Risk
Fitch Ratings has changed the fundamental sector outlook for the United States property and casualty insurance industry to negative from stable, reflecting recent declines in profitability and anticipated further earnings deterioration in 2017 due to more competitive market conditions. Fitch Ratings’ 2017 Outlook: U.S. Property/Casualty Insurance report was released on Wednesday. “The U.S. P/C industry […]
By Canadian Underwriter | November 30, 2016
3 min read
Transportation Safety Board of Canada reiterated this week its warning of a lack of runway end safety areas in Canada that meet international standards. In December, 2007, TSB recommended that Transport Canada require all runways, with a length of greater than 1,800 metres, “to have a 300 m runway end safety area (RESA) or a […]
By Canadian Underwriter | November 29, 2016
Zurich Insurance Group has reported net income after tax attributable to shareholders (NIAS) of US$912 million for the third quarter of 2016 ending Sept. 30, up 342% from US$207 million in the same quarter in 2015. For the nine months ending Sept. 30, NIAS was US$2.526 billion, up 11% from US$2.266 billion in 9M 2015, […]
By Canadian Underwriter | November 10, 2016
Chubb announced on Tuesday that it has released a new suite of insurance coverages to help family offices face liability exposures. “Family Office Amplifier is a flexible package of coverages that includes specialized terms and conditions that reflect today’s evolving financial and regulatory environment,” Chubb said in a press release. Chubb noted that family office […]
By Canadian Underwriter | November 8, 2016
2 min read
Global advisory, broking and solutions company Willis Towers Watson (WTW) has announced its financial results for the third quarter of 2016 ending Sept. 30, reporting total revenues of US$1.78 billion, an increase of 2% (5% constant currency increase, 1% organic increase) from US$1.75 billion in the same period in the prior year. Total revenues were […]
American International Group, Inc. (AIG) has reported a net income of US$462 million for the third quarter of 2016 ending Sept. 30 compared to a net loss of US$231 million in the prior-year quarter. Net income during the quarter included after-tax net realized capital losses of US$526 million, which largely reflected higher foreign exchange losses […]
By Canadian Underwriter | November 3, 2016
Some firms in Canada’s marine and aviation sectors are allowed to operate with no formal safety management processes, the Transportation Safety Board of Canada warned Monday. “Safety management systems have not yet been mandated in all sectors of the transportation industry,” stated Kathy Fox, chair of the TSB, a separate agency from Transport Canada that […]
By Canadian Underwriter | November 1, 2016
The Transportation Safety Board of Canada is warning of a “persistent risk of serious train collisions or derailments in the event of railway signal indications not being followed.” TSB released Monday its 2016 watch list of key safety issues that it “need to be addressed.” One of four railway items on the watch list is […]
By Canadian Underwriter | October 31, 2016
The Transportation Safety Board of Canada reiterated Monday its contention that the risk of collisions on runways involving airplanes is too high. TSB – a separate agency from Transport Canada that investigates incidents in aviation, marine, rail and pipelines – released Monday its latest watch list of key safety issues that it “need to be […]
Dominic Casserley, president and deputy chief executive officer of Willis Towers Watson plc, will be leaving the firm when his employment agreement ends Dec. 31, the London-based firm announced recently. The US$18-billion merger of Willis Group Holdings plc and Towers Watson & Co. was completed in January, 2016. The combined firm’s CEO, Tom Haley, had […]
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