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Eagle Underwriting and RaetsMarine partner to provide marine offerings to Canadian market

March 17, 2017 by Canadian Underwriter

Canadian-based Eagle Underwriting Group Inc. and MS Amlin Marine NV, trading as RaetsMarine, are teaming up to offer protection and indemnity (P&I) and charterers’ liability insurance to the Canadian marine market. Managing general agent Eagle Underwriting will be offering P&I

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Quebec motorists apply for class action status in lawsuit against government arising from snow storm

March 17, 2017 by THE CANADIAN PRESS

MONTREAL – Lawyers on behalf of motorists left stranded in their cars on a highway after Tuesday’s snowstorm applied on Thursday for a class action lawsuit against the Quebec government and City of Montreal. Plaintiffs are seeking $2,000 for each

News Insurance

Caisse de dépôt et placement du Québec to buy stake in commercial brokerage USI from Onex

March 17, 2017 by Canadian Underwriter

Toronto-based Onex Corp. is selling its stake in one of the world’s largest commercial brokerages, USI Insurance Services LLC, to Caisse de dépôt et placement du Québec and other buyers. Valhalla, N.Y.-based USI placed 11th worldwide in an earlier ranking

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84% of polled insurance companies planning to make acquisitions in 2017: KPMG International

March 17, 2017 by Canadian Underwriter

The lion’s share of insurance companies taking part in a KPMG International-commissioned survey plan to make acquisitions in 2017, with most respondents saying their companies are being driven by need to transform business and operating models. The insurance sector looks

News Catastrophes

Quebec pounded by winter storm, premier acknowledges need for better response

March 16, 2017 by Morgan Lowrie - THE CANADIAN PRESS

MONTREAL – Heavy snow continued to fall Wednesday as Quebec emergency crews struggled to cope with a fatal winter storm that paralyzed traffic and left hundreds of motorists stranded in their cars overnight. Environment Canada said southwestern, central and eastern

News Legal

Provincial appeal court rulings guide employers wanting to limit entitlements following termination without cause: Lawyer

March 16, 2017 by Canadian Underwriter

Two recent appeal court rulings “highlight the importance of having clearly worded provisions in employment agreements” when employers want to limit the entitlements of workers who are dismissed without case, a lawyer wrote on a recent blog post. “Frequently, employment

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TSB calls for mandatory emergency position indicating radio beacons on fishing boats

March 16, 2017 by Canadian Underwriter

The Transportation Safety Board of Canada reiterated this week a 16-year-old recommendation that the federal government require emergency position indicating radio beacons or similar devices for certain small fishing vessels. In an investigation report released in 2000, TSB recommended that

News CatastrophesCommercial LinesInsurance

Supply line leak led to fire at Alberta oilsands facility, Syncrude says

March 16, 2017 by Dan Healing - THE CANADIAN PRESS

FORT MCMURRAY, Alta. – A fire that broke out at a Syncrude oilsands site in northern Alberta was the result of a supply line that broke and leaked light oil, a company spokesman said Wednesday. Crews were allowing the blaze

News Legal

Ontario man indicted by U.S. grand jury for alleged Yahoo hack

March 16, 2017 by Colin Perkel - THE CANADIAN PRESS

TORONTO – A Canadian man of Kazakh origins who appeared to live a lavish lifestyle in southern Ontario was arrested as one of four suspects in a massive hack of Yahoo that targeted American government officials, Russian journalists opposed to

News CatastrophesInsuranceReinsuranceTechnology

Data-driven methodology allows (re)insurers to identify liability risk exposure across entire portfolios

March 16, 2017 by Canadian Underwriter

Lloyd’s reports that a partnership with modelling company Arium has produced a data-driven methodology that will allow (re)insurers to model liability risk exposure probabilistically across entire portfolios. The approach – the result of a three-year project between Lloyd’s and Arium

News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal LinesReinsuranceTechnology

Munich Re operating result down in 2016 from 2015, new partnerships could answer changing client demands

March 16, 2017 by Canadian Underwriter

Munich Re is looking to set up partnerships that would previously not have been considered, the company reported this week in announcing the group operating result fell 16.5% to 4,025 million euros in 2016 compared to 4,819 million euros in

News Insurance

U.S. Federal Reserve raises benchmark interest rate 0.25 points

March 15, 2017 by THE CANADIAN PRESS

TORONTO – Stock indexes in Toronto and New York surged, while the loonie rose nearly a full U.S. cent, after the U.S. Federal Reserve raised its benchmark interest rate for the second time in three months. As widely expected, the