Industry
Everest Re Group, Ltd. last week reported second quarter 2014 net income of US$290.2 million and net income of US$584.1 million for the six months ended June 30, 2014. The Q2 net income was up from US$275.6 million for the same quarter of 2013, and down from the US$660.0 million for the first six months […]
By Canadian Underwriter | July 28, 2014
2 min read
About a third of polled drivers in the United Kingdom who drive as part of their jobs are uninsured for business miles, note recent survey results from telematics company Masternaut. On average, drivers clock up 4,708 uninsured business miles per year while driving for work, reports Masternaut, the largest European provider of telematics. Conducted for […]
By Canadian Underwriter | July 25, 2014
Global insurance group MAPFRE has reported a profit of $51.2 million in North America for the first half of the year, on a premium volume of $1.3 billion. North America (which include the United States, Puerto Rico and Canada) accounted for 8% of the Spanish company’s global premiums, which were $16.1 billion for the past […]
Allied World Assurance Company Holdings, AG reports that its net income for the three months ended June 30, 2014 was US$151.9 million compared to a net loss of US$1.9 million for the same quarter in 2013. The global provider of property, casualty and specialty insurance and reinsurance solutions notes that operating income was US$76.1 million […]
Businesses outside the information technology sector seem less likely to seek cyber liability insurance since news broke last December 19 about the breach involving Target, suggests Insureon, an insurance provider for small business. In a statement Wednesday, the company notes that in the months before information came out on Target’s data breach, 9% of non-IT […]
By Canadian Underwriter | July 24, 2014
Strong current accident year underwriting income excluding catastrophe losses drove an increase in property and casualty underwriting income in 2014 Q2, contributing to ACE Limited’s 4.5% increase in operating income over the same quarter in 2013. Operating income (net of tax) for the quarter ended June 30, 2014 was US$825 million compared to US$790 million […]
By Canadian Underwriter | July 23, 2014
3 min read
The insurance industry is poised to see high performance claims transformation if it takes steps to turn routinely overlooked data into actionable information and knowledge, suggests a report published last week by Aite Group. Aite Group research finds that approximately 15% of loss costs and loss adjustment expense could be saved with the proper use […]
By Canadian Underwriter | July 22, 2014
A U.S.-based holding company and a publicly traded Canadian merchant bank have announced an agreement to form a new Florida-based property and casualty insurance carrier to be named Monarch National Insurance Company. The agreement between Federated National Holding Company (FNHC) –authorized to underwrite and/or place through its wholly owned subsidiaries, homeowners’ multi-peril, commercial general liability, […]
The Centre for Study of Insurance Operations (CSIO) has released an eSignatures Vendor Dashboard for researching eSignature offerings within the broker channel. Based on vendor research conducted by CSIO, the new dashboard reviews eight eSignatures solutions available in Canada against the following criteria: “eSignatures technology enables customers to easily sign insurance documents electronically via computers, tablets […]
By Canadian Underwriter | July 21, 2014
1 min read
Zurich Insurance Group is recommending that commercial building managers and risk managers try to avoid the installation or integration of photovoltaic systems onto or into buildings until associated risks are fully understood and addressed. The recommendation is included in Zurich Insurance’s recently released white paper on photovoltaic (PV) solar panel systems, information meant to help […]
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