Distress, divestments to dominate mining deals in 2016 after Canadian transactions hit 10-year low
March 8, 2016 by Canadian UnderwriterFinancial stress among Canadian mining and metals companies drove transactions to a decade-long low in 2015 and that environment is expected to shape the sector’s merger and acquisition (M&A) activity in 2016, Ernst & Young suggests in a recent report.…
Ontario home inspector licensing bill passes second reading
March 7, 2016 by Canadian UnderwriterA bill proposing to introduce home inspectors’ licensing in Ontario – and to provide for regulations mandating liability insurance – was recently referred to a committee of the legislature. If Bill 165, the Licensed Home Inspectors Act, is passed into…
XL Catlin appoints Nick Greggains as CEO of Canadian insurance operations
March 4, 2016 by Canadian UnderwriterXL Catlin announced on Friday the appointment of Nick Greggains as chief executive officer of XL Catlin’s Canadian insurance operations. In his new role, Greggains leads XL Catlin’s regional business strategy and guides the development and delivery of innovative insurance…
Companies must adopt fuller view of risk, understand the expected can combine to produce surprises: Marsh
February 29, 2016 by Canadian UnderwriterBoards and executive teams must develop a much stronger context for risks that may seem to be safely over the horizon if they are to avoid being blindsided by unwelcome surprises, notes a new paper from Marsh & McLennan Companies’…
Energy, metals & mining issuers placed on review for downgrade: Moody’s
January 25, 2016 by Canadian UnderwriterThe ratings outlook for 120 oil & gas and 55 mining companies is being reconsidered, with Moody’s Investors Service announcing Friday that it has placed the ratings on review for downgrade. The reviews “reflect a mix of declining prices that…
Interruption Claims
January 1, 2016 Bernard McNulty, Head of Claims - Canada, Allianz Global Corporate & Specialty (AGCS) AmericasFactors affecting business interruption (BI) claims in Canada include the continued move towards just-in-time inventory delivery, lower commodity prices and risk-specific policies placed by brokers. The frequency of BI claims in Canada was consistent with experience in other countries, though in Canada in recent years, about 50% of BI claims originated from natural events.
Claims Against Directors
January 1, 2016 Greg Meckbach, Associate EditorShareholders’ lawsuits alleging misrepresentation, pollution clean-up orders and privacy breaches are some of the major trends that could influence directors’ and officers’ (D&O) liability claims in Canada, experts suggest. The Supreme Court of Canada in December paved the way for class action lawsuits against a major Canadian bank and a motion picture firm – as well as directors and officers of each firm – arising from a drop in share price. Meanwhile, a clean-up order issued to directors of an insolvent Ontario manufacturer “set off alarm bells” among corporate directors, one lawyer reports.
Ontario government has ‘no plan or fund in place’ to clean up 288 polluted sites: Auditor General
December 3, 2015 by Canadian UnderwriterThe Ontario government has an estimated liability of nearly $1.8 billion for cleaning up sites affected by hazardous waste or pollution, but there is no plan or fund in place for cleaning up those contaminated sites, Auditor General Bonnie Lysyk…
Marketplace
December 1, 2015 by Canadian UnderwriterREGULATION Eligible policyholders to vote on demutualization Economical Insurance’s Board of Directors has announced a shareholder vote on demutualization will proceed in mid-December. The announcement comes several months after Ottawa enacted regulations allowing property and casualty insurers to demutualize. Beyond…
Debt, earnings disconnect leaves mining companies vulnerable: EY
November 30, 2015 by Canadian Underwriter“Market conditions are not showing signs of imminent improvement, and if this doesn’t change, only the fittest will survive,” Lee Downham, Ernst & Young’s global mining & metals transactions leader, cautioned in a statement Friday. Globally, mining companies are factoring…
Climate protection to become a core business for Allianz SE
November 26, 2015 by Canadian UnderwriterAllianz SE plans to integrate climate protection into its entire business portfolio – a move that will include ending financing of coal-based business models – the insurer announced in the run-up to the UN Climate Change Conference in Paris. “Our…
Allianz to sell coal-related bonds, double investment in wind power
November 24, 2015 David Rising - THE ASSOCIATED PRESSBERLIN – German financial group Allianz SE, one of the world’s largest asset managers, said Tuesday it would over the next six months decrease investments in companies using coal and boost funding on those focused on wind power. CEO Oliver…