B.C.’s River Forecast Centre issues high streamflow advisory, but flooding fears beginning to ease
June 8, 2017 by Canadian UnderwriterBritish Columbia’s River Forecast Centre (RFC) has issued a “high streamflow advisory” for the province’s South Peace region and surrounding areas. Issued at noon on Thursday, the advisory includes South Peace region and surrounding areas, including Pine Pass and tributaries…
TSB attributes Calgary freight train derailment in part to “likely” fatigue of engineer who had been awake for 23 hours
June 5, 2017 by Canadian UnderwriterThere is an increased risk of tired railway engineers reporting for duty if a rail operator’s “fatigue management procedures do not provide opportunities for potentially fatigued employees to remove themselves from eligibility for duty without fear of discipline,” the Transportation…
ICLR report examines legal tools to mandate stormwater management on the part of homeowners
May 24, 2017 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction released Tuesday a report intended as an “initial discussion paper” on the issue of mandating flood risk reduction measures on the part of private property owners. The report – Assessing local mandatory measures to…
Former Marsh & McLennan CEO Duperreault replaces Hancock as CEO of AIG
May 15, 2017 by Canadian UnderwriterAmerican International Group Inc. has a new chief executive officer, Brian Duperreault, as of Sunday, the New York City-based insurer announced. Duperreault (pictured right), a former CEO of Marsh & McLennan Companies Inc., is now also president and director of…
Flooding in Ontario and Quebec in April and May estimated to cost “well into the millions” in U.S. dollars: Aon Benfield
May 9, 2017 by Canadian UnderwriterFlooding in multiple communities in southern Ontario and Quebec in April and into May is estimated to cost “well into the millions of dollars (USD)” in economic losses, Impact Forecasting said on Tuesday in its Global Catastrophe Recap report for…
Q1 insurance premiums up 95% at Berkshire Hathaway after adverse development reinsurance agreement with AIG
May 8, 2017 by Canadian UnderwriterBerkshire Hathaway Inc. announced Friday it recorded insurance premiums earned of $21.7 billion during the three months ending March 31 – up 95% from $11.1 billion in Q1 2016 -while Cyclone Debbie affected the Omaha, Neb.-based firm’s underwriting result by…
Economical Insurance posts net income of $5.3 million in 2017 Q1, down from $28.5 million in prior-year quarter
May 8, 2017 by Canadian UnderwriterAuto lines, catastrophe and weather-related losses served as a drag on underwriting results which, in turn, contributed to Economical Insurance posting net income of $5.3 million in 2017 Q1 compared to $28.5 million in 2016 Q1. “Higher investment income was…
‘No active deals on the table’ to sell minority interest in SGI Canada
May 7, 2017 by Canadian UnderwriterSaskatchewan has a new law allowing for the sale of up to 49% of crown corporations, but the provincial government will continue to have a monopoly on compulsory auto insurance, a spokesperson for Saskatchewan Government Insurance told Canadian Underwriter Friday.…
Intact to acquire U.S. specialty insurer OneBeacon Insurance Group for US$1.7 billion
May 3, 2017 by Canadian UnderwriterIntact Financial Corporation has announced that it intends to acquire OneBeacon Insurance Group, Ltd., a specialty insurer in the United States, for US$1.7 billion. Intact declared on Tuesday that it has entered into a definitive agreement and plan of merger…
Underwriting income up 83.3% for Arch Capital
May 2, 2017 by Canadian UnderwriterArch Capital Group Ltd. recently reported a seven-point improvement in its first-quarter combined ratio while net premiums written were up more than an eighth. Hamilton, Bermuda-based Arch released April 25 its financial results for the three months ending March 31,…
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…
Recommendation for lifetime care management for MVA victims ‘may be buried’ by Ontario government: insurance defence lawyer
April 28, 2017 Greg Meckbach, Associate EditorThe Ontario government announced Thursday it is “reviewing” 35 recommendations on auto insurance form made by the former head of the province’s government-run workers’ compensation insurance system, the same day an insurance defence lawyer warned that some of those recommendations…