Risk

Allianz Group reports combined ratio of 94.3%

Allianz Group recently released its financial results for 2016, reporting a 0.3-point improvement to its combined ratio in property & casualty. The P&C combined ratio last year was 94.3% for Munich-based Allianz, compared to 94.6% in 2015 “due in part to lower claims from natural catastrophes,” the firm reported Feb. 16. The loss ratio was […]

By Canadian Underwriter | February 22, 2017

2 min read

Risk

Zurich reports business operating profit of US$4.5 billion for 2016, up 55% from prior-year period

Zurich Insurance Group has reported a business operating profit (BOP) for the full-year ending Dec. 31, 2016 of US$4.5 billion, up 55% from the prior-year period. The fourth quarter BOP for the three months ending Dec. 31, 2016 was up 167% from Q4 2015 to US$1.1 billion, Zurich said in a press release on Thursday. […]

By Canadian Underwriter | February 10, 2017

3 min read

Risk

Aon reports net income of US$502 million for fourth quarter of 2016

Commercial brokerage Aon plc has reported a net income attributable to Aon shareholders of US$502 million in the fourth quarter of 2016 ending Dec. 31 compared to US$584 million for the prior-year quarter. For the full year of 2016, net income attributable to Aon shareholders increased 1% to US$1.4 billion compared to the prior year. […]

By Canadian Underwriter | February 10, 2017

3 min read

Risk

Businesses need to ask how quickly stolen equipment can be replaced: Northbridge

Theft of equipment is one risk business owners should think about when planning for business continuity, Northbridge Insurance advised recently. “Crime can take many forms and affect businesses in different ways,” Toronto-based Northbridge noted in a blog post, titled Business continuity planning for 2017. “If the equipment you rely on is stolen, how would you […]

By Canadian Underwriter | February 8, 2017

2 min read

Insurance Bureau calls on Ontario to implement file-and-use process for private passenger auto, allow e-signatures

The Ontario government should apply a file-and-use process for private passenger auto coverage, Insurance Bureau of Canada suggested in a paper released Monday. Auto insurers’ rate changes are subject to approval by the Financial Services Commission of Ontario. FSCO actuaries review the rate filings and the insurers’ assumptions regarding claims costs, expenses and investment income. […]

3 min read

Credit rating upgrades outpace downgrades for U.S. P&C carriers in 2016: A.M. Best

Credit rating activity in 2016 turned positive as upgrades outpaced downgrades for the property & casualty industry in the United States, despite headwinds that include pressure on underwriting results and the low investment yield environment, according to a new special report from A.M. Best Company. The Best’s Special Report, titled Upgrades Outpace Downgrades for Property/Casualty […]

2 min read

CNA Property & Casualty Operations combined ratio at 95.9% for full-year 2016

CNA Financial Corporation has reported a Property & Casualty Operations combined ratio for 2016 of 95.9%, similar to 95.4% for the 12 months ending Dec. 31 2015, and a combined ratio of 99.9% for the fourth quarter of 2016 ending Dec. 31, compared to 98.9% in the prior-year quarter. CNA released its financial results on […]

3 min read

Failure to make supply chains Brexit-ready could cut key industries’ net profits an average of 30%

U.K. companies waiting for a clearer sense of the future under Brexit is a risky supply chain strategy that could result in net profits across key industries plummeting an average of 30%, suggests a new study released Tuesday by Bain & Company Inc. “Disruptions to supply chains could reduce net profits of key U.K. industries […]

4 min read

Marsh & McLennan Companies’ net income up 16% in Q4 2016 to US$436 million

Marsh & McLennan Companies, Inc. (MMC) has reported net income attributable to company of US$436 million, up 16% from the prior-year quarter’s total of US$375 million. For the full year 2016, revenue was US$13.2 billion, a 2% increase. MMC, a global professional services firm, includes insurance broking and risk management firm Marsh; risk and reinsurance […]

2 min read

H.W. Kaufman Financial Group and Burns & Wilcox Canada acquire high-value homeowner’s practice from Quebec-based XN Financial Services

H.W. Kaufman Financial Group and Burns & Wilcox Canada announced on Tuesday that they have acquired the high-value homeowner’s insurance practice from Quebec-based XN Financial Services, Inc. XN is a subsidiary of The Henner Group, a France-based insurance specialist offering solutions for individuals and companies. XN is a managing general agent and provider of insurance […]

2 min read