Claims
Higher inflation in a variety of forms is expected to develop into a threat to long-tail (re)insurers sometime over the next two to five years, a Guy Carpenter briefing says.Written by Guy Carpenter managing director David Lewin, the briefing warns that low interest rates right now are bound to result in monetary inflation sometime down […]
By Canadian Underwriter | September 10, 2009
2 min read
Industry
Manitoba-based brokerages Horizon Insurance and Ryan Gateway Insurance Brokers have announced a merger of operations.A release describes the merger as “the coming together of the oldest and the largest local insurance brokers in Manitoba.” Ryan Gateway Insurance Brokers has provided service to 25,000 clients since it was founded in Winnipeg in 1903.Horizon will have 18 […]
By Canadian Underwriter | September 9, 2009
1 min read
Kingsway Financial Services Inc. (TSX: KFS NYSE: KFS) has entered into a definitive agreement to sell Zephyr Insurance Company, Inc. Kingsway anticipates receiving initial gross proceeds from the transaction of US$31.5 million, plus a contingent, deferred earn-out amount. The deal is expected to be completed during 2009 Q4, according to a Kingsway release.Purchasing the insurer […]
Western Financial Group has agreed to acquire all issued and outstanding shares of Winnipeg-based Hayhurst Elias Dudek (HED) Inc. and its subsidiaries, including Securican General Insurance Company.The transaction has been approved by all applicable regulatory bodies and is scheduled to close on or before Sept. 30, 2009. Western Financial Group currently owns 49% of HED […]
Post-disaster property insurance regulations drive up the very insurance prices they purport to control, according to a report from the Independent Institute. The Independent Institute has six centres with a mandate to evaluate, refine, and propose solutions to major social and economic issues.In a recent report, Catastrophes and Performance in Property Insurance, economists Patricia H. […]
Fairfax Financial Holdings Limited (TSX and NYSE: FFH) has received commitments for the purchase of US$1 billion of its subordinate voting shares, which will be used to fund the proposed acquisition of all of the outstanding shares of common stock of Odyssey Re Holdings (ORH) Corp. The offering is expected to close on or about […]
By Canadian Underwriter | September 8, 2009
A.M. Best Co. is maintaining a stable outlook in 2009 for the global reinsurance sector.“Through first half 2009, the majority of reinsurers posted favourable operating results, primarily due to moderate catastrophe activity and improved capital market conditions as the stock market rallied,” an AM Best release says. “This has led to a recovery of sorts […]
The insurance-linked securities (ILS) sector outperformed most asset-backed securities and provided positive returns for investors over the past year despite an extraordinarily challenging environment, according to ILS Review 2009 – Adapting to an Evolving Market, an Aon Benfield review of the ILS market. ILS products provided a total investment return of 3.89% for the year […]
The global insurance industry will see a pick up in mergers & acquisitions (M&A) activity in 2010, according to Tony Ursano, CEO of Willis Capital Markets & Advisory.Ursano made the comment at an industry event in London on Sept. 8, 2009, a Willis release says. So far in 2009, insurance M&A volume has been light, […]
Federally regulated Canadian property and casualty insurers reported a decline in 2009 Q2 profits — sliding from a net income of Cdn$1.42 billion in 2008 Q2 to a profit of Cdn$1.07 billion during the same period this year.Recent figures posted by Canada’s federal solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), show […]
By Canadian Underwriter | September 4, 2009
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