Topic
Insurance
Cedents advised to get reinsurers’ blessing when settling class action claims
June 8, 2010 by Canadian UnderwriterPrimary insurers should make sure they get the blessing of their reinsurers when attempting to resolve class action claims, according to Mark Lichty, partner at Blaney McMurtry LLP. Lichty was speaking at the Canadian Defence Lawyers Annual Meeting & Conference,…
Alberta offering Bee Overwintering Insurance Program
June 7, 2010 by Canadian UnderwriterAlberta’s commercial beekeepers have a June 20 deadline to sign on to the province’s Overwintering Insurance Program.The program provides coverage for the loss of bees in excess of normal losses resulting from naturally occurring perils beyond management control. Eligible perils…
2010 World Cup insured for Cdn$9.5 billion
June 7, 2010 by Canadian UnderwriterThe 2010 football World Cup will be insured for an estimated £6.2 billion (Cdn$9.5 billion) when it kicks off in less than a week. About half of that sum is related to stadiums built or refurbished for the tournament being…
Marsh & McLennan Companies sells Kroll in $1.13-billion cash deal
June 7, 2010 by Canadian UnderwriterMarsh & McLennan Companies Inc. (NYSE: MMC) is selling its risk consulting subsidiary company, Kroll Inc., to Altegrity Inc. for $1.13 billion in cash.Altegrity is an international screening and security solutions company owned by Providence Equity Partners, a global private…
Two F1 tornadoes open the 2010 season in Southern Ontario
June 7, 2010 by Canadian UnderwriterEnvironment Canada has confirmed the first two tornadoes of the 2010 season in Southern Ontario. An F1 tornado with estimated wind speeds of between 117 km-h and 180 km-h tracked eastward near the villages of Dalkeith and Ste-Anne-de-Prescott at about…
Ontario Court of Appeal “tweaks” the forum conveniens law: lawyer
June 7, 2010 by Canadian UnderwriterThe “real and substantial” test in forum non conveniens law has been modified by the Ontario Court of Appeal in Van Breda v. Village Resorts Ltd., according to David A. Bertschi, a partner at Bertschi Orth Smith LLP. “That, from…
Gore Mutual CEO cautions against premature auto rate reductions
June 4, 2010 by Canadian UnderwriterInsurers applying for and receiving auto rate reductions prior to Ontario’s reform implementation may be creating an unrealistic consumer expectation that auto insurance rates are now on the decline, Kevin McNeil, president and CEO of Gore Mutual said.McNeil spoke at…
Deepwater Horizon disaster will “destabilize” the upstream and reinsurance markets: Willis
June 4, 2010 by Canadian UnderwriterWillis Group Holdings has described the Deepwater Horizon offshore oil rig explosion as a market-changing event that is expected to harden the upstream and reinsurance markets.“Even though a large portion of the Deepwater Horizon loss, which could amount to US$20…
Canada’s GDP in good shape, but insurers still concerned about low interest rate environment
June 4, 2010 by Canadian UnderwriterAlthough Canada’s economy has had a “fantastic” first quarter, there is still quite a bit of uncertainty in the global financial environment, which has a knock-on effect on the Canadian property and casualty industry, Louis Gagnon, president of Intact Insurance,…
Ontario Court of Appeal cautions against using evidence outside statement of claim to determine a duty to defend
June 4, 2010 by Canadian UnderwriterThe Ontario Court of Appeal has cautioned against using ‘extrinsic’ evidence – evidence other than the allegations contained in a statement of claim – to determine an insurer’s duty to defend assault allegations under a homeowner’s policy.In Meadows v. Meloche…
Insurance property pricing for deepwater drilling platforms up to 50% higher in wake of Deepwater Horizon: Moody’s
June 3, 2010 by Canadian UnderwriterProperty pricing for drilling platforms in the wake of the Deepwater Horizon loss has already increased between 15% and 25% for rigs operating in shallow waters and up to 50% higher for deepwater rigs, Moody’s Investors Service in a new…
Military pressure forcing al-Qaida to consolidate forces outside of the U.S.: Aon Risk Map
June 3, 2010 by Canadian UnderwriterInternational counter-terrorism efforts appear to be stifling the ability of terrorist groups to mount significant attacks on the scale of those of Sept. 11, 2001, according to the 2010 Aon Terrorist Threat Map.Aon Crisis Management, a business practice of Aon…