Industry
Virden, Man.-based multi-line brokerage Andrew Agencies Ltd. has announced the acquisition of Waggoner Insurance effective May 1. Scott Andrew, president and CEO of Andrew Agencies and Ed Waggoner, president and CEO of Waggoner Insurance made the announcement in a press release on Tuesday. The three Waggoner locations in Winnipeg, which will be rebranded to Andrew […]
By Canadian Underwriter | May 3, 2017
1 min read
Intact Financial Corporation has announced that it intends to acquire OneBeacon Insurance Group, Ltd., a specialty insurer in the United States, for US$1.7 billion. Intact declared on Tuesday that it has entered into a definitive agreement and plan of merger pursuant to which it has agreed to acquire the specialty insurer, “creating a leading North […]
4 min read
Commercial insurance writer Markel Corp. reported a combined ratio of 100% in the three months ending March 31, a 12-point deterioration from its combined ratio of 88% during the first quarter of last year. Glen Allen, Virginia-based Markel released April 26 its financial results for the first three months of 2017. Among the factors affecting […]
By Canadian Underwriter | May 2, 2017
3 min read
Guelph, Ont.-based Co-operators General Insurance Company has reported a consolidated net income of $34.6 million for the first quarter of 2017 ending March 31, down from $39.3 million in the first quarter of 2016. The company’s combined ratio, excluding market yield adjustment, was 102.5% in Q1 2017, compared to 95.6% in Q1 2016. “It is […]
Allied World Assurance Company Holdings AG, which is expected to have a new Canadian corporate parent, recently reported a 3.1-point deterioration, year over year, in its first-quarter combined ratio, nearly a month after Cyclone Debbie hit the north shore of Australia’s Queensland coast. Zug, Switzerland-based Allied World, whose coverages include commercial liability, released Wednesday its […]
By Canadian Underwriter | May 1, 2017
WASHINGTON – With the U.S. economy on solid footing and unemployment at a near-decade low, the Federal Reserve remains in the midst of a campaign to gradually raise interest rates from ultra-lows. But this week, it’s all but sure to take a pause. The Fed is widely expected to keep its key short-term rate unchanged […]
By Jason Contant | May 1, 2017
Ontario’s new system for arbitrating auto accident benefits claims disputes has “very significant growing pains,” a lawyer told insurance professionals Thursday. During BDO Canada LLP’s 21st Annual Accident Benefits Conference, insurance defence lawyer Amanda Lennox questioned whether “access to justice has been achieved” with the Automobile Accident Benefits Service of Ontario’s license appeal tribunal. Until […]
By Greg Meckbach | April 28, 2017
Hamilton, Bermuda-based Aspen Insurance Holdings Limited has reported a net income after tax of US$95.5 million for the first quarter of 2017 ending March 31, down from US$114.4 million in the same quarter of 2016. The insurer’s operating income after tax for Q1 2017 was US$59.8 million, compared with an operating income of US$89.9 million […]
By Canadian Underwriter | April 27, 2017
French reinsurer SCOR SE has reported a P&C combined ratio of 94.5% and a net income of 140 million euros for the first quarter of 2017 ending March 31. SCOR released its financial results on Thursday. Its 94.5% P&C combined ratio was up 4.8 points from the first quarter of 2016, while its net income […]
2 min read
Toronto-based Kingsway Financial Services Inc. released its financial results for the first quarter of the year on Wednesday, reporting a net loss attributable to common shareholders of US$1.7 million compared to such a net loss of US$1.5 million in Q1 2016. Operating loss was $0.6 million for the first quarter of 2017 ending March 31 […]
By Canadian Underwriter | April 26, 2017
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