Industry
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 and loss adjustment expenses, associated with its retroactive reinsurance contracts, of more than $40.1 billion […]
By Canadian Underwriter | August 8, 2017
3 min read
Northbridge Insurance had a 0.3-point in its second-quarter combined ratio, from 100% last year to 99.7% this year, while OdysseyRe’s combined ratio improved 3.9 points, the insurers’ parent firm, Fairfax Financial Holdings Ltd., reported recently. Toronto-based Northbridge Insurance had an underwriting profit of $1.1 million in the three months ending June 30, compared to essentially […]
4 min read
Toronto-based Kingsway Financial Services Inc. has reported a net loss attributable to common shareholders of US$7.9 million in the second quarter of 2017 compared to a net loss attributable to common shareholders of US$0.6 million in the same quarter last year. “Our results this quarter were negatively affected by several non-cash items,” explained Kingsway chief […]
2 min read
Aon plc has reported a net income attributable to shareholders of US$769 million for the three months ending June 30, a drastic increase from US$300 million in the prior-year period. Total revenue increased 4% to US$2.4 billion from US$2.3 billion in Q2 2016, driven primarily by 3% organic revenue growth and a 3% increase related […]
Willis Towers Watson plc reported Thursday its commissions and fees from corporate risk and broking were $624 million during the three months ending June 30, a slight drop from $627 million during the same period in 2016. “North America organic revenues were flat as new business growth was offset by a decline in one-time projects […]
By Canadian Underwriter | August 4, 2017
It has been more than a year since Ontario changed its criteria for catastrophic impairment and reduced the mandatory coverage for accident benefits, but the “long tail profile” of accident benefits claims means the Ontario reforms “have not fully been reflected yet” in the financial results of Intact Financial Corp., company officials suggested Wednesday. Unfavourable […]
By Canadian Underwriter | August 3, 2017
Aviva plc has reported a general insurance combined operating ratio (COR) of 98.9% for Canada for the first six months of the year ending June 30, up three points from 95.9% in the first six months of last year. For the United Kingdom & Ireland, the combined ratio improved 1.3 points to 92.5% from 93.8% […]
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 deteriorated 4.4 points to 102.7% while premiums in commercial insurance dropped 15% from the second […]
Nine days after Insurance Corporation of British Columbia released a report it commissioned to Ernst & Young LLP on reforming auto insurance, the chief executive officer of Intact Financial Corp. suggested it is “better to have a competitive marketplace” in B.C. During a conference call Wednesday in which Intact discussed its financial results from the […]
By Canadian Underwriter | August 2, 2017
Ross McDougall, CEO of McDougall Insurance & Financial, announced on Tuesday that the brokerage has merged with Monkman Gracie Johnston Insurance effective immediately. Operating out of Peterborough, Ont., Monkman Insurance and its 22 employees join Belleville, Ont.-headquartered McDougall Insurance to form an independent broker with 30 offices in eastern Ontario and the Ottawa Valley, McDougall […]
By Canadian Underwriter | August 1, 2017
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