Industry
TORONTO – Ontario’s governing Liberals say they don’t know yet whether smart meters linked to nine fires in Saskatchewan were installed in Ontario homes. However, they say the province’s largest electricity distributor – publicly owned Hydro One – doesn’t use the same brand of smart meters. They’re still investigating whether more than 70 other local […]
By The Canadian Press | August 7, 2014
2 min read
Endurance Specialty Holdings Ltd. recently withdrew its US$3.2 billion offer to acquire Aspen Insurance Holdings Ltd., whose board of directors rejected the takeover offer this past April. Pembroke, Bermuda-based Endurance initially announced April 14 a proposal to acquire Aspen’s shares for $47.50 each and later increased that offer to $49.50. All figures are in United […]
By Canadian Underwriter | August 7, 2014
3 min read
RSA Insurance Group plc released Wednesday its financial results for the first six months of 2014, reporting a worldwide combined ratio of 100.8%, an 8% increase in household premiums in Canada and a 5% drop in commercial premiums in Canada. Worldwide, London-based RSA Group reported net written premiums of £3.93 billion for the six months […]
More insurers expect to be involved in a merger or acquisitions as a buyer over the next year than did last year, although costs for certain technology and new regulations remain concerns for overall business growth, according to a new industry outlook report from KPMG. In its survey of 95 senior insurance executives from companies […]
By Canadian Underwriter | August 6, 2014
Swiss Re Ltd. reported Wednesday its financial results for the second quarter, reporting a 7.6-point improvement in its property and casualty reinsurance combined ratio, a 12.3% increase in P&C reinsurance premiums earned and a 35.6-point deterioration in its liability reinsurance combined ratio. Zurich-based Swiss Re reported net income of $802 million on premiums earned and […]
NEW YORK – Russian hackers have stolen 1.2 billion user names and passwords in a series of Internet heists affecting 420,000 websites, according to a report published Tuesday. The thievery was described in a New York Times story based on the findings of Hold Security, a Milwaukee firm that has a history of uncovering online […]
OTTAWA – Malicious hackers are “constantly probing” federal computer systems so they can break in and steal coveted information, says the head of Canada’s electronic spy agency. Communications Security Establishment Canada chief John Forster says the revelation this week that a Chinese state-sponsored player infiltrated the National Research Council’s computer network shows Canada is not […]
By Canadian Underwriter | August 5, 2014
Much of the mergers and acquisitions activity in the property/casualty and reinsurance industries during the first half of 2014 was driven by consolidation or companies attempting to enter new markets such as Asia and Latin America, notes a new report issued Monday by A.M. Best. This is similar to what has been happening in the […]
Industrial Alliance Insurance and Financial Services Inc. has reported net income attributed to common shareholders of $113.6 million for the second quarter of the year, up from $73.3 million in the same period last year. The company’s Dealer Services reported sales of property and casualty products of $46.5 million ( up 23%), while creditor insurance […]
By Canadian Underwriter | August 1, 2014
1 min read
OTTAWA – Hackers who targeted Canada’s National Research Council infiltrated a system containing personal information, the federal privacy czar says. The privacy commissioner’s office said Thursday it was first informed of the breach on July 23 and further briefed on Monday – at which point the exposure of personal data was confirmed. The attack appears […]
By Canadian Underwriter | July 31, 2014
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
