Risk
Why are insurers writing D&O coverage for allegations involving sexual misconduct, which is not really an “accident,” but rather an intentional act that is typically excluded from coverage? The question came up last Thursday at a PLUS Canada event in Toronto featuring Kevin LaCroix, author of the U.S.-based ‘D&O Diary’ blog. The panel discussion was […]
By David Gambrill | February 26, 2018
2 min read
Brokers or managing general agents (MGA) looking to buy another MGA could be looking at multiples of four times commission just to be able to compete with insurers looking to make the same purchase, industry analysts say. Philip Heywood, partner of transaction services and financial services due diligence leader with PwC Canada, told Canadian Underwriter […]
By Jason Contant | February 21, 2018
3 min read
The latest stock market roller coaster ride should prompt brokers placing directors’ and officers’ liability to ask their clients about independent audits and internal controls. The week ending Feb. 9 saw a “a steep and broad-based selloff” in the stock of publicly-traded companies, with the S&P 500 and TSX dropping 5.2% and 3.7% respectively, BMO […]
By Greg Meckbach | February 16, 2018
With the federal government preparing to legalize recreational marijuana by no later than July, politicians from the three major parties spoke Friday in favour of designating the third week of March National Impaired Driving Prevention Week. “Marijuana legalization will result in more impaired driving deaths, more accidents, and an increased risk to road safety,” Richard […]
By Greg Meckbach | February 6, 2018
A European privacy regulation taking effect this May poses some legal risk for commercial brokers’ Canadian clients, whether those clients know it or not. The General Data Protection Regulation (GDPR) “should be top of mind” for Canadian risk managers, Terri Mason, CNA Canada’s assistant vice president for cyber and professional liability, told Canadian Underwriter. GDPR […]
Insurance Corporation of British Columbia’s monopoly should end, Insurance Bureau of Canada said this week, but the province’s attorney general contends that competition will not result in lower premiums for B.C. vehicle owners. Opening up auto insurance to competition “does not guarantee lower insurance rates, as Ontario shows,” Attorney General David Eby stated Wednesday in […]
By Greg Meckbach | January 31, 2018
Brokers are finding it more difficult to place some standard commercial risks, such as property and liability, and this is changing the managing general agent market, an official with a new MGA association says. “A number of the standard market insurers are beginning to change appetites, which one might consider is a hardening in the […]
By Greg Meckbach | January 25, 2018
Less than two years after Canada Pension Plan Investment Board bought Lloyd’s underwriter Ascot Underwriting from American International Group Inc. (AIG), AIG plans to get back into the Lloyd’s business again. AIG announced Monday a US$5.56-billion agreement to acquire Validus Holdings Ltd., a Hamilton, Bermuda-based firm which is in the reinsurance, commercial primary and crop […]
By Greg Meckbach | January 23, 2018
VANCOUVER – A tsunami warning issued for coastal British Columbia was cancelled Tuesday morning after people living along parts of the province’s coast evacuated to higher ground when a powerful earthquake struck off Alaska. Residents in some coastal communities were woken by warning sirens shortly after the quake with a magnitude of 7.9 struck at […]
By Jason Contant | January 23, 2018
Risk management continues to be an issue for major Canadian railways, the Transportation Safety Board of Canada (TSB) said Wednesday in an investigation report into a freight train collision in Alberta. The report came just days before a jury acquitted three former Montreal, Maine and Atlantic (MMA) railway employees charged with criminal negligence causing death […]
By Greg Meckbach | January 22, 2018
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