Industry
Merger and acquisition (M&A) activity in the insurance industry is rising, although the number of deals remains well below levels seen before the financial crisis of 2008-08, says a new study released on Tuesday by Swiss Re. The latest Swiss Re sigma study, titled M&A in insurance: start of a new wave?, noted that globally, […]
By Canadian Underwriter | May 12, 2015
3 min read
A Toronto politician suggested Monday there has been “no report” to City Council on the causes of an explosion last September that damaged electrical infrastructure at City Hall, and city staff are being asked to provide more detail this summer. “I believe it is important to understand what occurred in City Hall on September 25, […]
2 min read
Allianz Group’s net income increased 11.3% to 1.937 billion euros in the first quarter of 2015 compared with 1.740 billion euros in the first quarter of 2014. The Property-Casualty insurance segment saw the largest hike in net income, rising 42.9% to 922 million euros in 2015 Q1 compared with 645 million euros in 2014 Q1. […]
EXOR S.p.A. announced Tuesday it is increasing, to US$6.8 billion, its offer to buy PartnerRe Ltd., a reinsurer and commercial insurance carrier whose board of directors previously agreed to merge with Axis Capital Holdings Ltd. Both PartnerRe and Axis are based in Pembroke, Bermuda and offer coverage in Canada from offices in Toronto. On Jan. […]
4 min read
Ulrich Kadow, who has held a variety of positions within Allianz Global Corporate & Specialty (AGCS), has been named the company’s chief agent for Canada. Effective immediately, Kadow will lead AGCS’s commercial insurance business in Canada, notes a statement from AGCS, Allianz Group’s specialist corporate insurer. Reporting to Arthur Moossmann, president and CEO of AGCS […]
The middle market space will be a “robust growth sector” for captive insurance companies in the future, and some will underwrite risks such as crime and political risk that have not traditionally covered by captives, commercial brokerage Marsh Ltd. suggested in a report released Monday. “Captives have been rapidly expanding throughout the middle market space, […]
By Canadian Underwriter | May 11, 2015
Atlanta, Georgia-based claims management solutions firm Crawford & Company has reported consolidated revenues before reimbursements of $287.8 million, compared with $275.3 million for first quarter 2014. In the Americas segment, Crawford & Company said in a statement last week that revenues before reimbursements were US$89.5 million, increasing from US$87.9 million in the first quarter of […]
Information technology assets are 39% more exposed than property assets on a relative value to insurance protection basis, according to a new study released on Monday by the Ponemon Institute, a privacy, data protection and information security firm in Traverse City, MI. The 2015 Global Cyber Impact Report – sponsored by Aon plc, a global […]
LOS ANGELES – Four of the nearly 50 self-driving cars now rolling around California have gotten into accidents since September, when the state began issuing permits for companies to test them on public roads. Two accidents happened while the cars were in control; in the other two, the person who still must be behind the […]
Montreal-based EGR Inc. has announced it is continuing to grow with the acquisition of Labrecque, Brouillette & Castelli Inc., a move the company reports will bolster its positioning in Quebec, especially in Montreal. EGR – a company created January 1, 2015 by damage insurance firms EssOR Insurance, Pratte Morrissette Inc. and Assuraction Inc – has […]
1 min read
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