Risk
The merger agreement between Fairfax Financial Holdings Ltd. and Allied World Assurance Company Holdings AG – announced Dec. 18 – reflects “the view that the new U.S. government may provide a more favorable corporate tax environment” and demonstrates “that scale and global diversification remain highly relevant drivers,” Willis Towers Watson plc’s reinsurance intermediary suggested in […]
By Canadian Underwriter | January 3, 2017
3 min read
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 also controls OdysseyRe and the Harvey’s fast food chain – announced Sunday its board of […]
By Canadian Underwriter | December 21, 2016
4 min read
More attacks from drivers ramming trucks into crowds can be expected, Risk Management Solutions (RMS) Inc. warned Tuesday, a day after 12 people were killed in Berlin. “As security is increased to meet one threat, terrorists follow the path of least resistance and attack in some other way,” stated RMS terrorism expert Gordon Woo in […]
The Government of Canada announced on Thursday that it will ban asbestos and asbestos-containing products by 2018. According to a statement from the federal government, the comprehensive ban on asbestos will include: “The approach will be guided by science-based decision making and will be implemented in consultation with our partners,” the statement said, noting that […]
By Canadian Underwriter | December 15, 2016
Six weeks after it warned of a “systemic problem” of “vessel modifications and their impact on stability” in the Canadian commercial fishing industry, the Transportation Safety Board of Canada found that the operating practices of one commercial fishing boat that capsized and sunk was different from those presented in its stability booklet. After the Caledonian […]
Ratings firm A.M. Best is maintaining a stable outlook for 2017 on the personal lines segment of the property and casualty industry in the United States, while also maintaining a negative outlook on commercial lines. The Oldwick, N.J.-based firm maintained its outlook for next year in two separate Best’s Briefings released on Tuesday. For personal […]
By Canadian Underwriter | December 14, 2016
Canada is expected to witness a slower pick-up in business investment until a clearer picture develops on recent developments around credit conditions south of the border, including the influence of the outcome of the recent U.S. election, suggests a briefing released earlier this week by S&P Global Ratings. “Uncertainty surrounding U.S. President-elect Donald Trump’s economic […]
By Canadian Underwriter | December 7, 2016
Fitch Ratings expects insurance broker earnings and revenue south of the border to likely to modestly improve in 2017 compared to the first nine months of 2016. “In 2017, Fitch expects brokers will continue to supplement organic revenue growth through selective acquisitions, including diversification efforts in employee benefits and data analytics,” the rating agency notes […]
By Canadian Underwriter | December 2, 2016
1 min read
A bill before the Ontario legislature could pave the way for regulations “prescribing the types of insurance” that home inspectors must have, and also proposes to prohibit people from performing home inspections without a licence. Bill 59 was generally well received by opposition members, including Teresa Armstrong, a former insurance broker. “As an insurance broker, […]
There has been little movement on a recommendation made in 2015 that the Ontario Ministry of Transportation “consider incorporating contractor liability” if roads are not properly cleared during the winter, the province’s auditor general suggested in her 2016 annual report, released Wednesday. “Over the past five years, winter highway maintenance service levels have declined from […]
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