Risk
TOKYO – A court Friday held Japan’s government and a utility liable for neglecting tsunami safety measures at the Fukushima nuclear plant and ordered them to pay more money to dozens out of the thousands of people who fled radiation released during the March 2011 disaster. The ruling was the first from about 30 lawsuits […]
By Canadian Underwriter | March 17, 2017
2 min read
Canadian-based Eagle Underwriting Group Inc. and MS Amlin Marine NV, trading as RaetsMarine, are teaming up to offer protection and indemnity (P&I) and charterers’ liability insurance to the Canadian marine market. Managing general agent Eagle Underwriting will be offering P&I and charterers’ liability insurance on behalf of RaetsMarine, thereby combining the former’s local expertise with […]
1 min read
Toronto-based Onex Corp. is selling its stake in one of the world’s largest commercial brokerages, USI Insurance Services LLC, to Caisse de dépôt et placement du Québec and other buyers. Valhalla, N.Y.-based USI placed 11th worldwide in an earlier ranking by Finaccord Ltd., of commercial brokerages. USI has 140 offices in the United States, placing […]
More than 50% of high net worth individual responding to a recent survey said they were worried about being underinsured, but fewer than one in five look for insurance providers that are experts in the field, Chubb Ltd. suggested in a report announced Tuesday. “More than half (54%) of high-net-worth individuals are concerned that they […]
By Canadian Underwriter | March 14, 2017
The Transportation Safety Board of Canada has reiterated its call for commercial aviation operators to have a flight data monitoring program in order to assess the risk posed by unstable approaches. TSB released March 9 an investigation report into an incident at Sault Ste. Marie Airport Feb. 25, 2015. A Jazz DHC8-100 touched down about […]
By Canadian Underwriter | March 13, 2017
London, United Kingdom-based specialist lines underwriting agency, CFC Underwriting, announced on Thursday that it has increased the available limits of its transaction liability insurance product suite across all territories. CFC now has the capacity to offer limits up to US$50 million in North America, the agency said in a press release. The agency also can […]
By Canadian Underwriter | March 2, 2017
Aviva Canada and the DMZ at Ryerson University are looking to answer the rise of Insuretech in the country’s insurance industry with the joint launch of an accelerator program for Canadian start-ups requiring rapid development. “The future of our economy requires more than new products and services, but markets and systems that are capable of […]
By Canadian Underwriter | February 28, 2017
XL Group Ltd. announced Monday it plans to offer a kidnap, ransom and extortion endorsement on its general aviation coverage. That coverage “will be available on an admitted basis” in all 50 states of the United States, pending approval, said Hamilton, Bermuda-based XL, which has been using the XL Catlin brand since it acquired Catlin […]
By Canadian Underwriter | February 27, 2017
Allianz Group recently released its financial results for 2016, reporting a 0.3-point improvement to its combined ratio in property & casualty. The P&C combined ratio last year was 94.3% for Munich-based Allianz, compared to 94.6% in 2015 “due in part to lower claims from natural catastrophes,” the firm reported Feb. 16. The loss ratio was […]
By Canadian Underwriter | February 22, 2017
Zurich Insurance Group has reported a business operating profit (BOP) for the full-year ending Dec. 31, 2016 of US$4.5 billion, up 55% from the prior-year period. The fourth quarter BOP for the three months ending Dec. 31, 2016 was up 167% from Q4 2015 to US$1.1 billion, Zurich said in a press release on Thursday. […]
By Canadian Underwriter | February 10, 2017
3 min read
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