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Reinsurers see rates declines, lower catastrophe losses: Report

By: Sarah Veysey

Published April 22, 2014 - 10:20am CST

Reinsurance rates continue to decline but reinsurers reported solid underwriting gains last year as catastrophe losses were significantly lower than average, according to a report published Tuesday by Fitch Ratings Ltd.

Canadian charged in 'Heartbleed' attack on tax agency

Published April 16, 2014 - 2:17pm CST

(Reuters) — Canadian police have arrested a 19-year-old man and charged him in connection with exploiting the "Heartbleed" bug to steal taxpayer data from a government website, the Royal Canadian Mounted Police said Wednesday.

Allied World opens Toronto office, names Gord Kerr as head

By: Kate Shepherd

Published April 16, 2014 - 9:58am CST

Allied World Assurance Co. Holdings A.G. has opened a branch office in Toronto, tapping Gord Kerr as senior vice president, chief agent and branch manager for the region.

Canada taxpayer data stolen in Heartbleed breach

Published April 14, 2014 - 2:57pm CST

(Reuters) — Canada's tax-collection agency reported on Monday that the private information of some 900 people had been stolen from its computer systems as a result of vulnerabilities caused by the Heartbleed bug.

U.S. to issue rule requiring two-person crews on crude oil trains

By: Judy Greenwald

Published April 09, 2014 - 2:27pm CST

The U.S. Department of Transportation's Federal Railroad Administration plans to issue a proposed rule requiring two-person train crews on crude oil trains and establishing minimum crew size standards for most main line freight and passenger rail operations, the FRA said Wednesday.

After Lac-Megantic disaster, CP Rail advocates shipper insurance

Published April 03, 2014 - 2:09pm CST

(Reuters) — Governments should require companies shipping crude oil by rail to carry enough liability insurance to make up for shortfalls in coverage carried by railways, the president of Canada's second-largest rail operator said on Thursday.

Improved prevention measures kept 2013 flood losses in check: Munich Re

By: Sarah Veysey

Published April 01, 2014 - 9:57am CST

Floods were the largest contributor to insured natural catastrophe losses in 2013, but preventive measures meant that losses were far lower than they might have been, according to a report by Munich Reinsurance Co. published Tuesday.

Reinsurance rates decrease for non-loss-affected lines: Willis Re

By: Sarah Veysey

Published April 01, 2014 - 9:39am CST

Reinsurance rates fell for most classes of business and geographic areas at the April 1 renewal, according to a report published Tuesday by Willis Re, the reinsurance arm of Willis Group Holdings P.L.C.

Nissan recalling over 1 million vehicles for airbag issue

Published March 26, 2014 - 10:46am CST

(Reuters) — Nissan Motor Co. is recalling 1,053,479 vehicles globally, mostly in the United States, to fix software that could deactivate the front passenger airbag.

Catastrophes caused global insured losses of $45B in 2013: Swiss Re

By: Sarah Veysey

Published March 26, 2014 - 10:06am CST

Global insured losses from natural catastrophes and man-made disasters totaled about $45 billion in 2013, down from about $81 billion a year earlier, according to a report released Wednesday by Swiss Re Ltd.

CN Rail to phase out fleet of older oil tank cars in four years

Published March 25, 2014 - 2:16pm CST

(Reuters) — The Canadian National Railway Co. will phase out its fleet of 183 older tank rail cars used to transport diesel fuel over the next four years, as it works to improve safety following a string of industry accidents involving the puncture-prone cars.

Canada pension board buys insurer Wilton Re for $1.8B

Published March 21, 2014 - 2:25pm CST

(Reuters) — The Canada Pension Plan Investment Board will buy life insurance and reinsurance provider Wilton Re Holdings Ltd. for $1.8 billion from a group of private equity firms, the first foray by the global dealmaker into the U.S. insurance business.

Ontario health workers’ pension plan funded at 114% in 2013

By: Jerry Geisel

Published March 06, 2014 - 2:22pm CST

Aided by strong investment results, a big Ontario, Canada, pension plan providing coverage to health care workers reported that its funded ratio hit 114% in 2013, up from 104% in 2012.

Hub International makes three acquisitions

By: Kate Shepherd

Published March 05, 2014 - 1:48pm CST

Chicago-based insurance broker Hub International Ltd. on Wednesday announced its acquisition of three companies.

Pension buyouts priciest in U.K., index shows

By: Rick Baert, Pensions & Investments

Published February 25, 2014 - 2:17pm CST

The United Kingdom is the most expensive country for pension buyouts, according to a new buyout cost index created by Mercer L.L.C.

Natural, man-made disasters caused $40B in insured losses in 2013: Report

By: Mark A. Hofmann

Published February 13, 2014 - 12:21pm CST

Natural and man-made disasters caused about $40 billion in insured losses last year, according to an analysis released Thursday by reinsurance broker Guy Carpenter & Co. L.L.C.

Starr receives license to operate in Ontario

By: Mark A. Hofmann

Published February 03, 2014 - 12:26pm CST

New York-based Starr Cos. have received a license to write insurance on a direct basis in the province of Ontario, Canada, Starr announced Monday.

Insurers weigh risks of an oil-train catastrophe

Published January 27, 2014 - 10:30am CST

(Reuters) — In the event of the derailment of a crude-carrying train in a densely populated urban area, who would be responsible for the compensation for deaths, injuries, damage to property and environmental clean up?

Canada body recommends tougher standards for older tanker cars

Published January 23, 2014 - 10:46am CST

(Reuters) — Canada's Transportation Safety Board recommended on Thursday that regulators in Canada and the United States immediately impose tougher standards on all railway oil tanker cars, not just new ones.

JLT Canada names David Richards as CEO

By: Kate Shepherd

Published January 22, 2014 - 2:21pm CST

Jardine Lloyd Thompson Canada Inc., a unit of Jardine Lloyd Thompson Group P.L.C., has named David Richards as its next CEO.

2013 insured losses from natural disaster total $45B: Study

By: Sarah Veysey

Published January 13, 2014 - 8:49am CST

Natural disasters caused insured losses of $45 billion in 2013, the lowest level since 2009 and 22% below the 10-year average, according to research published Monday by Impact Forecasting.

U.S. will have answers within weeks on crude-by-rail mishaps: Official

Published January 08, 2014 - 11:39am CST

(Reuters) — Officials should know within weeks whether energy companies in North Dakota's oil patch are properly testing and labeling the kinds of crude-by-rail shipments involved in recent fiery accidents, a U.S. regulator told Reuters.

Canadian retailers urged to sign Europe-led Bangladesh accord

Published December 19, 2013 - 11:16am CST

(Reuters) — A group that includes Canada's largest unions is urging Hudson's Bay Co., Canadian Tire Corp. and other Canadian-based retail companies to sign a European-led initiative to improve safety for garment workers in Bangladesh.

IronPro offers professional liability insurance for private equity risks

By: Kate Shepherd

Published November 25, 2013 - 10:54am CST

IronPro, Ironshore Canada Ltd.’s professional and management liability unit, is offering a professional liability policy for Canadian private equity and venture capital firms to protect against global portfolio investment risk exposures, Ironshore said Monday.

Hub buys Manitoba insurance brokerage

By: Joanne Wojcik

Published November 05, 2013 - 11:57am CST

Hub International Ltd., a Chicago-based insurance brokerage specializing in middle-market business, has acquired Pallister Insurance Brokers Ltd., a Portage la Prairie, Manitoba-based insurance brokerage firm.

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