Canadian Underwriter


News Earnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

U.S. P&C industry records US$5.1 billion underwriting loss in first half of 2017: A.M. Best

August 29, 2017 by Canadian Underwriter

The property and casualty industry in the United States recorded a net underwriting loss of US$5.1 billion for the first six months of the year, according to preliminary results from A.M. Best Company. This underwriting loss compares with a US$2 billion loss in the same period a year ago, the Oldwick, N.J. ratings firm said in a press release on Tuesday. Data from the financial review is derived from companies’ six-month 2017 interim statutory statements received as of Aug. 21 and represents an estimated 96%…

News Insurance

Big increase in U.K. start-ups, but insurance coverage lacking for many small businesses

August 18, 2017 by Canadian Underwriter

A new survey out of the U.K. shows that self-employment is racing forward, but moves by small businesses to ensure they have insurance in place to address whatever risks may arise is lagging far behind. A wider spectrum of small

News InsuranceLegalLegislation / RegulationMarkets / Coverages

Supreme Court ruling against electronics firm director raises concern of increasing exposure of individuals to oppression remedy claims

August 17, 2017 by Canadian Underwriter

A ruling last month by the Supreme Court of Canada means it will be more difficult for corporate directors to have oppression remedy lawsuits against them summarily dismissed by courts, a lawyer suggested Wednesday in a blog post. The decision

News InsuranceLegislation / RegulationMergers and AqcuisitionsProducts

Government of Newfoundland and Labrador finalizes terms of reference for auto insurance review

August 16, 2017 by Canadian Underwriter

The provincial government announced on Tuesday that it has finalized the terms of reference for the automobile insurance review for Service NL and the provincial Board of Commissioners of Public Utilities (PUB). Government has directed PUB to begin its review

News Earnings / RatingsReinsurance

Retroactive reinsurance contracts, Ogden rate reduction produce underwriting losses for Berkshire Hathaway

August 8, 2017 by Canadian Underwriter

Boston-based Berkshire Hathaway Specialty insurance, which announced its entry in 2015 into the Canadian market, had a 23% increase in premiums written for the first half of 2017 versus 2016, while the Berkshire Hathaway Reinsurance Group had liabilities for losses

News Earnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Commercial premiums down 15% for AIG

August 3, 2017 by Canadian Underwriter

American International Group Inc. reported Wednesday its net income was $1.13 billion during the three months ending June 30 and its Q2 combined ratio in personal insurance improved 5.9 points from last year, but the combined ratio in commercial insurance

News InsuranceMarkets / CoveragesMergers and AqcuisitionsProductsTechnology

Global software company Symbility Solutions partners with Toronto’s DeepLearni.ng to bring AI to property insurance

August 2, 2017 by Canadian Underwriter

Global software company Symbility Solutions Inc. announced on Wednesday that it has entered into a new partnership with Toronto-based DeepLearni.ng to bring artificial intelligence (AI) solutions into property insurance. Symbility said in a press release that “by closely collaborating with

News InsuranceLegal

Directors can be sued under oppression remedy even when they did not personally benefit from conduct: Supreme Court

July 18, 2017 by Canadian Underwriter

A recent Supreme Court of Canada ruling, upholding an oppression remedy award of more than $600,000 against corporate directors, provides “better-defined boundaries for personal liability of directors,” a litigation lawyer wrote Monday. In a ruling released July 13, Canada’s highest

News CatastrophesInsuranceMarkets / CoveragesReinsurance

GC Securities completes “first ever indemnity triggered multi-Europe peril only” cat bond

July 10, 2017 by Canadian Underwriter

GC Securities – a division of U.S. registered broker-dealer MMC Securities LLC, a subsidiary of Marsh & McLennan Companies, Inc. (MMC) – has announced the “first ever indemnity triggered multi-Europe peril only 144A catastrophe bond.” The placement of Principal At-Risk

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Cat bonds with coverage for Canada in the first half of 2017 totalled $2.7 billion: PCS

July 5, 2017 by Canadian Underwriter

Sponsors completed six catastrophe bonds with coverage for Canada in the first half of 2017, raising $2.7 billion through transactions that included Canada, Property Claim Services (PCS) said in its PCS H1 2017 Catastrophe Bond Report. The first cat bond,

News AssociationsInsuranceMarkets / CoveragesMergers and AqcuisitionsProducts

Specialist Lloyd’s broker now providing regional Canadian brokers with direct access to London liability insurance market

June 29, 2017 by Canadian Underwriter

Servca, the independent international specialist Lloyd’s broker, announced on Thursday that is has expanded its global footprint into Canada. Servca now provides regional Canadian brokers with direct access to Lloyd’s of London specialist products, schemes and carriers, “catering for non-standard

News InsuranceMarkets / Coverages

Personal injury lawsuit against bike park operator dismissed due to wording of waiver signed by plaintiff

June 26, 2017 by Canadian Underwriter

Insurers of mountain bicycle riding parks should be able to “breathe a sigh of relief” due to a recent court decision from British Columbia, a blogger with an insurance law firm wrote in a recent post. Dr. Blake Jamieson suffered