Segment
Reinsurance
Lloyd’s estimates COVID’s cost to the industry and its own market
May 15, 2020 by Greg MeckbachThe Lloyd’s market will pay “in the range” of $3 billion to $4.3 billion “as a result of the far-reaching impacts of COVID-19,” the Corporation of Lloyd’s announced Thursday. Comparing the overall COVID-related losses to the 2001 terror attack in…
Aon names new president of Reinsurance Solutions in Canada
May 8, 2020 by David GambrillMatt Wolfe has been appointed the new president of Reinsurance Solutions in Canada, Aon plc announced Friday. “In his new role, Matt will lead the Canadian Reinsurance solutions team and bring unmatched analytics and insights to clients across the country,”…
Pandemic bonds: The financial cure we need for COVID-19?
March 30, 2020 The Canadian PressThis article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Authors: Dror Etzion, Associate Professor, Strategy and Organizations, McGill University; Bernard…
On why Aon-Willis Towers Watson’s deal was predictable
March 10, 2020 by Jason ContantOne industry professional with a reinsurance background is really not surprised by the announcement yesterday by Aon plc that it intends to acquire Willis Towers Watson for $30 billion in stock. “I think the writing has been on the wall…
Should you outsource your response to silent cyber?
February 28, 2020 by Jason ContantSome insurers are specifically allocating internal resources to address silent cyber, while others are outsourcing it, speakers noted recently at NetDiligence’s Cyber Risk Summit in Toronto Feb. 21. Melinda Parker Thompson, an underwriting specialist with Allianz Global Corporate & Specialty…
What the new reinsurance rules could look like for Canada
February 27, 2020 by Greg MeckbachCanada’s federal insurance regulator will probably impose a policy limit rule, but one that will look different from a controversial rule initially proposed in 2018, a lawyer familiar with insurance solvency rules told Canadian Underwriter. “There has not really been…
When OSFI will reissue proposed draft reinsurance rules
January 21, 2020 by Jason ContantThe Office of the Superintendent of Financial Institutions (OSFI) could be reissuing a new draft of its proposed new reinsurance rules “within the next few weeks,” a property and casualty insurance industry veteran predicted last week. “I believe OSFI will…
One ray of light in the hard market
January 6, 2020 by Jason ContantDespite signs of hardening in certain reinsurance markets, and certainly in the primary market, general third-party liability treaties represents a silver lining in the cloud. “Many general third-party liability treaties are ancillary to traditional property treaties and have generally remained…
What reinsurance renewals on Jan. 1 told us about the market
January 2, 2020 by David GambrillReinsurance renewals at Jan. 1, 2020 reflected an “asymmetrical” market, featuring a mixed bag of rate increases or decreases (depending on the specific business line or territory), as well as significant rate increases in the retrocession markets, according to Guy…
Reinsurer opens shop in Canada
December 19, 2019 by Greg MeckbachValidus Reinsurance Ltd. has established a branch office in Toronto with Heather Legg as its new chief agent, parent company American International Group Inc. announced Thursday. Legg, currently a senior vice president at Validus, is a former senior executive with…
Why even cyber policies might not cover cyber losses
December 13, 2019 by Jason ContantPolicies that don’t specifically include or exclude cyber losses (“silent cyber”) have long been a concern of insurers, but you’d think a data breach loss would be covered by a cyber policy, right? Not always. The devil is sometimes in…
When OSFI will talk to industry about draft reinsurance rules
November 29, 2019 by Greg MeckbachThe federal insurance regulator – silent during the election campaign on proposed changes to reinsurance – plans to talk to the industry after the holidays, a senior official with the federal Office of the Superintendent of Financial Institutions (OSFI) said…