Industry
PITTSBURGH – Ride-hailing service Uber is partnering with Carnegie Mellon University on a Pittsburgh research lab that both hope could lead to the development of driverless cars. Carnegie Mellon and its Robotics Institute have been working on driverless vehicles for years, and its work is part of the reason the city has successfully segued from […]
By Canadian Underwriter | February 6, 2015
3 min read
Commercial insurance broker Aon plc released Friday its financial results for 2014, reporting an increase of about 0.4% in Q4 retail risk solutions revenue and a 2% increase, in revenue for the full year, to $12.045 billion. In a press release, Aon reported its fourth-quarter revenue was up 4%, from $3.209 billion in 2013 to […]
2 min read
The Allstate Corp. has released its financial results for the quarter and year ending December 31, reporting a 23% drop in fourth-quarter catastrophe losses, a 4.8% increase in property-liability insurance premiums and a 7.2% drop in underwriting income, with property-liability premiums of US$28.929 billion in 2014. For the fourth quarter, Allstate reported Feb. 4 its […]
Allied World Assurance Company Holdings AG recently announced it will offer primary general liability coverage to Canadian business clients. “The new primary general liability team will provide capacity for a wide range of business classes and will target industries including real estate, retailers, service industries, manufacturers, light/moderate chemical manufacturing and reverse flow business,” stated Zug, […]
Preliminary figures from Munich Re indicate the company’s consolidated result for 2014 is 3.2 billion euros, in line with the 3.3 billion euros the company posted in 2013. The euro was trading Friday at about $1.42. Provisional calculations for 2014 Q4 show that Munich Re had a profit of 700 million euros, down from 1.2 […]
4 min read
Arthur J. Gallagher & Co. has released its financial statements for the quarter and year ending Dec. 31, reporting a 4.2% increase in fourth-quarter organic base fees and commissions, a 14.1% drop in Q4 net earnings and a 39.9% increase in Q4 revenue. The Itasca, Ill.-based commercial brokerage and risk management services provider reported net […]
Seven months after it acquired a majority interest in Noraxis Capital Corp. Arthur J. Gallagher & Co. has acquired another Canadian insurance brokerage. Itasca, Ill.-based Gallagher announced Thursday it has acquired Cohen & Lord Insurance Brokers Ltd., an Ottawa firm that provides property & casualty insurance in Ontario and Quebec. Its markets include commercial realty […]
By Canadian Underwriter | February 5, 2015
1 min read
Hannover Re has announced it is broadly satisfied with the outcome of January 1 treaty renewals, noting that despite the challenging business environment, its assumption is that the underwriting result for 2015 should again be in the region of the 2014 figure, provided major losses remain within the expected range. “The price decline in many […]
The net income for Allied World Assurance Company Holdings, AG decreased to US$130.5 million in the fourth quarter of 2014 compared with US$137.9 million in the same quarter a year earlier, the company reported Wednesday. Operating income for the final quarter of 2014, however, was up considerably from the same period in 2013. In 2014 […]
MONTREAL – Delegates attending the International Civil Aviation Organization’s safety conference are looking at ways to improve the global tracking of aircraft and sharing information on conflict zones. Malaysia’s civil aviation chief said Tuesday that real-time tracking is a priority and must be fast-tracked by the body. Azharuddin Abdul Rahman is taking a firm stand […]
By The Canadian Press | February 4, 2015
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