Industry
Seven months after it acquired a majority interest in Noraxis Capital Corp. Arthur J. Gallagher & Co. has acquired another Canadian insurance brokerage. Itasca, Ill.-based Gallagher announced Thursday it has acquired Cohen & Lord Insurance Brokers Ltd., an Ottawa firm that provides property & casualty insurance in Ontario and Quebec. Its markets include commercial realty […]
By Canadian Underwriter | February 5, 2015
1 min read
Hannover Re has announced it is broadly satisfied with the outcome of January 1 treaty renewals, noting that despite the challenging business environment, its assumption is that the underwriting result for 2015 should again be in the region of the 2014 figure, provided major losses remain within the expected range. “The price decline in many […]
3 min read
The net income for Allied World Assurance Company Holdings, AG decreased to US$130.5 million in the fourth quarter of 2014 compared with US$137.9 million in the same quarter a year earlier, the company reported Wednesday. Operating income for the final quarter of 2014, however, was up considerably from the same period in 2013. In 2014 […]
MONTREAL – Delegates attending the International Civil Aviation Organization’s safety conference are looking at ways to improve the global tracking of aircraft and sharing information on conflict zones. Malaysia’s civil aviation chief said Tuesday that real-time tracking is a priority and must be fast-tracked by the body. Azharuddin Abdul Rahman is taking a firm stand […]
By The Canadian Press | February 4, 2015
VALHALLA, N.Y. — A crowded commuter train slammed into a sport utility vehicle on the tracks at a suburban New York crossing and burst into flames, killing seven people, seriously injuring nearly a dozen others and sending hundreds of passengers scrambling for safety, authorities said. The collision involved a Metro-North Railroad train and a Jeep […]
By Canadian Underwriter | February 4, 2015
Recent changes to insurance policies – in large part, responding to weather-related losses in recent years – could lead to more checker-boarding in coverage as additional segmentation within insurers occurs, suggested Mark Prefontaine, Alberta’s assistant deputy minister of financial sector regulation and policy. There is currently an evolution of the insurance contract in Alberta – […]
Collaboration at both country and corporation levels is critically important to address an ever-evolving cyber risk which, coupled with today’s interconnected infrastructure, can have potentially catastrophic ramifications, Carol Kreiling, vice president of Swiss Re (pictured), suggested Tuesday during a presentation in Toronto. “How do we prevent a system intrusion or a data breach?” Kreiling asked […]
4 min read
With “significantly lower losses from catastrophes” in 2014 than the year before, Intact Financial Corp. release Wednesday its financial results for the final quarter of 2014, reporting a 222% increase in underwriting income and a 12.8-point drop in its fourth-quarter combined ratio in personal property. Direct premiums written (excluding pools) were $1.76 billion in the […]
2 min read
Willis Group Holdings plc announced Tuesday its reinsurance division released a modeling tool intended to let insurance carriers quantify the exposure of their portfolio to data breaches. The London-based commercial insurance broker said Willis Re’s new tool – dubbed PRISM-Re – was developed in collaboration with Willis Retail’s cyber team and actuaries from Willis Risk […]
By Canadian Underwriter | February 3, 2015
WASHINGTON – The military officer in charge of the United States Defense Intelligence Agency warned Tuesday that America’s technological edge over China is at risk because of cybertheft. The DIA’s director, U.S. Marine Corps Lieutenant General Vincent Stewart (pictured), told a congressional hearing the U.S. retains technological superiority. But he said China had stolen “a […]
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