An international treaty has recently been developed to protect the Antarctic environment and under this pact, anyone who causes an environmental accident in the region will be held liable, according to the government of New Zealand the country chaired negotiations surrounding the international treaty. “The treaty requires anyone who causes an environmental accident in Antarctica […]
By Canadian Underwriter | June 15, 2005
1 min read
Environment Canada recently issued two tornado warnings for southwestern Ontario due to a report from a Ontario Provincial Police officer referencing a tornado touching down northeast of Fergus, Ontario and further reports that a tornado touched down in Elmvale.A funnel cloud also emerged around Bracebridge, but it has not touched down, according to Environment Canada […]
By Canadian Underwriter | June 15, 2005
1 min read
Flood registration centers recently opened to assist Albertans who have been impacted by recent flooding. Claims can be made at any registration center call 1-888-671-1111 for more information on the claims process. The $55 million disaster recovery program covers damage for homeowners, tenants and small businesses in cases where insurance is not readily and easily […]
By Canadian Underwriter | June 15, 2005
2 min read
The Ontario government has passed a law mandating that companies found polluting the environment will be fined on the spot.Under Bill 133, government inspectors are now awarded the power to fine companies up to $100,000 a day and individual employees $20,000 a day, for toxic spills accidental or not.The necessary regulations are set to be […]
By Canadian Underwriter | June 13, 2005
1 min read
FGIC Corp. recently appointed Eric Rosensweig to the position of managing director, international finance. Offering seven years of experience with MBIA, Rosensweig will be responsible for new business opportunities in the emerging markets and Canada. Most recently, he served as managing director, global corporate structured finance where he managed future flow and corporate products, as […]
By Canadian Underwriter | June 10, 2005
2 min read
In response to damages incurred from recent flash floods in southern Alberta, the province has approved a $55 million disaster recovery program. The funds will aid residents of 17 Alberta municipalities and three First Nations, compensating for uninsurable severe weather-related damages. Damage to municipal infrastructure and extraordinary operating costs, such as flood control and additional […]
By Canadian Underwriter | June 9, 2005
1 min read
A recent advisory released by the Insurance Bureau of Canada (IBC) warns policyholders in southern Alberta to prepare in advance of possible flooding.Policyholders are told to contact their insurance company or representative as soon as possible if flooding occurs and report any damage to insurers while also taking steps to limit further damage to their […]
By Canadian Underwriter | June 8, 2005
2 min read
Factory Mutual Insurance Co. recently issued its first private placement of a US$300 million catastrophe bond as insurance against earthquake loss in the Pacific Northwest region of the United States and Canada. Operating as FM Global, a mutual commercial and industrial property insurer, the Company instigated the transaction to protect its balance sheet and provide […]
By Canadian Underwriter | June 8, 2005
1 min read
Ontario’s Ministry of Transportation has launched a three-day truck and bus safety inspection blitz running from June 7 to 9, 2005. Inspection stations province wide are manned by provincial enforcement officers to inspect the condition of buses, trucks and trailers, and check whether loads are properly secured and if drivers are driving too many hours. […]
By Canadian Underwriter | June 7, 2005
2 min read
Alea Group Holdings (Bermuda) Ltd continues to benefit from profitable underwriting conditions in its core specialty insurance and reinsurance, with an average rate decrease of 2% for the period ending April 30. Reprots from the Company’s recent Annual General Meeting state it will continue to implement strategic exits from businesses exhibiting rate deterioration in order […]
By Canadian Underwriter | June 6, 2005
1 min read