Risk

Revenue for U.S./Canada Marsh division of Marsh & McLennan Companies up to US$701 million in Q1 2016 from US$638 million in Q1 2015

Revenue for the United States/Canada Marsh division of Marsh & McLennan Companies, Inc. (MMC), was up to US$701 million for the first quarter of 2016 ending March 31, from US$638 million in the first quarter of 2015, the global professional services firm reported on Thursday. Overall, consolidated revenue in the first quarter of 2016 was […]

By Canadian Underwriter | April 28, 2016

2 min read

Risk

Gross written premiums up 16% at Axis Capital

Axis Capital Holdings Ltd. reported Wednesday a 91% year-over-year increase in first-quarter gross written premiums in aviation insurance and a 19.7% drop in marine premiums, while its combined ratio improved 1.8 points. Pembroke, Bermuda-based Axis Capital released its financial results for the three months ending March 31. Company-wide, gross written premiums increased 16%, from $1.68 […]

By Canadian Underwriter | April 27, 2016

4 min read

Risk

OSFI working on new capital guideline for mortgage insurers, amendments to guidelines for corporate boards

Officials with Canada’s Office of the Superintendent of Financial Institutions are working on a “wide range of amendments” to its guidelines for corporate boards of directors, as well as a new capital guideline for private mortgage insurers, OSFI’s deputy superintendent said during a recent event organized by Insurance Bureau of Canada. “We are in the […]

By Jason Contant | April 18, 2016

3 min read

Risk

Great American offers supplemental employment insurance in British Columbia through BFL

The Canadian branch of Great American Insurance Company is offering consumers coverage intended to supplement federal Employment Insurance benefits through brokerage BFL Canada Risk and Insurance Services Inc., BFL announced Thursday. BFL is selling the Great American coverage, dubbed SalaryGuard, in British Columbia. “It will be offered in other provinces in the future,” brokerage BFL […]

By Greg Meckbach | April 15, 2016

1 min read

Reinsurance market has ‘awful lot of choice for buyers:’ Aon Benfield Canada CEO

There has been “very little impact,” on brokers and cedents, from recent mergers and acquisitions in the reinsurance industry, a speaker suggested Wednesday at Insurance Bureau of Canada’s Financial Affairs Symposium. “I think, a little surprisingly, to date there has been very little impact from the (mergers and acquisitions) and overall consolidation,” said David Sloan, […]

By Jason Contant | April 13, 2016

3 min read

2015 the most lethal year for terrorism in Europe in nearly a decade: Aon Risk Solutions

2015 was the most lethal year for terrorist violence in Europe in nearly a decade and the first net increase in global terrorism risk ratings since 2013, according to Aon Risk Solutions. On Tuesday, Aon Risk Solutions – the global risk management business of Aon plc – released its annual Terrorism and Political Violence Map, […]

3 min read

Business interruption due to breach top cyber risk concern for captive insurers: Aon

The costs of business interruption due to a breach is the top cyber risk concern for businesses across all industries, according to Aon Global Risk Consulting’s (AGRC) 2016 Captive Cyber Survey report, released on Monday. As Aon’s first cyber captive survey, the findings offer a better understanding of organizations’ current attitude towards cyber threats, risk […]

3 min read

Cyber insurance rates could rise 30% in 2016 for large health care, point-of-sale retailers: Willis Towers Watson

The withdrawal by American International Group Inc. from some monoline site pollution markets “will result in increased competition” as other carriers look to pick up the displaced business, losses arising from the explosion last August in the Chinese port of Tianjin could reach $6 billion and some retailers could expect cyber insurance rates to rise […]

3 min read

No ‘plague’ of data breaches and solvency issues, fintech industry CEOs say

TORONTO – There is no “plague” of data breaches and solvency issues affecting financial technology upstarts, contrary to what TD Bank’s CEO says, the heads of several companies in the so-called fintech sector said Monday. The industry insiders were responding to comments made by TD Bank (TSX:TD) chief executive Bharat Masrani who, during the bank’s […]

2 min read

Bleak outlook for energy insurers could lead to withdrawals from the market: Willis Towers Watson

An oversupply of capital and falling demand from buyers, caused by cost-cutting in the wake of the oil price crash, is heaping pressure on insurers to the extent that they may eventually consider exiting the energy insurance market, or at least scaling back their participation, according to a report by Willis Towers Watson (WTW). The […]

3 min read