Keyword
marine
Collision damages ships in Vancouver Harbour
March 20, 2019 by Greg MeckbachRICHMOND, B.C. – Transport Canada says two ships collided in Vancouver Harbour Sunday after one lost power, but no one was injured and no pollutants were released. The federal department says in a statement that the bulk carrier MV Caravos…
This commercial line could see $24 million revenue increase
December 12, 2018 by Greg MeckbachFederal regulations requiring liability insurance for boats that carry passengers take effect Jan. 11, Transport Minister Marc Garneau announced Wednesday. It is estimated the industry will make $24.8 million more, over 10 years, than it otherwise would have, the federal…
Artificial intelligence a ‘work in progress’ in marine insurance
August 27, 2018 by Greg MeckbachSome insurers are considering how artificial intelligence could help underwrite marine risks. Although big data has been around for years, “what has changed with AI is just using bigger more disparate data sets which go across different domains – for…
Intact’s combined ratio improves 5.2 points but personal auto has $31M in unfavourable prior-year development
November 8, 2017 by Canadian UnderwriterIntact Financial Corp.’s personal auto results were “disappointing” during the three months ending Sept. 30, chief executive officer Charles Brindamour said Tuesday in press release, but the Toronto-based insurer reported that across all lines, underwriting income more than doubled from…
BHSI unveils new offering, follow form for U.S. and Canadian contractors
November 1, 2017 by Canadian UnderwriterBoston-based Berkshire Hathaway Specialty Insurance (BHSI) has announced the availability of a single excess policy that sits atop multiple first- and third-party insurance policies for contractors in the United States and Canada. The new policy provides excess follow form protection…
Global marine underwriting premiums continue to fall: International Union of Marine Insurance
September 18, 2017 by Canadian UnderwriterGlobal marine underwriting premiums for 2016 fell to US$27.5, a 9% reduction from 2015, the International Union of Marine Insurance (IUMI) reported on Monday. The association presented its annual statistical report on the marine insurance market at the IUMI 2017…
Hub International purchases “certain assets” of Quebec surety broker
August 8, 2017 by Canadian UnderwriterChicago, Ill.-based Hub International Limited announced on Monday that Hub Quebec has purchased “certain assets” from Patrice Varin, through a corporation held by him. Terms of the acquisition were not disclosed. Varin will join Hub Quebec, bringing with him a…
Combined ratio down 4.6 points at Axis Capital
July 28, 2017 by Canadian UnderwriterAxis Capital Holdings Ltd. reported Wednesday a 4.6-point improvement in its Q2 combined ratio, from 102.2% in the second quarter of 2016 to 97.6% in the latest quarter. Pembroke, Bermuda-based Axis Capital writes both reinsurance and commercial primary insurance worldwide…
Lack of safety management systems found in “numerous” marine, aviation accident investigations: TSB
July 24, 2017 by Canadian UnderwriterFifteen years after four passengers drowned in an accident aboard an amphibious sightseeing vehicle across the Ottawa River from the nation’s capital, the Transportation Safety Board of Canada warned Thursday that there has “been only limited progress” on expanding the…
Combined ratio 100% in Q1 for Markel
May 2, 2017 by Canadian UnderwriterCommercial insurance writer Markel Corp. reported a combined ratio of 100% in the three months ending March 31, a 12-point deterioration from its combined ratio of 88% during the first quarter of last year. Glen Allen, Virginia-based Markel released April…
Eagle Underwriting and RaetsMarine partner to provide marine offerings to Canadian market
March 17, 2017 by Canadian UnderwriterCanadian-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…
Q4 combined ratio up 14.9 points at Aspen
February 9, 2017 by Canadian UnderwriterWildfires in Tennessee, an earthquake in New Zealand, Hurricane Matthew and energy-related losses all contributed to a 20.2-point deterioration in the fourth-quarter loss ratio in reinsurance for Aspen Insurance Holdings Ltd., while in primary insurance, Aspen reported a combined ratio…