Industry
Allied World Assurance Company Holdings AG will be 21% owned by the Ontario Municipal Employees Retirement System (OMERS) if a deal announced Friday with Fairfax Financial Holdings is approved. Toronto-based Fairfax announced Dec. 18 a merger agreement, valued at about US$4.9 billion, with Zug, Switzerland-based Allied World, whose insurance lines in Canada include privacy breach, […]
By Canadian Underwriter | January 27, 2017
3 min read
The passing of the Fighting Fraud and Reducing Automobile Insurance Rates Act, 2014 has fuelled plans by the Ontario Trucking Association to investigate if roadside towing charges by heavy-duty recovery firms reflect the rates officially advertised on their websites. OTA will be asking members to send it scans of heavy-duty recovery invoices, including a description […]
2 min read
The Canadian non-life insurance industry is likely to return to an underwriting profit in 2017, according to Fitch Ratings’ new report on the Canadian non-life insurance market. Following a significant improvement in 2015 underwriting performance, the market in aggregate will shift to an underwriting loss in 2016, Fitch Ratings said in a statement on Wednesday. […]
By Canadian Underwriter | January 25, 2017
Munich Re and Insurance Europe are welcoming the successful conclusion of “covered agreement” negotiations between the United States and the European Union. Munich Re said in a press release on Thursday that “finalizing the agreement is an important step to mitigate trade barriers and regulatory hurdles that threatened the efficient transfer of risk among global […]
By Canadian Underwriter | January 20, 2017
4 min read
American International Group Inc. said Friday it “expects a material prior year adverse development charge” during the three months ending Dec. 31, 2016 and that National Indemnity Company (NICO) has agreed to reinsure 80% of losses on certain reserves for accident years 2015 and prior. A “binding term sheet for an adverse development reinsurance agreement” […]
Ratings firm A.M. Best Company said on Friday that it does not anticipate taking any rating actions as a direct result of plans for the United Kingdom to exit the European Union (EU), “although the cost implications of continuing to access EU business and any resultant downturn in the U.K. economy are likely to weigh […]
A record number of merger and acquisition deals – 72 – were closed in the last two weeks of 2016, compared to just 48 deals for the same period in 2015, according to Willis Towers Watson’s (WTW) latest Quarterly Deal Performance Monitor. “Deals completed in the last two weeks, buoying up numbers in North America […]
By Canadian Underwriter | January 16, 2017
Traci Boland has formally assumed her position as president of the Insurance Brokers Association of Ontario (IBAO) as of Jan. 1, the association noted in a press release on Thursday. “It’s a privilege to serve as president of our provincial association,” Boland said in the IBAO release. “2017 is about coming together across the industry […]
By Canadian Underwriter | January 12, 2017
Reported claim cost information for Canadian commercial insurers reveals a deterioration in loss ratio of 38.4% in accident year 2016 compared to the same period in 2015, according to Willis Towers Watson’s (WTW) Commercial Lines Insurance Pricing Survey – Canada (CLIPS Canada). Released on Wednesday, CLIPS Canada summarized aggregate results for the third quarter of […]
By Canadian Underwriter | January 11, 2017
Reinsurers are “striving to close gaps” in policies covering terrorism, while the decline in reinsurance pricing has moderated, Guy Carpenter & Company LLC suggested in a release Thursday. “While there are many areas of focus for product expansion and evolution in the coming year, with political volatility increasing globally, terrorism coverage needs will require a […]
By Canadian Underwriter | January 5, 2017
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