Risk

Transportation Safety Board reiterates warning of risk of unstable aircraft approaches

Unstable approaches of airplanes before landing at airports was a factor in two investigation reports released this week by the Transportation Safety Board of Canada. TSB – which is independent of Transport Canada – released Tuesday an investigation report into an incident in which a Bombardier DHC-8-400 operated by Sky Regional Airlines touched down at […]

By Canadian Underwriter | January 10, 2017

5 min read

Risk

Complexity, speed of change of emerging risk exposures placing greater attention on effectiveness of ERM strategies, new report says

The complexity and speed of change of emerging risk exposures are placing greater attention on the effectiveness of enterprise risk management (ERM) strategies across all industry sectors, according to a newly released report. The report, titled Communicating the Value of Enterprise Risk Management – The Benefits of Developing an Own Risk and Solvency Assessment Report, […]

By Canadian Underwriter | January 9, 2017

4 min read

Risk

Fairfax-Allied World deal among the ‘most noteworthy’ of recent insurance M&A announcements: Willis Re

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

Risk

Allied World acquisition would allow ‘further diversification’ of Fairfax’s insurance business: A.M. Best

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

Terrorists following ‘path of least resistance’ as security increased: RMS

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 […]

3 min read

Government of Canada announces plan to ban asbestos by 2018

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 […]

3 min read

Actual operation of fishing vessel involved in fatal B.C. accident ‘differed from the assumed loading conditions:’ Transportation Safety Board

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 […]

4 min read

U.S. personal lines stable, commercial lines remain negative in A.M. Best’s 2017 outlooks

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 […]

3 min read

Policy uncertainty, rising rates pose credit risks in North America: S&P report

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 […]

4 min read

U.S. insurance broker profitability to persist in 2017, be supplemented by organic revenue growth: Fitch

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 […]

1 min read