Industry
Toronto-based Fairfax Financial Holdings Limited announced last week that the combined ratio of its insurance and reinsurance operations was 91.3% on a consolidated basis, producing an underwriting profit of US$126.8 million in Q1 2015, compared to a combined ratio and underwriting profit of 93.0% and US$98.7 million, respectively, in the same quarter in 2014. Fairfax […]
By Canadian Underwriter | May 4, 2015
2 min read
CNA Financial Corporation announced on Monday that its first quarter 2015 net operating income was US$225 million and its net income was US$233 million. Property & Casualty Operations combined ratio for the first quarter was 98.9%, or 96.7% excluding catastrophes and development. Regarding its International segment, Chicago-based CNA Financial said in a media release that […]
CAA Insurance Company (Ontario) announced on Friday that it had entered into its first strategic partnership with BrokerTeam Insurance Group to deliver “unique and trusted insurance coverage.” BrokerTeam will now be the only brokerage firm in Ontario to offer the following integrated CAA Insurance products and services: Home & Auto Insurance, Travel Insurance, as well […]
1 min read
New insurance products meant to protect businesses from cyber attack-related losses are being met with skepticism in the United Kingdom, with just shy of half of polled senior information security officials reporting that the thought their policies would pay out, notes a survey released Friday by KPMG International. In all, 48% of survey respondents – […]
Emerging technologies provide convenience to the public, but can also create vulnerabilities for property and casualty insurers, suggested Jad McGregor, president of Waterloo, Ont.-based ABEX Affiliated Brokers Exchange, during a speaker panel and reception last week. “It’s kind of a double-edged sword because we want these emerging technologies to create convenience for us and make […]
By Canadian Underwriter | May 3, 2015
3 min read
Co-operators General Insurance Company reported Thursday its combined ratio improved 5.5 points to 98.2% in the three months ending March 31, from 103.7% in the first quarter of 2014, with a 12.2-point improvement in its loss ratio in Ontario and a 10.8-point improvement, nation-wide, in farm insurance, while Q1 net earned premiums increased $11.9 million […]
By Canadian Underwriter | May 1, 2015
4 min read
Aon plc announced on Friday that “double-digit new business growth in Canada and Latin America” was responsible for an organic revenue increase of 4% in Q1 for its Americas businesses. The company reported a net income of US$328 million for the three months ending March 31, compared to US$325 million for the prior year quarter. […]
Intact Financial Corporation (IFC) announced on Friday that it has completed its acquisition of Canadian Direct Insurance Inc. (CDI), extending its direct-to-consumer operations from coast to coast. Canadian Underwriter reported in February that IFC had entered into a definitive agreement with Canadian Western Bank to acquire CDI for $197 million. In Alberta, CDI will be […]
American International Group, Inc. (AIG) today reported net income attributable to AIG of $2.5 billion for 2015 Q1, up substantially from US$1.6 billion for the same quarter in 2014. “Operating results in the first quarter of 2015 reflected improved underwriting results in Commercial Insurance, lower alternative investment returns compared to the strong level a year […]
Vehicle-buying preferences in Canada and the United States differ, with the former favouring compact over the latter's love of mid-size. Preferences related to model year and vehicle size, however, can have a big impact on claims cost, total loss rate and alternate parts use.
By Greg Horn, Vice President, Industry Relations, Mitchell International|Greg Horn, Vice President, Industry Relations, Mitchell International | April 30, 2015
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