Industry
The loss ratio in the global reinsurance market was two points higher during the first six months of this year than the five-year average, while in 2015, Paris-based SCOR SE overtook Omaha, Neb.-based Berkshire Hathaway in A.M. Best Company Inc.’s ranking of global reinsurers, A.M. Best said in a recent report. A.M. Best Company released […]
By Canadian Underwriter | September 7, 2016
2 min read
Fitch Ratings expects more defaults and mergers and acquisitions activity in both the short and medium terms for container shipping, but adds this “will only restore equilibrium and boost freight rates if they prompt capacity reduction.” The comments follow Korean Hanjin Shipping’s decision to file for receivership, which “reflects an unsustainable supply-demand imbalance in container […]
By Canadian Underwriter | September 6, 2016
3 min read
1 Patrick Bieleny [1a] has been appointed president and chief executive officer of Western Financial Group, effective August 22, replacing Paul Taylor [1b], who retired July 4. Bieleny was previously chief executive officer and managing director of private equity and investment firm, XALTA Capital Partners Ltd. A former chief executive officer of […]
September 1, 2016
5 min read
North American property and casualty insurers’ operating earnings decreased in the first half of 2016, as results were challenged by modest underwriting deterioration and low investment yields, according to a new report released on Friday by Fitch Ratings. For a group of 44 (re)insurers, aggregate generally accepted accounting practice (GAAP) operating earnings decreased by 10.8% […]
By Canadian Underwriter | August 29, 2016
The wildfire in May that resulted in the evacuation of Fort McMurray Alberta is one factor in the 15% year-over-year increase in insurance claims and related expenses for the Toronto Dominion Bank. TD released Thursday its financial results for the three months ending July 31. Insurance claims and related expenses were $692 million for the […]
By Canadian Underwriter | August 25, 2016
Only about 4% of Lloyd’s total business is considered to be at risk from the potential loss of membership of the single European market, following the United Kingdom’s decision to leave the European Union (EU) in June, according to Aon Benfield. “‘Brexit’ is not expected to have a significant impact on the Lloyd’s franchise,” Aon […]
By Canadian Underwriter | August 18, 2016
WASHINGTON – Federal Reserve officials believed last month that near-term risks to the U.S. economy had subsided and that an interest rate increase could soon be warranted. But they did not indicate when they would likely raise rates. The minutes of their July 26-27 meeting show that officials were encouraged by a rebound in job […]
By Jason Contant | August 17, 2016
Atlanta, Ga.-based Crawford and Company has reported a net income attributable to shareholders of US$8.6 million in the second quarter of 2016, more than double the net income of US$4.1 million in the same period last year. Claims management provider Crawford announced its financial results for the second quarter ending June 30 on Monday. Revenues […]
By Canadian Underwriter | August 9, 2016
Berkshire Hathaway Inc. has reported US$21.923 billion in insurance premiums earned for the first six months of the year, up from US$19.940 billion in the first half of 2015. For the second quarter of 2016 ending June 30, insurance premiums earned were US$10.799 billion, up from US$10.4 billion in Q2 2015. Net earnings attributable to […]
By Canadian Underwriter | August 8, 2016
RSA Insurance Group plc has reported a net claims cost of 39 million pounds – or $75 million – for the recent Fort McMurray wildfire and 35 million pounds for the United Kingdom and European floods in June in its 2016 interim results for the first half of the year. “The first half was impacted […]
By Canadian Underwriter | August 6, 2016
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