Industry
ACE Ltd. and American International Group Inc. have released preliminary estimates of losses due to severe weather resulting from Hurricane Sandy. Preliminary losses in the fourth quarter of 2012 for the Zurich-based ACE Group of companies are estimated at US$380 million after tax, net of reinsurance and including reinstatement premiums, the firm stated in a […]
By Canadian Underwriter | December 10, 2012
2 min read
A recent hack attack on the computer network used by Nationwide Insurance in the United States may have exposed personally identifiable information of approximately one million policyholders and non-policyholders, prompting the company to commission an external review and highlighting the perils of data breaches. On October 3, a portion of the computer network used by […]
4 min read
Fitch Ratings released Thursday a report on the U.S. insurance brokerage industry, noting top-line revenue growth has “not changed significantly” this year but operating earnings for its index of five firms was up 15%. The average reported revenue growth for the five companies tracked in the Fitch insurance broker index (FIBI) was 8% year-to-date in […]
By Canadian Underwriter | December 7, 2012
A California information technology vendor is offering auto insurance based on the distance driven, along with hardware and software that accesses and analyzes driving data. On Dec. 5, MetroMile launched the company itself plus its Metronome hardware, which users plug into their cars. The service is available now in Oregon. “The Metronome extracts valuable driving data and […]
1 min read
Many “clean tech” companies may not be paying enough attention to managing the risks of sourcing components and sending goods and employees across borders, suggests a new study from the Chubb Group of Insurance Companies. More than a third (36%) of clean tech companies have not created a supply chain disruption plan, according to the […]
XL Group plc’s reinsurance operations announced Thursday it had appointed Craig Wenzel senior vice president of capital markets. In this newly-created role, Wenzel will be responsible for managing and developing relationships with third party capital providers in support of XL’s global underwriting activities. XL was the sponsor for Cyrus Re, one of the first post-Hurricane […]
By Canadian Underwriter | December 6, 2012
Growing political instability in the world, combined with civil unrest and the expansion of new technologies has led to a major shift in the nature of terrorism risk and how it needs to be addressed in the property and casualty market, a new report suggests. In its recently released report, Tensions Building: the Changing Nature […]
By Canadian Underwriter | December 5, 2012
3 min read
Indpendent adjusting company ClaimsPro has announced its acquisition of Westman Claims Adjusters, effective Dec. 4. Based out of Brandon, Man., Westman has been serving the property and casualty market since 2008 and has strong relationships with its local brokerages. Related story: ClaimsPro completes acquisition of Brouwer Claims Canada Westman’s team of senior adjusters, including its three […]
Canadian Broker Network and Intact Financial Corp. announced Wednesday that they have reached an agreement whereby CBN will acquire Intact affiliate South Western Insurance Group Ltd., a wholesale insurance intermediary that provides brokerages with specialty and niche insurance markets. Terms of the transaction, which is expected to close by the end of the year, were […]
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