAIG has reported a net loss of $4 billion for the fourth quarter of 2012, reflecting an after-tax loss of $1.3 billion from Hurricane Sandy. The insurer’s net income for the entire year was $3.4 billion, compared with $20.6 billion…
Majority of execs say they will benefit from an ERM program
February 21, 2013 by Canadian UnderwriterMore than four in five executives surveyed at North American insurance firms say they will benefit from an own risk and solvency assessment (OSRA), but a consulting firm suggests the carriers “have a long way to go” before completing their…
Number of insured Sandy-damaged vehicles estimated at 250,500
February 21, 2013 by Canadian UnderwriterRoughly 250,500 vehicles have been damaged from Superstorm Sandy, suggests a new estimate from the National Insurance Crime Bureau (NICB) in the United States. According to the preliminary estimate, New York’s number of damaged vehicles has increased to 150,000. The…
Annual net income nearly doubles, accident loss ratios drop at Allianz
February 21, 2013 by Canadian UnderwriterAllianz SE released Thursday its financial results for 2012, reporting gross written premiums in property and casualty of 46.9 billion Euros, up from 44.8 billion Euros in 2011. The Munich-based firm’s combined ratio in P&C for the full year was…
Swiss Re net income jumps to $4.2 billion for 2012
February 21, 2013 by Canadian UnderwriterGlobal reinsurance giant Swiss Re has reported a net income of $4.2 billion for 2012, up significantly from $2.6 billion in 2011. The company’s P&C Re business net income rose to$ 3 billion in 2012, an increase of $1.9 billion…
Economical increases net income by 68%, set to continue demutualization plans
February 20, 2013 by Canadian UnderwriterEconomical Insurance has reported a 5.6% increase in gross written premiums for 2012 from the previous year, along with increasing its net income by 68% over 2011. The Waterloo, Ont.-based insurer reported consolidated net income of $43.2 million for the…
RSA Canada reports 8% increase in net written premiums for 2012
February 20, 2013 by Canadian UnderwriterRSA Canada has reported an 8% growth in its 2012 financial results, to $2.55 billion in net written premiums, compared to roughly $2.36 billion the year before. “Strong organic growth across personal and commercial broker product lines was supplemented by…