Industry must innovate or become irrelevant, conference speaker cautions
August 31, 2016 Angela Stelmakowich, EditorThe insurance industry will likely face what could be its biggest shift ever over the next decade and successful navigation will demand greater collaboration with a wider group of organizations, Mike Key, SAP’s vice president of business development, Global Core…
U.S. Millennial small business owners more prepared for natural disasters and cyberattacks than previous generations: study
August 18, 2016 by Canadian UnderwriterMillennial small business owners in the United States are more likely than Gen X or Baby Boomers to have plans for natural disasters, cyberattacks, retirement benefits and even business succession, a new study has found. The second annual Small Business…
AIG reaches agreement to sell United Guaranty Corporation to Arch Capital for US$3.4 billion
August 17, 2016 by Canadian UnderwriterAmerican International Group, Inc. has entered into an agreement to sell its 100% interest in United Guaranty Corporation (UGC) to Arch Capital Group Ltd. for US$3.4 billion, a move in line with AIG’s continuing efforts to streamline operations and better…
Zurich Insurance Group’s 2016 business operating profit down in H1, up in Q2 over prior-year periods
August 11, 2016 by Canadian UnderwriterContinuing to build on its efforts to simplify and become more agile, Zurich Insurance Group reports that its business operating profit (BOP) for the first half of 2016 was US$2.194 million, down 2% from US$2.238 million for 2015 H1. Figures…
Nat cat losses for Allianz Group almost twice 10-year average for Q2
August 8, 2016 by Canadian UnderwriterAllianz Group reported Friday a 2.9-point deterioration in its property & casualty combined ratio, as natural catastrophe losses were “almost twice” its 10-year average for the second quarter. Munich-based Allianz reported its p&c operations had a combined ratio 96.4% during…
Waterloo, Ont.’s Lackner McLennan acquires Erb and Erb Insurance Brokers
August 2, 2016 by Canadian UnderwriterLackner McLennan Insurance Ltd. announced on Tuesday that it has acquired Erb and Erb Insurance Brokers Ltd. Waterloo, Ont.-based Lackner McLennan (LMI) said in a press release that the acquisition occurred on Friday. Kitchener, Ont.-based Erb and Erb and Lackner…
Berkshire Hathaway Specialty Insurance introduces four executive & professional lines for financial institutions, P&C insurers in Canada
July 20, 2016 by Canadian UnderwriterOne day after it announced that it had expanded into the transactional liability insurance market in Canada and the United States, Berkshire Hathaway Specialty Insurance (BHSI) said that it is introducing four new executive and professional lines in Canada. BHSI…
Nat cats in Q2 2016 cost Chubb an estimated US$390 million
July 13, 2016 by Canadian UnderwriterChubb Limited has estimated that natural catastrophe losses in the second quarter of 2016 cost the insurer US$390 million pre-tax, or US$315 million after tax. According to Chubb’s estimate, released on Tuesday, of the pre-tax total, US$320 million is from…
Global growth in insurance premium steady, but outlook mixed: Swiss Re
July 4, 2016 PremiumGlobal insurance premium growth in 2015 was up to 3.8% in real terms compared to 3.5% in 2014, illustrating a steady performance, but bringing with it a mixed outlook, Swiss Re points out in its latest sigma report. Global premium…
New law allows La Capitale Financial to apply to be regulated by Quebec
July 1, 2016 by Canadian UnderwriterThe federal government recently passed a law allowing La Capitale Financial Security Insurance Company to apply to be regulated under the laws of Quebec. Bill S-1001 – which was signed into law June 17 – is “a private bill requested…
Noraxis brokerages rebranding to Arthur J. Gallagher
June 28, 2016 by Canadian UnderwriterSeveral Canadian brokerages in the Noraxis group are rebranding to Arthur J. Gallagher, the Itasca, Illinois-based commercial brokerage announced Monday. The rebranding from Noraxis “marks another major milestone in Gallagher’s quest to become the leading insurance brokerage in Canada,” Arthur…
Optimum General offers overland water damage coverage for residences in Ontario and B.C.
June 3, 2016 by Canadian UnderwriterMontreal-based Optimum General Inc. announced on Friday that is has launched a residential policy endorsement in Ontario and British Columbia which now covers overland water damages. Optimum General said in a press release that the endorsement, which was launched on…