After a 132-year-old Cape Breton Island building was heavily damaged by a sprinkler line failure, there was a huge disparity between the property owner and insurer’s versions of “actual cash value.” The claimant said $1.59 million, while the insurer said…
Improper installation of pipes and connections is one of the biggest risks your clients face when it comes to water losses, Northbridge Insurance suggests. “Most water damage losses occur as a result of faulty workmanship. If contractors improperly install pipes…
Insurance premiums are up nearly 14% for carriers owned by Fairfax Financial, and much of that is due to price increases, the holdings company’s president suggests. “In my career here – 16 years – I haven’t seen anything quite like…
Companies looking to save a few bucks by declining certain insurance coverage options are putting themselves at risk, and it’s up to brokers to ensure their clients understand the consequences. What do you tell a commercial client who doesn’t want…
As the economy goes, so does the insurance industry. But what happens where things aren’t necessarily taking off, but not falling by the wayside either? Business leaders are increasingly hopeful about the economy. A recent quarterly survey released by the…
Toronto-based Fairfax Financial Holdings Ltd. plans to buy the remainder of Lloyd’s insurer Brit PLC within the next couple of years, Fairfax president Paul Rivett said Friday. Toronto-based Northbridge Insurance and Stamford, Conn.-based OdysseyRe are among the insurance subsidiaries owned…
Former chief executives of RSA and Guy Carpenter & Company LLC were elected to new terms on the board of directors of Fairfax Financial Holdings Ltd., Toronto-based Fairfax announced Friday. Fairfax, the corporate parent of Northbridge Insurance and OdysseyRe, held…
Northbridge Insurance had a 0.3-point in its second-quarter combined ratio, from 100% last year to 99.7% this year, while OdysseyRe’s combined ratio improved 3.9 points, the insurers’ parent firm, Fairfax Financial Holdings Ltd., reported recently. Toronto-based Northbridge Insurance had an…
Fairfax Financial Holdings Ltd. has agreed to reduce its holdings in Mumbai, India-based insurer ICICI Lombard General Insurance Company Ltd., a joint venture between ICICI Bank and Toronto-based Fairfax. In its annual report for 2016, released in April, Fairfax reported…
The Supreme Court of Canada decision in Ledcor Construction Ltd. v. Northbridge Indemnity Insurance Co. has created an exception to the principle outlined in Sattva Capital Corp. v. Creston Moly Corp. and may lead to an increase in insurance litigation.
The corporate parent of Toronto-based Northbridge Insurance “should benefit from further diversification of its business” if it acquires commercial insurer and reinsurer Allied World Assurance Company Holdings AG, A.M. Best Company Inc. has suggested. Fairfax Financial Holdings Ltd. – which…
Northbridge Insurance recently warned of several risks arising from the Pokémon Go computer game, including exposure of confidential information, liability exposure and distracted driving. “Augmented reality games usually require your GPS location and a data connection (either WiFi or cellular…