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Fairfax Financial to increase cash consideration component in proposed acquisition of Allied World

March 13, 2017 by Canadian Underwriter

Fairfax Financial Holdings Limited and Allied World Assurance Company Holdings jointly announced Friday that the former has exercised its option to increase the cash consideration component of its US$4.9 billion cash and stock offer to Allied World shareholders. In exercising

News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

Uber self-driving cars are coming back to California roads

March 10, 2017 The Associated Press

SACRAMENTO, Calif. – Uber’s self-driving cars will return to California’s streets, though the ride-hailing company doesn’t immediately plan to pick up passengers. Uber received a permit Wednesday to test two Volvo SUVs on public roads, the California Department of Motor

News CatastrophesInsuranceMarkets / Coverages

Southeastern Saskatchewan should expect above normal spring runoff flows: Water Security Agency

March 10, 2017 by Canadian Underwriter

The Saskatchewan Water Security Agency (WSA) has released its March 2017 Spring Runoff Forecast, saying that the majority of the province is looking at a near normal spring runoff, “with the exception of southeastern Saskatchewan and areas west of Hudson

News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

Largest single loss for Hannover Re in 2016 was the Fort McMurray wildfire, with net cost of 127.9 million euros

March 10, 2017 by Canadian Underwriter

The largest single loss for Hannover Re last year was the Fort McMurray wildfire, with a “net strain” of 127.9 million euros, the reinsurer reported on Thursday. Hannover Re released its financial results on Thursday, reporting a Group net income

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Supreme Court of Canada to hear appeal over duty of care owed by repair centre to auto thieves

March 10, 2017 by Canadian Underwriter

The Supreme Court of Canada recently announced it will hear an appeal from an auto repair centre that was successfully sued by a person who participated in the theft of a customer’s car from that repair centre and was injured

News AssociationsInsuranceLegislation / RegulationPersonal Lines

Ontario private member’s bill proposes 15% cap on personal injury lawyers’ contingency fees

March 10, 2017 by Canadian Underwriter

A bill tabled Wednesday in the Ontario legislature, by a backbench Liberal MPP, would limit lawyers’ contingency fees in the province, for personal injury claims, to 15%. If passed into law, Bill 103 would stipulate that “contingency fees be capped

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Aviva Canada applauds bill to address distracted driving through creation of designated “safe texting zones”

March 10, 2017 by Canadian Underwriter

Aviva Canada is applauding the second reading of a private member’s bill in Ontario to combat distracted driving through the creation of designated “safe texting zones.” Bill 19, the Safe Texting Zones Act, passed second reading on Thursday. Brought forward

News AssociationsCommercial LinesInsurancePersonal LinesReinsuranceTechnology

ATB Financial joins R3 distributed ledger consortium

March 10, 2017 by Canadian Underwriter

ATB Financial announced Thursday that the Alberta-based financial services provider has joined the consortium of financial innovation firm R3 to design and apply distributed and shared ledger-inspired technologies to global financial markets. The company will be collaborating with more than

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Ironshore Specialty Casualty construction cover now addresses M&A transition exposures

March 10, 2017 by Canadian Underwriter

Bermuda-based Ironshore Specialty Casualty has enhanced its Transition Protection policy form to address contractual exposures associated with an organizational merger or acquisition (M&A) specific to the construction industry. Construction companies typically have contractual requirements to obtain insurance coverage for work

News CatastrophesCommercial LinesInsurancePersonal Lines

Slower winds in forecast could aid crews battling wildfires

March 9, 2017 Heather Hollingsworth - THE ASSOCIATED PRESS

KANSAS CITY, Mo. – The winds fueling deadly wildfires that scorched vast swathes of land in four Plains states finally dropped Thursday, bringing hope to crews trying to contain the blazes. Emergency personnel warned, however, that extremely dry conditions and

News Commercial LinesInsuranceLegalMarkets / Coverages

Supreme Court of Canada to hear appeal from subcontractor arguing trustee must notify potential claimants of existence of surety bond

March 9, 2017 by Canadian Underwriter

The Supreme Court of Canada announced Thursday it will hear an appeal from a subcontractor on an oilsands project who is trying to sue a general contractor for failing to inform it of the existence of a surety bond. Court

News InsuranceMarkets / CoveragesProfessional Development

Peter Hancock to resign as president and CEO of AIG, lack of shareholder support cited

March 9, 2017 by Canadian Underwriter

American International Group (AIG) announced on Thursday that its president and CEO, Peter D. Hancock, has informed the board of directors of his intention to resign, citing lack of shareholder support. As part of the transition plan, Hancock will remain