Industry
XL Catlin announced on Tuesday that it has opened its first political risk, credit and bond (PRCB) practice in Canada “to address continued demand” and appointed Marvin Azzopardi as senior underwriter. “We are very excited to open our first Canada-dedicated political risk, credit and bond underwriting practice,” said Dan Rioran, XL Catlin’s global head of […]
By Canadian Underwriter | May 30, 2017
2 min read
Boyd Group Income Fund (BGIF) is looking to cement the Boyd Group’s position as a leading provider of collision repair services in Canada with the announcement it has entered into a definitive agreement to acquire the assets and business of Assured Automotive Inc. and related entities. The acquisition – with a purchase price of $193.6 […]
4 min read
The Institute for Catastrophic Loss Reduction (ICLR) will host a webinar next month on the effects of hail on vehicles. The Hail Impacts on Automobiles: A state-of-the-art-review webinar will be held on June 16 from 10 a.m. to 11:30 a.m. EDT. Information from ICLR noted that hail storms cause millions of dollars in damage to […]
By Canadian Underwriter | May 29, 2017
1 min read
The insurance and reinsurance industry would benefit from paying more attention to “black swan” events, those which are “not anticipated and probably not modelled,” a speaker suggested on Wednesday at the Canadian Insurance Financial Forum (CIFF). “When you look back at the major events around the world, there is always something notable about them that […]
By Jason Contant | May 25, 2017
3 min read
OTTAWA – Uncertainties continue to obscure the economy’s stronger-than-expected start to the year, the Bank of Canada said Wednesday as it stuck with its trendsetting interest rate of 0.5 per cent. In explaining its decision to hold the rate, the central bank once again highlighted weak wage growth and the slowing pace of underlying inflation […]
By Canadian Underwriter | May 24, 2017
Six months before announcing its proposed acquisition by Toronto-based Fairfax Financial Holdings Ltd., commercial insurer Allied World Assurance Company Holdings AG received an offer letter from an un-named prospective buyer for $48 a share, recently-released documents indicate. Fairfax and Zug, Switzerland-based Allied World announced Dec. 18 that the boards of directors of both firms agreed […]
By Canadian Underwriter | May 23, 2017
The Government of Saskatchewan announced on Wednesday that it has extended the effective date for the application of provincial sales tax to insurance premiums following discussions with insurance industry associations. The Ministry of Finance said in a press release that PST will apply to insurance premiums on Aug. 1, instead of July 1. The extension […]
By Canadian Underwriter | May 18, 2017
The soft pricing in the global reinsurance market will continue for at least the rest of 2017, ratings firm Fitch Ratings said in a report released Monday. “We expect premium rates to continue declining, due to large volumes of under-deployed capital and sluggish demand from reinsurance buyers following several years of below-average catastrophe claims,” Fitch […]
By Canadian Underwriter | May 16, 2017
Global insurance mergers and acquisitions (M&A) activity slowed across all sectors in 2016, according to a new study from global investment management firm Conning. The Conning study, 2017: Global Insurer Mergers & Acquisitions in 2016 – Activity Slows, but Pressures Remain, tracks and analyzes both United States and non-U.S. insurer M&A activity across property and […]
By Canadian Underwriter | May 15, 2017
Zurich Insurance Company Ltd. recently reported a 2.2-point deterioration in its first-quarter combined ratio in property and casualty insurance in North America, while the worldwide combined ratio increased 3.4 points, due in part to a recent change in the way lump sum awards are calculated in bodily injury rate in Britain. Zurich reported Thursday its […]
By Canadian Underwriter | May 14, 2017
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