Lawyer explains why some federally-regulated employees cannot be dismissed without cause
November 30, 2016 by Canadian UnderwriterA Supreme Court of Canada ruling released in July has “huge ramifications” for employers in the trucking industry, while a more recent decision provides guidance on interpreting standard-form contracts, a lawyer suggested Tuesday to insurance professional in Toronto. In its…
Supreme Court of Canada to consider scope of corporate directors’ personal liability under oppression remedy claims
November 22, 2016 by Canadian UnderwriterCanada’s highest court will hear Tuesday arguments in favour of and against a two-part test – for imposing personal liability on a corporate director for “oppressive” corporate conduct – proposed by a director who was sued for nearly $4.7 million.…
Hurricane Matthew ‘will not be material’ to Berkshire Hathaway’s financial results
November 7, 2016 by Canadian UnderwriterBerkshire Hathaway Inc. reported Friday a 13% drop in its property & casualty premiums earned at its reinsurance group, while the primary insurers had a combined loss ratio of 61% during the third quarter of this year. For the three…
Supreme Court of Canada hears appeal over Nova Scotia auto family protection endorsement
October 7, 2016 by Canadian UnderwriterThe Supreme Court of Canada heard Wednesday an appeal from a Nova Scotia auto accident victim whose future Canada Pension Plan disability payments were ordered deducted from the amount payable under his family protection endorsement. Andrew Sebean suffered injuries to…
Cat bond issuance so far in 2016 down 15% compared to same period in 2015, Fort Mac reviving talk about unmodelled risks: PCS
October 5, 2016 by Canadian UnderwriterYear-to-date Cat bond issuance was down more than 15% compared to the prior-year period as a result of a usually light third quarter and a less usual quiet second quarter, notes a new report from Property Claim Services (PCS). The…
Builder’s risk policy must cover windows damaged by cleaning on building under construction: Supreme Court of Canada
September 16, 2016 by Canadian UnderwriterInsurance firms writing an all risks policy for an office building under construction in Edmonton must cover the multi-million dollar cost of replacing windows damaged by cleaning, despite an exclusion for “the cost of making good faulty workmanship,” the Supreme…
Index-linked insurance helps reduce adverse selection: Swiss Re
September 13, 2016 by Canadian UnderwriterA reinsurance program can help mutual insurers free up funds that can be spent elsewhere, while index-based insurance can help provide coverage for business interruption not caused by property damage – such as software and electrical power failures – Swiss…
Reinsurers ‘more willing’ to decline participation where demands from cedents are too great: Guy Carpenter
September 9, 2016 by Canadian UnderwriterAs investment returns remain low and with recent drops in renewal pricing, reinsurance carriers are resisting “aggressive buying tactics” on the part of cedents, Guy Carpenter & Company LLC suggested in an article published Friday. “From a buying perspective, while…
Allianz Global Corporate & Specialty launches cyber and professional liability coverage for North America
August 4, 2016 by Canadian UnderwriterAllianz Global Corporate & Specialty (AGCS) has announced the launch of a new cyber and professional liability coverage product designed exclusively for the North American market. Featuring a streamlined form structure with flexible terms, ACCEPT Protect is the “first of…
Global market for professional indemnity insurance expected to reach US$40.5 billion by 2019: Finaccord
August 3, 2016 by Canadian UnderwriterThe global market for professional indemnity (liability) insurance is on track to climb from its 2015 total of approximately US$36.2 billion in gross written premiums (GWPs) to US$40.5 billion by 2019, Finaccord reported Wednesday. Of the 2015 premium total, the…
Loss ratio up 3 points for Arch Capital
July 28, 2016 by Canadian UnderwriterArch Capital Group Ltd. reported Wednesday a 1.4-point increase in its second-quarter combined ratio and 42% increase in net income, with growth in its travel, construction and national accounts. Pembroke, Bermuda-based Arch Capital’s operations include commercial insurer Arch Insurance Canada…
New Allianz unit to write representations and warranties insurance in Canada
July 20, 2016 by Canadian UnderwriterAllianz 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…