Industry
Economical Insurance, a property and casualty insurance company in Waterloo, Ont., reported a combined ratio of 105.7% for Q1 2015, compared to the 105.5% reported in the same quarter a year ago, but also consolidated net income of $34.2 million for Q1 2015 compared to $1.0 million during the same period a year ago. The […]
By Canadian Underwriter | May 5, 2015
2 min read
The Insurance Corporation of British Columbia (ICBC), police forces and the B.C. government are launching a month-long campaign focusing on the failure to yield and other high-risk driving behaviour. Every year, 1,300 pedestrians are injured or killed in crashes at intersections in B.C., according to an ICBC-reported five-year average from 2009 to 2013. Failing to […]
Endurance International Group, a technology company in Burlington, Mass. that helps power small and medium-sized businesses online, released on Monday the results of its 2015 Small Business & CyberSecurity survey, which found 31% of small businesses in the United States have experienced a cyber attack or attempted cyber attack. The survey of 1,016 small businesses […]
PartnerRe Ltd., a Bermuda-based reinsurer and commercial insurance carrier with a Toronto office, announced Monday its board of directors has rejected a takeover offer from investment firm EXOR S.p.A. and proposed new terms of a previously-announced offer to merge with a different insurer, Axis Capital Holdings Ltd. Last January, PartnerRe and Axis Capital announced that […]
4 min read
XL Group plc and Catlin Group Limited have launched a new brand, XL Catlin, effective Monday. A new global marketing campaign – Insurance for a Bold New World – reflecting the “greater scale, ambition and opportunity for the combined company to develop innovative risk solutions for complex risk problems” will launch on Tuesday. The announcement […]
By Canadian Underwriter | May 4, 2015
Toronto-based Fairfax Financial Holdings Limited announced last week that the combined ratio of its insurance and reinsurance operations was 91.3% on a consolidated basis, producing an underwriting profit of US$126.8 million in Q1 2015, compared to a combined ratio and underwriting profit of 93.0% and US$98.7 million, respectively, in the same quarter in 2014. Fairfax […]
CNA Financial Corporation announced on Monday that its first quarter 2015 net operating income was US$225 million and its net income was US$233 million. Property & Casualty Operations combined ratio for the first quarter was 98.9%, or 96.7% excluding catastrophes and development. Regarding its International segment, Chicago-based CNA Financial said in a media release that […]
CAA Insurance Company (Ontario) announced on Friday that it had entered into its first strategic partnership with BrokerTeam Insurance Group to deliver “unique and trusted insurance coverage.” BrokerTeam will now be the only brokerage firm in Ontario to offer the following integrated CAA Insurance products and services: Home & Auto Insurance, Travel Insurance, as well […]
1 min read
New insurance products meant to protect businesses from cyber attack-related losses are being met with skepticism in the United Kingdom, with just shy of half of polled senior information security officials reporting that the thought their policies would pay out, notes a survey released Friday by KPMG International. In all, 48% of survey respondents – […]
Emerging technologies provide convenience to the public, but can also create vulnerabilities for property and casualty insurers, suggested Jad McGregor, president of Waterloo, Ont.-based ABEX Affiliated Brokers Exchange, during a speaker panel and reception last week. “It’s kind of a double-edged sword because we want these emerging technologies to create convenience for us and make […]
By Canadian Underwriter | May 3, 2015
3 min read
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