Industry
Willis Re, the reinsurance business of global advisory, broking and solutions company Willis Towers Watson (WTW), has announced that James Kent will succeed John Cavanagh as he steps down from his position as global CEO. Cavanagh will retire from WTW at the end of December 2017, handing over leadership of Willis Re to James Kent, […]
By Canadian Underwriter | July 7, 2017
3 min read
Toronto-based Fairfax Financial Holdings Ltd. has completed its acquisition of Allied World Assurance Company Holdings AG, the firms announced Thursday. The deal was valued at nearly $5 billion when it was announced Dec. 18, 2016. All figures are in U.S. dollars. In addition to Northbridge Insurance, Fairfax also owns OdysseyRe of Stamford, Conn. and several […]
By Canadian Underwriter | July 6, 2017
4 min read
Officials with Allied World Assurance Company Holdings AG “fully expect” that all closing conditions for the merger with Toronto-based Fairfax Financial Holdings Limited will be met by Thursday, Allied World suggested in Wednesday in a press release. A deadline, for 90% of Allied World shares to be tendered, has been extended to 5:00 p.m. Wednesday, […]
By Canadian Underwriter | July 5, 2017
The Government of Newfoundland and Labrador has announced the start of a comprehensive review of the auto insurance system in the province. Perry Trimper, Minister of Service NL, announced the review in a statement on Tuesday. As part of the process, the provincial Public Utilities Board (PUB) will conduct an independent closed claims study to […]
The proceeds of cargo theft and auto theft are in some cases funding terrorist activity, while accident benefits fraud in Ontario continues to be a problem, an Insurance Bureau of Canada speaker suggested to attendees at the Insurance Analytics Canada Summit. IBC is “constantly working with different government bodies” including the Financial Transactions and Reports […]
By Jason Contant | July 4, 2017
Fitch Ratings has announced that it has revised Lloyd’s of London’s outlook to negative from stable as result of “deterioration in underwriting performance, coupled with increasing exposure to catastrophe risk in the context of continuing pressure on both risk-adjusted premium rates and expense ratios at Lloyd’s.” Fitch said in a statement released earlier this week […]
By Canadian Underwriter | June 30, 2017
Toronto’s Fairfax Financial Holdings Ltd. announced Thursday it now has “all regulatory approvals that are necessary” for it to merge with Swiss insurer and reinsurer Allied World Assurance Company Holdings AG but suggested fewer than 90% of Allied World shareholders have tendered their shares. On Dec. 18, Allied World and Fairfax announced that both firms’ […]
2 min read
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 and distressed risks” across professional liability/errors & omissions, directors’ & officers’, medical malpractice and cyber […]
By Canadian Underwriter | June 29, 2017
Shareholders of commercial insurer and reinsurer Allied World Assurance Company Holdings AG are being urged to accept the offer from Toronto-based Fairfax Financial Holdings Limited to buy Allied World shares because the merger agreement initially announced a week before Christmas expires June 30. In a press release Monday, Fairfax and Zug, Switzerland-based Allied World said […]
By Canadian Underwriter | June 28, 2017
The Canadian property and casualty insurance industry had essentially no underwriting income during the first three months of the year but Q1 net investment income more than doubled year over year, figures from a report from MSA Research Inc. suggest. “Marred by lousy weather, challenging auto environments in most of the country, and mixed commercial […]
By Canadian Underwriter | June 27, 2017
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