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Held to Ransom

September 1, 2017 Graeme Newman, Chief Innovation Officer, CFC Underwriting

Ransomware is not new, but attacks are transforming in step with changing motivations. Businesses are advised to have in place precautions to thwart attacks when possible, complemented by cyber insurance should attackers manage to break through.

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Elevated wildfire danger levels continue in Manitoba

September 1, 2017 by Canadian Underwriter

Hot, dry and windy conditions continue in Manitoba, resulting in elevated wildfire danger levels in many areas of the province, Manitoba Sustainable Development and the Office of the Fire Commissioner said in a media bulletin issued on Friday. To date,

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Spring flooding in Ontario and Quebec caused more than $223 million in insured damage: CatIQ

September 1, 2017 by Canadian Underwriter

Two significant spring storm and flooding events in eastern Ontario and western Quebec resulted in more than $223 million in insured damage, according to information from Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) released on Friday. Between April 5 and

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CoreLogic estimates insured flood loss for homes affected by Hurricane Harvey at US$6.5 billion to US$9.5 billion

September 1, 2017 by Canadian Underwriter

Insured flood loss for homes in Texas and Louisiana affected by Hurricane Harvey is estimated to be between US$6.5 billion and US$9.5 billion, according to preliminary loss estimates from CoreLogic. Irvine, Calif.-based CoreLogic, a global property information, analytics and data-enabled

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B.C. tourism industry taking major hit due to wildfires

August 31, 2017 The Canadian Press (CPSTF)

KAMLOOPS, B.C. – British Columbia’s tourism industry is taking a hit with businesses reporting rising cancellations and decreased traffic over fears of wildfires. Maya Lange with Destination BC, the province’s tourism planning and marketing corporation, said Wednesday preliminary results from a survey of businesses in the Kootenay-Rockies region found that 32 per cent are anticipating losses due to perceptions of the fires.
“We are very concerned. Just looking at the volume of visitation and the volume of trips that are taken by British Columbian…

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City of Windsor records nearly 2,700 basement flooding reports from severe rain event

August 31, 2017 by Canadian Underwriter

The City of Windsor in southwestern Ontario has reported nearly 2,700 basement flooding reports as of late Wednesday afternoon. The city continues to recover from a severe rain event on Aug. 29 that resulted in flooded roads, properties and basements.

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Economic losses from Hurricane Harvey could be as high as US$70-90 billion: preliminary RMS estimate

August 31, 2017 by Canadian Underwriter

Economic losses caused by wind, storm surge and inland flood from Hurricane Harvey could be as high as US$70-90 billion, according to preliminary estimates from Risk Management Solutions, Inc. (RMS). The Newark, Calif.-based global risk modelling and analytics firm said

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SCM Insurance Services announces majority investment from private equity firm Warburg Pincus

August 31, 2017 by Canadian Underwriter

SCM Insurance Services announced on Thursday that it has received a majority investment from funds affiliated with Warburg Pincus LLC, a global private equity firm focused on growth investing. The major investment, along with the continued investment in SCM by

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U.S.-based Interstate Restoration LLC completes acquisition of Canada’s FirstOnSite Restoration

June 1, 2016 by Canadian Underwriter

Ft. Worth, TX-based Interstate Restoration LLC announced on Wednesday that it has completed the acquisition of FirstOnSite Restoration G.P. Inc. in Canada. As a result of the transaction, Interstate Restoration becomes a company of US$300 million annual revenues, with nearly