Industry
The offshore energy sector is facing a series of significant challenges in the wake of a falling premium base and increased volatility, cautions the chairman of the International Union of Marine Insurance’s (IUMI) offshore energy committee. “We have not witnessed this level of downturn for 30 years – a drastic reduction in the oil price […]
By Canadian Underwriter | September 21, 2016
3 min read
Underwriters of surplus lines in the United States generated growth in direct premium of 2.5% in 2015, the smallest annual increase in the last five years, according to an A.M. Best special report released on Monday. The Best’s Special Report, titled Surplus Lines Financially Sound Despite Market Pressures and Economic Challenges, stated that this small […]
By Canadian Underwriter | September 20, 2016
2 min read
The property and casualty insurance industry in the United States posted an underwriting loss of approximately US$2.3 billion and a 3.5% decline year-over-year in net investment income through the first six months of 2016, said a new A.M. Best Company special report released on Friday. Oldwick, N.J.-based A.M. Best said that the impact of catastrophes, […]
By Canadian Underwriter | September 16, 2016
The Canada Pension Plan Investment Board (CPPIB) announced on Friday that it has signed an agreement with American International Group (AIG) to acquire 100% of Ascot, AIG’s Lloyd’s platform, for a “total consideration” of US$1.1 billion. The CPPIB said in a press release that the transaction involves the acquisition of Ascot Underwriting Ltd. and Ascot […]
CALGARY — Mark Day, executive director of risk management and insurance for the Government of Alberta’s Treasury Board and Finance, has had his many years of service and dedication recognized, becoming the latest recipient of the Donald M. Stuart Award. Presented during Tuesday’s awards luncheon at the 2016 RIMS Canada Conference in Calgary, Day was […]
By Angela Stelmakowich | September 13, 2016
Weak profitability is likely to leave more reinsurers worldwide vulnerable to takeover in 2017, reinvigorating mergers and acquisitions (M&A) activity as healthier firms seek growth and efficiency savings, Fitch Ratings said on Monday. Consolidation in the sector has stalled after a flurry of deals in 2014 and 2015 as potential buyers have been put off […]
By Canadian Underwriter | September 13, 2016
Commercial insurance prices in the United States were nearly flat during the second quarter of 2016, according to the most recent Commercial Lines Insurance Pricing Survey (CLIPS), released on Monday. Willis Towers Watson (WTW), a global advisory, broking and solutions company, conducted the survey, which compared prices charged on policies underwritten during the second quarter […]
By Canadian Underwriter | September 12, 2016
As investment returns remain low and with recent drops in renewal pricing, reinsurance carriers are resisting “aggressive buying tactics” on the part of cedents, Guy Carpenter & Company LLC suggested in an article published Friday. “From a buying perspective, while recent years have been characterized by double-digit rate reductions and continual pressure on terms and […]
By Canadian Underwriter | September 9, 2016
Willis Towers Watson plc reported Monday the combined ratio for its index of top reinsurers was 94.1% during the first six months of 2016, up 2.6 points from 91.5% during the same period as 2015, during a time when insurers were hit by losses from catastrophes such as the Fort McMurray wildfire, floods in Europe […]
By Canadian Underwriter | September 7, 2016
OTTAWA – The Bank of Canada struck a note of caution Wednesday as it held its key interest rate target steady at 0.5 per cent and raised concerns after the export sector disappointed earlier this year. “While the strength in exports during July was encouraging, the ground lost over previous months raises the possibility that […]
By Jason Contant | September 7, 2016
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