Industry
Four of 10 polled Canadian insurers recently reported that building good customer relationships is integral to their businesses, a view mirrored in a new FC Business Intelligence report that suggests analytics will be key to driving customer engagement in insurance and moving beyond lip service to customer centricity. FC Business Intelligence’s Canadian Insurance Analytics Healthcheck […]
By Canadian Underwriter | February 24, 2016
3 min read
The property and casualty industry in the United States is expected to produce a third consecutive underwriting profit in 2015, despite a slight deterioration in the combined ratio as rate increases slow and the level of favourable loss reserve development modestly declines, ratings firm A.M. Best Company said in a special report released on Monday. […]
By Canadian Underwriter | February 23, 2016
Fifty-eight per cent of surveyed organizations in the United States are embracing cloud, using public or private cloud for more than one or two small applications or workloads, up from 24% 14 months ago, according to a new survey from the International Data Corporation (IDC). The multi-client study, titled CloudView 2016, noted that despite the […]
By Canadian Underwriter | February 22, 2016
2 min read
There was a “substantial increase” last year of merger and acquisition activity in the United States property & casualty insurance industry, with the sixth-largest deal involving the Toronto-based Fairfax Financial Holdings Ltd., A.M. Best Company Inc. noted in a report released Friday. “Mergers and acquisitions activity increased significantly in 2015, particularly in scale,” Oldwick, N.J.-based […]
Intact Financial Corporation (IFC) has announced the launch of Intact Service Centres in Canada, with the first opening in Calgary on Monday. Intact Insurance and belairdirect customers can now enjoy a “new simpler, faster and more convenient auto claims experience,” IFC said in a media release. After the Calgary centre, three more are set to […]
Kathy Bardswick, president and CEO of The Co-operators, announced her retirement on Friday, after 14 years in the role. The board of directors will initiate recruitment activities after the organization’s annual general meeting in April. “I have worked alongside the very best in the insurance industry and co-operative sector,” Bardswick said in a statement. “I […]
By Canadian Underwriter | February 19, 2016
1 min read
The board of directors of Waterloo, Ont.-based Economical Insurance announced on Friday that Karen Gavan will retire as president and CEO and director at the end of her contract on Dec. 31, 2016. The board of directors will conduct a process to select Gavan’s successor. She will continue to lead the company during this phase. […]
The Allianz Group reported on Friday that total revenues climbed to a new high of 125.2 billion euros in 2015, up 2.4% year-on-year from 2014’s 122.3 billion euros. In the property and casualty insurance segment, both gross premiums written and operating profit increased, the latter “despite a higher impact from natural catastrophes and large claims […]
The Co-operators General Insurance Company’s consolidated net income for the fourth quarter of 2015 increased to $103.3 million from $79.7 million in the prior-year quarter. For 2015, consolidated net income again was up, rising to $162.3 million from $137.6 million in 2014, notes a statement Thursday from The Co-operators. [click image below to enlarge] Direct […]
Toronto-based Northbridge Insurance had a combined ratio of 91.8% in 2015, down 3.7 points from 95.5% in 2014, while net premiums written for OdysseyRe dropped 12.7%, from US$2.4 billion in 2014 to US$2.095 billion in 2015, the carriers’ corporate parent reported Thursday. Fairfax Financial Holdings Ltd. – whose holdings include Stamford, Conn.-based OdysseyRe and Northbridge, […]
By Canadian Underwriter | February 18, 2016
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