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Canadian Pacific lone holdout to settlement

By: Donna Mahoney

Published August 02, 2015 - 6:00am CST

Canadian Pacific Railway Ltd. continues to fight a settlement for victims of the July 6, 2013, crash, explosion and fire in Lac-Mégantic, Quebec, that killed 47 people and devastated much of the town.

Industry balking at latest oil train safety rules

By: Donna Mahoney

Published August 02, 2015 - 6:00am CST

Industry experts are critical of a new U.S. rule on railroads concerning safely transporting flammable liquids, including the Bakken crude blamed in part for the Lac-Mégantic, Quebec, explosion and fire two years ago that killed dozens and leveled much of the town.

U.S. sets new final rule on oil, ethanol trains

Published July 29, 2015 - 3:13pm CST

(Reuters) — The Obama administration on Wednesday released a new regulation intended to prevent explosive rail disasters such as the 2013 oil train derailment that killed 47 people and destroyed part of Lac-Mégantic, Quebec.

Validus Americas appoints president to run its MGA

By: Joyce Famakinwa

Published July 28, 2015 - 12:59pm CST

Validus Re, the reinsurance division of Validus Holdings Ltd., said it has appointed James Franson president of Validus Americas, Validus Re’s Boston-based managing general agent, which underwrites for its Swiss reinsurance company.

Oil train insurance minimums in question

By: Donna Mahoney

Published July 28, 2015 - 12:54pm CST

A little more than two years have passed since an unattended runaway train from the now-bankrupt Montreal, Maine & Atlantic Railway Ltd. derailed and crashed, spilling oil that caught fire in Lac-Mégantic, Quebec, and killing 47 people.

Zurich mulls offer for RSA Insurance

By: Sarah Veysey

Published July 28, 2015 - 9:15am CST

Zurich Insurance Group Ltd. said Tuesday it is evaluating a potential offer for London-based multiline insurer RSA Insurance Group P.L.C.

Buffett may benefit as train lobby bids to weaken oil-by-rail safety rule

Published July 14, 2015 - 10:16am CST

(Reuters) — Billionaire investor Warren Buffett is set to be a chief beneficiary of a bid by Senate Republicans to weaken new regulations to improve train safety in the $2.8 billion crude-by-rail industry.

Marsh & McLennan Agency acquires Canadian brokers

By: Donna Mahoney

Published July 07, 2015 - 1:23pm CST

Marsh & McLennan Agency L.L.C., a White Plains, New York-based subsidiary of Marsh L.L.C., on Tuesday said it acquired Vézina, a Montreal-based insurance brokerage.

Railroad firms, workers charged in Lac-Mégantic oil train disaster

Published June 22, 2015 - 5:01pm CST

The Canadian government on Monday charged two railroad companies and six people in the July 2013 Lac-Mégantic, Quebec, train derailment.

Court delays ruling on 2013 Quebec oil train crash settlement

Published June 18, 2015 - 9:19am CST

(Reuters) — A Quebec judge reserved his decision on whether to grant a motion that would clear the way for a settlement between victims of the 2013 Lac-Megantic oil train disaster and companies and individuals linked to the crash.

Insurer publishes free index of world’s building codes

By: Donna Mahoney

Published June 10, 2015 - 3:28pm CST

Commercial and industrial insurer FM Global has released an all-inclusive list of countries’ building codes that can be used worldwide when building or developing facilities.

World Fuel Services to pay $110 million in Lac-Mégantic settlement

Published June 08, 2015 - 4:30pm CST

(Reuters) — World Fuel Services Corp. has agreed to contribute $110 million to a compensation fund for victims of the Lac-Mégantic, Quebec, rail disaster as part of a settlement with the Montreal, Maine & Atlantic Railway and its bankruptcy trustees.

Berkshire offers executive liability cover for Canadian pension sponsors

By: Joyce Famakinwa

Published June 08, 2015 - 3:02pm CST

Berkshire Hathaway Specialty Insurance on Monday said it has launched a policy to provide coverage for Canadian sponsors of large pension and benefit plans.

Directors and officers forced to pay $3.81 million to cover pollution cleanup

By: Judy Greenwald

Published June 07, 2015 - 6:00am CST

An Ontario, Canada, case in which directors and officers of a now-bank-rupt aerospace company agreed to help pay environmental remediation costs remains applicable only to Canada, but experts say the deal is disturbing.

Tobacco firms to appeal $12 billion award to Canadian smokers

Published June 02, 2015 - 10:44am CST

(Reuters) — Three tobacco companies said on Monday they would appeal a Canadian court ruling that awarded more than CA$15 billion ($12.05 billion) in damages to Quebec smokers in two related class action cases.

Guy Carpenter U.S. chief exits

By: Matthew Lerner

Published May 27, 2015 - 11:12am CST

Andrew Marcell has left Guy Carpenter & Co. L.L.C. and has been replaced as CEO of U.S. operations on an interim basis by Britt Newhouse, the reinsurance brokerage’s chairman.

Air Canada to redeploy capital as pension funding gap evaporates

Published May 27, 2015 - 9:20am CST

(Reuters) — Air Canada on Tuesday said it plans to redeploy capital toward share buybacks, debt repayment and increased investment in new aircraft, as its once-huge pension fund deficit has now been wiped out much earlier than expected.

Aon Benfield tool models Canadian flooding risks

By: Shelby Livingston

Published May 18, 2015 - 11:40am CST

Aon Benfield Group Ltd. on Monday launched a probabilistic flood model for Canada.

North American rail industry angered by new brake rule

Published May 04, 2015 - 11:17am CST

(Reuters) — U.S. regulators took on the powerful rail industry on Friday, announcing plans to require expensive, high-tech braking technology the railways insist is unproven and unreliable.

Canada toughens oil train safety standards

Published May 01, 2015 - 2:44pm CST

(Reuters) — The United States and Canada on Friday announced long-awaited safety rules for trains carrying oil, as regulators seek to reduce risks after a series of explosive accidents that accompanied a surge in crude-by-rail shipments.

U.S. calls for more oil train inspections, other safety measures

Published April 17, 2015 - 2:23pm CST

(Reuters) — Oil train operators must have detailed information on hand about the possible risks of their cargo in case of an accident and perform more thorough checks before moving on the tracks, U.S. transportation officials said on Friday.

XL offers environmental excess policy for U.S., Canada

By: Shelby Livingston

Published April 16, 2015 - 1:50pm CST

XL Group P.L.C. has launched an environmental excess insurance policy for customers in the United States and Canada, the insurer said Thursday.

Catastrophe model covers Canadian floods

By: Mark A. Hofmann

Published April 16, 2015 - 9:53am CST

Guy Carpenter & Co., L.L.C. has launched a probabilistic Canadian flood model, the New York-based unit of Marsh & McLennan Cos. Inc. announced Thursday.

Lead insurer for Air Canada crash identified

By: Judy Greenwald

Published March 31, 2015 - 2:58pm CST

Global Aerospace Underwriting Managers Ltd. is the lead insurer for Air Canada, whose plane was severely damaged early Sunday when it landed in bad weather short of the runway at Halifax Stanfield International Airport, the underwriter confirmed Tuesday.

Willis Re flood modeling tool targets Canadian risks

By: Shelby Livingston

Published March 19, 2015 - 11:58am CST

Willis Re, the reinsurance arm of Willis Group Holdings P.L.C., on Thursday launched a suite of tools that allows insurers in Canada to identify potential flood exposures.

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