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Reinsurance


News InsuranceLegislation / RegulationReinsurance

What the new reinsurance rules could look like for Canada

February 27, 2020 by Greg Meckbach

Canada’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

News InsuranceReinsurance

When OSFI will reissue proposed draft reinsurance rules

January 21, 2020 by Jason Contant

The 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

News BrokersInsuranceMarkets / CoveragesReinsurance

One ray of light in the hard market

January 6, 2020 by Jason Contant

Despite 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

News CatastrophesClaimsMarkets / CoveragesReinsurance

What reinsurance renewals on Jan. 1 told us about the market

January 2, 2020 by David Gambrill

Reinsurance 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

News InsuranceReinsurance

Reinsurer opens shop in Canada

December 19, 2019 by Greg Meckbach

Validus 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

News ClaimsCommercial LinesInsuranceReinsurance

Why even cyber policies might not cover cyber losses

December 13, 2019 by Jason Contant

Policies 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

News LegalLegislation / RegulationReinsurance

When OSFI will talk to industry about draft reinsurance rules

November 29, 2019 by Greg Meckbach

The 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

News Insurance

So when is the P&C industry going to make real money in cyber?

November 28, 2019 by David Gambrill

There’s a huge opportunity for Canadian brokers during this hard market and it’s hidden in plain sight — cyber insurance. Cyber protection has been a dominant fixture in industry discussions for the past several years. The product has evolved considerably,

News InsuranceLegislation / RegulationReinsurance

OSFI, industry step back from the brink on proposed new reinsurance rules

October 29, 2019 by David Gambrill

It appears that there has been a proverbial “last-minute call from the governor” regarding controversial new rules proposed by Canada’s solvency regulator as part of its reinsurance review. The Office of the Superintendent of Financial Institutions (OSFI) has made it

News Climate ChangeInsurance

Another insurer to withdraw coverage from oil sands

October 16, 2019 by Greg Meckbach

Starting next year, Axis Capital Holdings Ltd. will stop writing new insurance and facultative reinsurance for oil sands extraction and pipeline projects. Pembroke, Bermuda-based Axis writes commercial specialty and reinsurance. Its new thermal coal and oil sands underwriting and investment

News Climate ChangeInsuranceReinsurance

Large reinsurer to stop writing oil sands business: Memo

October 15, 2019 by Greg Meckbach

Concerns about climate change from human-produced greenhouse gas emissions may have prompted the world’s largest property and casualty reinsurer to stop writing some business for oil sands sites, according to an unverified document obtained by Canadian Underwriter. Facultative reinsurance covers

News InsuranceReinsurance

How reinsurers benefit from the market turn

October 9, 2019 by Jason Contant

With primary insurance companies seeking higher rates since the beginning of the year, proportional reinsurance programs are benefiting directly from these rate improvements, Joseph El-Sayegh, president and CEO of SCOR Canada Reinsurance Company, told Canadian Underwriter Wednesday. In proportional reinsurance,