Industry
XL Group plc’s reports that operating net income rose to approximately US$279.6 million in Q2 of 2014 compared to about US$221.6 million in Q2 of 2013, and the company had a net loss attributable to ordinary shareholders of about US$279.3 million compared to net income of approximately US$272.7 million. The decrease in net income (loss) […]
By Canadian Underwriter | July 29, 2014
2 min read
The Chubb Corp. recently released its financial results for the three months ending June 30, reporting a 4.3% year-over-year increase in net premiums written and a 12.3% drop in underwriting income. Warren, N.J.-based Chubb reported net premiums written of $3.233 billion in the second quarter of 2014, up 4.3% from $3.1 billion in Q2 2013. […]
3 min read
The average “total cost of risk” for companies trended higher for the third consecutive year in 2013, according to the newly-released RIMS Benchmark Survey. The TCOR increased 2% from $10.70 per $1,000 of revenue in 2012 to $10.90 per $1,000 of revenue in 2013, according to RIMS. The total cost of risk also increased 5% […]
By Canadian Underwriter | July 28, 2014
1 min read
Aspen Insurance Holdings Ltd., which owns a subsidiary that writes insurance in Canada, announced Friday that “preliminary results” indicate most of its shareholders “did not support” a proposal by Endurance Specialty Holdings Ltd. to hold a court-ordered meeting in which Aspen shareholders would vote on Endurance’s US$3.2-billion takeover offer. Hamilton, Bermuda-based Aspen, whose direct written […]
Ontario’s overabundance of utility firms may pose a major roadblock to the province’s plan to boost electric car ownership, some experts say. The experts say Ontario’s 75 independently operated utilities often overlap their efforts and breed inefficiency, holding back upgrades needed so the grid can support what the province expects will be an influx of […]
Everest Re Group, Ltd. last week reported second quarter 2014 net income of US$290.2 million and net income of US$584.1 million for the six months ended June 30, 2014. The Q2 net income was up from US$275.6 million for the same quarter of 2013, and down from the US$660.0 million for the first six months […]
About a third of polled drivers in the United Kingdom who drive as part of their jobs are uninsured for business miles, note recent survey results from telematics company Masternaut. On average, drivers clock up 4,708 uninsured business miles per year while driving for work, reports Masternaut, the largest European provider of telematics. Conducted for […]
By Canadian Underwriter | July 25, 2014
Global insurance group MAPFRE has reported a profit of $51.2 million in North America for the first half of the year, on a premium volume of $1.3 billion. North America (which include the United States, Puerto Rico and Canada) accounted for 8% of the Spanish company’s global premiums, which were $16.1 billion for the past […]
Allied World Assurance Company Holdings, AG reports that its net income for the three months ended June 30, 2014 was US$151.9 million compared to a net loss of US$1.9 million for the same quarter in 2013. The global provider of property, casualty and specialty insurance and reinsurance solutions notes that operating income was US$76.1 million […]
Businesses outside the information technology sector seem less likely to seek cyber liability insurance since news broke last December 19 about the breach involving Target, suggests Insureon, an insurance provider for small business. In a statement Wednesday, the company notes that in the months before information came out on Target’s data breach, 9% of non-IT […]
By Canadian Underwriter | July 24, 2014
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