Risk

Amendment to Ontario’s Forest Fires Prevention Act takes aim at railway liability

A recent amendment to Ontario’s Forest Fires Prevention Act now stipulates that railway corporations are liable for damages related to fires originating within 15 metres of the centre line of their tracks, while members of the Ontario Securities Commission are exempt from testifying and producing records in civil lawsuits, with some exceptions. The change to […]

By Canadian Underwriter | May 26, 2017

3 min read

Risk

Ontario government ‘taking lessons learned’ from Fukushima nuclear disaster: Lalonde

Ontario’s community safety and correctional services minister is calling on “everyone interested” to comment on proposed changes to the Provincial Nuclear Emergency Response Plan. The province is home to the world’s largest nuclear operating facility, Bruce Power reports on its website of the power station at Douglas Point, on the shore of Lake Huron about […]

By Canadian Underwriter | May 23, 2017

4 min read

Risk

Nuclear energy producers, alcohol manufacturers excluded from new AIG mutual fund

Investors wanting to keep their money out of nuclear energy, the arms industry or alcohol manufacturers are being targetted by American International Group Inc., which announced Thursday it is marketing a new dividend mutual fund. New York City-based AIG announced its environmental, social and governance (ESG) Dividend Fund, for which AIG subsidiary SunAmerica Asset Management […]

By Canadian Underwriter | May 19, 2017

2 min read

Risk

Mandatory locomotive recorder bill ‘addresses a key safety issue,’ says Transportation Safety Board

Amendments to the federal Railway Safety Act mandating recording devices, if passed into law, could provide “essential information” to Transportation Safety Board of Canada staff investigating rail accidents and could help prevent such accidents in the future, TSB suggested Tuesday. Bill C-49, an omnibus piece of legislation, was tabled Tuesday in the House of Commons […]

By Canadian Underwriter | May 16, 2017

5 min read

Safety management systems should be mandatory for all tug and barge operators: Transportation Safety Board of Canada

The federal transport department does not have an adequate inspection program for tug barge operations even though such operations can be riskier than conventional cargo-carrying vessels, the Transportation Safety Board of Canada suggested in a recent report. “Tug and barge operations are currently not required to operate under [safety management systems] despite the fact that […]

5 min read

Commercial insurance premiums down 17% at AIG

American International Group Inc. reported more than $1 billion in profit in the latest quarter and the New York City-based insurer continues “remediation” of its United States property and casualty business. AIG released Wednesday its financial results for the first three months of this year. Net income was $1.185 billion in the latest quarter, compared […]

2 min read

ClaimsPro parent SCM buying Missouri multi-line adjusting firm

Edmonton-based SCM Insurance Services Inc. announced Wednesday it is acquiring St. Louis-based adjusting firm Nixon & Company Inc. The move comes eight months after SCM announced the opening of a Chicago office and the appointment of Scott Goodreau as chief operating officer-USA. SCM’s units include independent adjusting firm ClaimsPro. In addition to its St. Louis […]

1 min read

Underwriting income up 83.3% for Arch Capital

Arch Capital Group Ltd. recently reported a seven-point improvement in its first-quarter combined ratio while net premiums written were up more than an eighth. Hamilton, Bermuda-based Arch released April 25 its financial results for the three months ending March 31, reporting net premiums written increased 13.8%, from $1.12 billion in Q1 2016 to $1.276 billion […]

2 min read

Revenues for Marsh’s U.S./Canada division up to US$775 million in Q1 2017, from US$701 million in Q1 2016

Marsh has reported revenues of US$775 million for its U.S./Canada division for the first quarter of 2017 ending March 31, up from US$701 million in the first quarter of 2016. Consolidated revenue for the quarter was US$3.5 billion, up 5% from US$3.33 billion in Q1 2016, global professional services firm Marsh & McLennan Companies, Inc. […]

2 min read

Arthur J. Gallagher reports brokerage revenues of US$878.5 million for Q1 2017

Arthur J. Gallagher & Co. (AJG) has reported brokerage revenues of US$878.5 million for the first quarter of 2017 ending March 31, up 6% from US$825.5 million in the first quarter of 2016. Rolling Meadows, Ill.-based AJG reported its financial results last week. The company’s Brokerage segment saw net earnings of US$78.1 million, up 19% […]

2 min read