Reinsurance News
Canada
SSRU renews P&C facilities with improved terms during challenging market
16th February 2023
Stewart Specialty Risk Underwriting (SSRU) a specialty insurance managing general agent (MGA) based in Toronto, Canada, has announced that it has been able to renew its property & casualty (P&C) facilities with improved terms, during what was described as being the most “challenging reinsurance market in history”. The MGA’s property capacity ... Read the full article
Canadian insured losses from cat events total $3.1bn in 2022: CatIQ
19th January 2023
Canada's 2022 catastrophic events have caused insured losses of over CAN $3 billion, a mark that hasn’t been reached since 2016 when a wildfire devastated Fort McMurray, AB, says Catastrophe Indices and Quantification Inc. (CatIQ). There was a total of 15 events which incurred at least $30 million in insured losses ... Read the full article
Canadian crop hail industry provides record $10 billion coverage in 2022
16th December 2022
According to the Canadian Crop Hail Association (CCHA), the Canadian crop hail industry provided a record-setting $10 billion in coverage as producers purchased more insurance in the wake of increasing input costs, inflation and strong crop prices. The Association stated that producers who delayed purchasing hail coverage late in 2022 likely ... Read the full article
Canadian life insurers ratings driven by diversified business profile: Fitch
16th December 2022
The ratings of Canada’s life insurers are currently being driven by a highly diversified business profile and geographic diversification, according to a recent peer review by Fitch Ratings. The largest Canadian life insurers represent more than two-thirds of their domestic market. Considering their operating scale, earnings diversification, brand recognition and distribution ... Read the full article
Agilicus and Ridge Canada Cyber Solutions announce partnership
18th November 2022
Agilicus, a cybersecurity company and Ridge Canada Cyber Solutions Inc. (RCCS), a managing general insurance agency, have announced their partnership to assist Canadian small to midsize businesses (SMB) qualify for and obtain cybersecurity insurance. With cyber risks and data breaches on the rise, additionally, the adoption of remote work by many ... Read the full article
Canadian re/insurers turning to capital markets amid volatility: Aon
3rd November 2022
Analysts at Aon have reported that insurers and reinsurers in the Canadian market are increasingly to turning to the alternative capital markets to navigate challenging conditions. The broker notes that 2021 ended with positive results for the Canadian market, and profitable results for the global reinsurance market for the first time ... Read the full article
Hurricane Fiona insured damages at $660m, says CatIQ
19th October 2022
Hurricane Fiona is estimated to have caused $660 million in insured damages, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), making it the costliest extreme weather event ever recorded in Atlantic Canada. Landfalling on September 24th, Fiona also represents the tenth largest event in Canada in terms of ... Read the full article
Lipman outlines opportunities for development in Lloyd’s Canada market update
12th October 2022
Marc Lipman, Attorney in Fact in Canada for Lloyd’s Underwriters and president of Lloyd’s Canada, provides a market update outlining opportunities for growth and development in the region's (re)insurance sector. At the end of 2021, premium income to Lloyd’s from Canada grew by 22%, with Lipman noting that Lloyd's underwrote over ... Read the full article
Hurricane Fiona to cause record, but manageable insured losses in Atlantic Canada: DBRS Morningstar
28th September 2022
Hurricane Fiona has caused loss of life, extensive property damage, flight cancellations and power loss for hundreds of thousands of homes across Atlantic Canada, and, according to a DBRS Morningstar report, the storm is likely to cause record insured losses in Newfoundland and Labrador, New Brunswick, Nova Scotia, and Prince ... Read the full article
Allianz AGCS appoints new Head of Marine in Canada
1st September 2022
Allianz Global Corporate & Specialty (AGCS) has announced that Anthony Tramonte will join as Head of Marine for AGCS Canada, effective September 8, 2022. He will be based in Toronto, reporting directly to Rich Soja, North American Head of Marine and Global Head of Inland Marine. In this role, Tramonte will develop ... Read the full article
AXA XL appoints Cedric Franklin as Regional Director of Commercial Bonds
24th August 2022
AXA XL has appointed Cedric Franklin as VP Regional Director, Canada, to address the continued demand for Commercial Bonds from businesses in the country. Franklin will work closely with Alex Barker, Head of Specialty Insurance for Canada and Pat Dougherty, Global Head of Commercial Bonds. He is tasked with leading the continued ... Read the full article
Chubb’s Combined Insurance appoints VP of Distribution, Canada
18th August 2022
Chubb’s Combined Insurance has appointed Michael Milos as Vice President of Distribution Expansion for Combined’s Canadian branch. He is based at Combined’s Markham, Ontario offices. As Vice President of Distribution Expansion Milos will be instrumental in diversifying the organization’s distribution strategies, as well as strengthening and forming new relationships in the broker ... Read the full article
National Personal Auto / Personal Property rates increase in all provinces: Applied Systems
15th August 2022
Applied Systems has announced the second quarter of 2022 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index. The rating company discovered that quoted premiums for both Personal Auto lines and Personal Property lines increased year over year and quarter over quarter. In Q2 of 2022, Personal Auto ... Read the full article
CyberCatch & Ridge Canada announce partnership to enable SMO’s to obtain cyber insurance
12th August 2022
Cyber security software-as-a-service (SaaS) company CyberCatch has announced a strategic partnership with Ridge Canada Cyber Solutions Inc. (RCCS) to enable Canadian small and medium organisations (SMOs) to obtain cyber insurance. Approximately, there are 1.2 million SMOs in Canada and the majority of them do not have cyber insurance, or those that do are ... Read the full article
Canada’s OSFI releases final insurance capital guidelines for IFRS 17
25th July 2022
Canada’s Office of the Superintendent of Financial Institutions (OSFI) has announced the release of the final insurance capital guidelines. They have been updated to reflect implementation of International Financial Reporting Standards 17 - Insurance Contracts (IFRS 17) for fiscal years beginning on or after 1 January, 2023. According to OSFI, these guidelines ... Read the full article
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