OSFI, industry step back from the brink on proposed new reinsurance rules
October 29, 2019 by David GambrillIt 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…
What could drive reinsurers away from some markets
December 10, 2018 by Greg MeckbachReinsurance is extremely important but could get too expensive in certain areas, industry leaders said at a recent event. Some insurance companies today are “dialing up their reinsurance protection – property and cat risk in particular in the United States,”…
Why A.M. Best gave the global reinsurance segment a ‘stable’ outlook
December 6, 2018 by David GambrillCORRECTION: An earlier version of this story incorrectly stated that A.M. Best had changed its outlook for the global reinsurance sector from ‘Stable’ to ‘Negative.’ In fact, the outlook changed to ‘Stable’ from ‘Negative.’ Canadian Underwriter apologizes for the error.…
Sirius closes merger agreement
November 6, 2018 by Greg MeckbachA merger agreement involving Sirius International Insurance Group Ltd., which sells reinsurance in Canada, has closed. Bermuda-based Sirius started trading Monday on the NASDAQ. Sirius America Insurance Company sells reinsurance through a Toronto office. In Canada, the firm had net…
Reinsurer with Toronto office could become publicly traded
June 28, 2018 by Greg MeckbachSirius International Insurance Group Ltd., which sells reinsurance in Canada through a Toronto office, will be publicly traded if a tentative merger agreement announced Monday is approved. Bermuda-based Sirius was sold in 2016 by White Mountains Insurance Group Ltd. to…
Q3 reinsurance loss ratio up 56.5 points for Arch Capital
November 2, 2017 by Canadian UnderwriterAfter estimating it could lose nearly $320 million due to natural catastrophes including major North Atlantic hurricanes in the three months ending September 30, Arch Capital Group Ltd. has reported its combined ratio in reinsurance deteriorated 51.5 points, from 75.9%…
U.S. politicians urged to ‘work quickly’ to ensure NFIP ‘sustainable for the future’
October 3, 2017 by Canadian UnderwriterA coalition of insurers and associations is urging the United States Congress to quickly reform and extend the National Flood Insurance Program, which owes billions to the U.S. government and will expire this year unless a law extending NFIP is…
Retroactive reinsurance contracts, Ogden rate reduction produce underwriting losses for Berkshire Hathaway
August 8, 2017 by Canadian UnderwriterBoston-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…
Capital markets could help transfer U.S. flood risk to private market: Artemis
July 19, 2017 by Canadian UnderwriterThe “glut of reinsurance capital and interest from capital markets” could help the United States government reform its flood insurance subsidy program by making the heavily-indebted National Flood Insurance Program a “much smaller insurer of last-resort,” Artemis.bm suggested Wednesday on…
Reinsurance Association of America calls for increased competition in U.S. flood insurance
June 1, 2017 by Canadian UnderwriterThe Reinsurance Association of America is calling on the U.S. government to encourage private-sector insurers to compete with the National Flood Insurance Program, which is scheduled to expire Sept. 30. NFIP was created in 1968. A property cannot qualify for…
P&C reinsurance premiums down 17.6% for Swiss Re
May 4, 2017 by Canadian UnderwriterSwiss Re Ltd. reported Thursday a 2.3-point increase in its first-quarter combined ratio, as the reinsurer expects more than $300 million in claims from Cyclone Debbie, which caused widespread flooding in late March in Australia. Zurich-based Swiss Re released May…
Global reinsurance loss ratio up 7.1 points in first six months of 2016: A.M. Best
September 7, 2016 by Canadian UnderwriterThe loss ratio in the global reinsurance market was two points higher during the first six months of this year than the five-year average, while in 2015, Paris-based SCOR SE overtook Omaha, Neb.-based Berkshire Hathaway in A.M. Best Company Inc.’s…