Industry
Quebec fire chiefs want the provincial government to follow through on the recommendations of a coroner to have automatic sprinklers installed in all seniors’ homes in the province. The provincial fire chiefs’ association says it also wants firefighters to have access to better training and is calling for fire services in Quebec to be reorganized. […]
By The Canadian Press | February 17, 2015
1 min read
A short labour disruption at Canadian Pacific Railway Company – which Canada’s labour minister calls “a backbone of an integrated supply chain” – is over, with the union representing engineers and conductors agreeing to enter mediation and arbitration. “The parties have agreed to a mediation and arbitration process to address all of the outstanding issues […]
By Canadian Underwriter | February 17, 2015
2 min read
Fairfax Financial Holdings Limited of Toronto has reached an agreement with Brit PLC to acquire for an estimated US$1.88 billion all of the outstanding shares of Brit, a global Lloyd’s of London specialty insurer and reinsurer. “With the acquisition of Brit, Fairfax will have a significant top-five position at Lloyds of London,” Prem Watsa, chairman […]
Desjardins Group’s acquisition of State Farm Canada “is ensuring the co-op and mutual sector will play a big role in the consolidation of Canada’s property and casualty industry,” Monique Leroux, chair of the board, president and CEO of Desjardins Group, said Thursday during a speech in downtown Toronto. “The State Farm transaction is a truly […]
By Canadian Underwriter | February 13, 2015
3 min read
Northbridge Insurance’s fourth-quarter premiums dropped 5.56% from 2013 to 2014 while its combined ratio deteriorated by 2.3 points, though its Toronto-based parent company, Fairfax Financial Holdings Ltd. – which had lost $564 million in 2013 – reported net income of $1.66 billion in 2014. “Our results in 2014 were the best in our 29-year history, […]
Seventy people were killed on public roadways in Manitoba in 2014, the lowest annual figure in 30 years, the province’s government auto insurer announced Thursday. “Manitoba road fatalities have been steadily decreasing over the years, with 2014 being the lowest year in three decades,” stated Manitoba Public Insurance Corp., the compulsory auto insurance carrier owned […]
A law giving the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) the power examine certain firm’s records and search through their computers no longer applies to documents in the possession of legal counsel or in law offices premises, the Supreme Court of Canada announced Friday. FINTRAC – established with the passage of Canada’s […]
4 min read
A recently discovered case in Alberta of bovine spongiform encephalopathy (BSE), or mad cow disease, “should not affect current exports of Canadian cattle or beef,” the Canadian Food Inspection Agency said Thursday, though other animals found to have “equivalent risk” will be ordered destroyed and tested for BSE. CFIA confirmed Thursday the presence of BSE […]
American International Group Inc. reported Thursday a 5.3-point improvement in its fourth-quarter combined ratio and a 3% drop in net premiums written in property & casualty, while the combined ratio for the personal insurance sector dropped below 100. New York City-based AIG reported a combined ratio in P&C of 103.4% in Q4 2014, down 5.3 […]
By Canadian Underwriter | February 12, 2015
It is too early to predict the impact on Canadian supply chains if there is a labour disruption involving thousands of railway workers at Canadian Pacific Railway Company, but a union official suggested Thursday it “could get a little chaotic” in the event that a work stoppage occurs. A strike or lockout – of locomotive […]
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