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Sea piracy drops to 21-year low in first half of 2016: global report

July 26, 2016 by Canadian Underwriter

Despite a surge in kidnappings off West Africa, piracy and armed robbery at sea has fallen to its lowest levels since 1995, notes a new report issued Monday by the International Chamber of Commerce’s International Maritime Bureau (IMB). There were

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Managing General Agent channel continues growth at rate exceeding P&C market: Conning

July 25, 2016 by Canadian Underwriter

The Managing General Agent (MGA) market has continued to grow at a rate exceeding that of the property-casualty market overall, according to a new study by Conning, Inc., a Hartford, Conn.-based global investment management firm. “In our analysis of the MGA

News InsuranceMarkets / Coverages

AIR Worldwide expands global pandemic model

July 25, 2016 by Canadian Underwriter

Boston-based catastrophe risk modelling firm AIR Worldwide announced on Monday that it has expanded its global pandemic model to include outbreaks of six additional diseases. The model now explicitly accounts for nine pathogens, including bacterial and viral diseases, in addition

News InsuranceMarkets / Coverages

Catastrophe bond issuance slowed during second quarter of 2016: Aon Securities

July 21, 2016 by Canadian Underwriter

Following a record breaking first quarter issuance of US$2.22 billion, catastrophe bond issuance for the second quarter of 2016 stood at US$800 across five transactions – a relatively low figure during a historically active quarter, Aon Securities said on Thursday.

News CatastrophesInsuranceLegalMarkets / Coverages

Enbridge announces US$177 million settlement in connection with 2010 oil spills

July 21, 2016 by Canadian Underwriter

The U.S. Department of Justice (DOJ) and the Environmental Protection Agency (EPA) have announced a US$177 million settlement with Enbridge Energy Limited Partnership and several related Enbridge companies to resolve claims stemming from its 2010 oil spills in Marshall, Mich.,

News CatastrophesInsuranceMarkets / CoveragesMergers and Aqcuisitions

Direct economic impact of Fort McMurray wildfire expected to reach US$5 billion: Impact Forecasting

July 20, 2016 by Canadian Underwriter

The overall direct economic impact of the Fort McMurray wildfire is expected to approach US$5 billion once all attributable losses are realized, according to Impact Forecasting, Aon Benfield’s catastrophe model development centre of excellence. “The first half of 2016 ended

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

New Allianz unit to write representations and warranties insurance in Canada

July 20, 2016 by Canadian Underwriter

Allianz Global Corporate & Specialty (AGCS) SE announced Wednesday its new transactional liability unit in North America. “This new practice will offer financial protection specifically to protect against inaccuracies made about target companies or businesses in connection with mergers, acquisitions

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Berkshire Hathaway Specialty Insurance introduces four executive & professional lines for financial institutions, P&C insurers in Canada

July 20, 2016 by Canadian Underwriter

One day after it announced that it had expanded into the transactional liability insurance market in Canada and the United States, Berkshire Hathaway Specialty Insurance (BHSI) said that it is introducing four new executive and professional lines in Canada. BHSI

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Berkshire Hathaway Specialty Insurance enters into transactional liability insurance market in Canada and the U.S.

July 19, 2016 by Canadian Underwriter

Berkshire Hathaway Specialty Insurance (BHSI) announced on Tuesday that it has expanded into the transactional liability insurance market in Canada and the United States. BHSI also said in a press release that it has named Robert Underhill as senior vice

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Chubb introduces insurance product for private Canadian companies

July 18, 2016 by Canadian Underwriter

Chubb Ltd. announced on Monday that it has launched a modular insurance policy designed specifically for Canadian privately owned companies. ForeFront Portfolio addresses the broad range of liability risks faced by Canadian private companies in an increasingly risky and litigious

News CatastrophesInsuranceMarkets / CoveragesMergers and Aqcuisitions

Worldwide mid-sized firms may fall short on insurance, risk management: Assurex Global survey

July 18, 2016 by Canadian Underwriter

Many mid-sized firms may lack adequate insurance, continuity planning, risk management and civil infrastructure support to prepare for and recover from large-scale natural disasters, suggests a new report from Assurex Global, a privately-held commercial insurance, risk management and employee benefits

News CatastrophesInsuranceMarkets / CoveragesProfessional Development

AIR Worldwide announces new global resilience practice

July 18, 2016 by Canadian Underwriter

Catastrophe modelling firm AIR Worldwide announced on Monday that it has formed a “global resilience practice,” a new function to support risk reduction and resilience initiatives across the globe. “These initiatives are aimed at developing solutions that aid society’s efforts