Industry
Companies may be underperforming in their efforts to ensure robust vendor risk management programs and stringent oversight are in place when outsourcing critical services to third parties, suggests a new study out of the United States. With cyber attacks and data security threats looming at insecure access points, third-party risk programs across industries lack maturity […]
By Canadian Underwriter | July 10, 2015
4 min read
The agency responsible for personnel management of the United States civil service suggested Thursday it has concluded that sensitive information on nearly 20 million people applying for government employment has been compromised in a cyber security incident. The discovery was made while investigating an earlier cyber security breach, the Office of Personnel Management announced July […]
By Canadian Underwriter | July 9, 2015
1 min read
If ACE Ltd.’s US$28.3-billion proposal to acquire insurance carrier The Chubb Corp. is approved, the combined firm would be a “significant player,” in Canada, in the market for high net worth consumers and would also “present a challenge” to the largest commercial insurers in Canada, MSA Research Inc. suggested in a recent report. ACE and […]
3 min read
Toronto-based Fairfax Financial Holdings Limited announced Wednesday that it has completed its cash tender offer to shareholders of Brit PLC. Fairfax – a holding company that, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management – notes in a statement that it has sold 29.9% of the shares for […]
WASHINGTON Policymakers with the United States Federal Reserve saw signs in June that the economy was healing after its winter slump but still wanted more signs of improvement before they began raising interest rates. Minutes of the June 16-17 discussions released Wednesday showed that while one Fed official was ready to begin hiking rates at […]
By Canadian Underwriter | July 8, 2015
EXOR S.p.A. announced Tuesday it is improving its US$6.8-billion offer to acquire Pembroke, Bermuda-based PartnerRe Ltd., a reinsurer and commercial insurance carrier with a branch office in Toronto. Last April, Turin, Italy-based EXOR – an investment firm controlled by the Agnelli family – announced an offer to acquire PartnerRe for US$130 per share. However, PartnerRe’s […]
Sharing services used for temporary rentals of property are all the rage these days, but insurance was not top of mind for a quarter of polled Canadian homeowners who used the services to rent out their properties, Allstate Insurance Company of Canada reports. Research conducted by Leger on behalf of Allstate Canada shows that 25% […]
XL Group PLC announced this week it is offering customized insurance covering operational risk for financial institutions, with limits of up to US$900 million. The target market includes Canada. The losses it covers could include fraud, mis-selling or exchange manipulation, an XL Catlin spokesperson told Canadian Underwriter Wednesday. “We will create a customized policy to […]
2 min read
The U.K.-based Cambridge Centre for Risk Studies reports that a scenario developed for Lloyd’s involving a concerted, malicious cyber attack on the electrical grid in the United States indicates such an attack has the potential to be a catastrophic event for the insurance industry. Published Wednesday, the Erebos Cyber Blackout Scenario shows a cyber attack […]
6 min read
Marsh & McLennan Companies Inc. Tuesday launched a new unit offering a range of reinsurance and advisory services to help protection and indemnity associations and insurers address the increasingly complex challenges they face. The new Protection & Indemnity Client Service (PICS) unit brings together under one co-ordinated approach called the MMC Advantange the knowledge, resources […]
By Canadian Underwriter | July 7, 2015
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