Canada News

Guy Carpenter Launches G-CAT® Canada Flood Model

Guy Carpenter launched its G-CAT® Canada Flood Model, which it describes as the first ever probabilistic flood model for Canada that enables insurers to assess their exposure to flood, Canada’s most frequently occurring natural hazard. Large areas of Canada experience …

Canada Aims to Finalize Oil Tank Car Standards by End of April: Minister

The Canadian government would like to finalize specifications for a new version of the tank cars used to transport crude oil by rail by the end of this month, Canadian Transport Minister Lisa Raitt said on Tuesday. In the wake …

ACE Launches High Net Worth Personal Insurance Business in Canada

ACE Group has launched its high net worth personal insurance capabilities in Canada through ACE Private Risk Services. ACE’s program features a highly customizable and specialized package of policies that can include home, valuable collections, watercraft, umbrella liability, and auto …

ACE Strengthens Casualty Offering for Multinational Activities of Canada Firms

ACE Group says it is strengthening its global primary casualty offering with an expanded service platform designed to protect the multinational business activities of Canadian companies. ACE Risk Management Global Casualty is providing a dedicated team of underwriting professionals and …

Willis Re Introduces Suite of Flood Analytics for Canada Insurance Market

Willis Re, the reinsurance division of Willis Group Holdings plc, has unveiled a new suite of flood solutions offering analytical capabilities that will enable insurers to proactively manage Canada flood accumulations. Based on the analytics provided by Willis Re’s strategic …

Canada Transport Watchdog to Introduce New Tank Cars Ahead of Schedule

Canada’s transportation watchdog said that recent fiery derailments of trains hauling crude oil mean a new generation of stronger tanker wagons should be introduced ahead of schedule. The Transportation Safety Board (TSB) is probing two accidents within the last month …

Royal Bank of Canada Is Reviewing Future of Volatile P/C Insurance Unit

Royal Bank of Canada is reviewing its domestic property and casualty insurance business, Chief Executive Officer David McKay said, citing difficulties caused by rules that ban banks from selling coverage in branches. “We’re trying to decide which direction we go,” McKay, …

Totten Insurance Group Acquires Quebec-Based Wholesaler NBS

Totten Insurance Group, the Toronto-based insurance managing general agency, announced it has acquired the shares of National Brokerage Services S.C.N. Inc. (NBS), a Montreal, Quebec-based commercial insurance wholesaler. Terms of the acquisition were not disclosed. This strategic acquisition expands Totten …

Canadian Pacific Railway’s CEO Says Biggest Crude-by-Rail Fear Is Terrorism

Hunter Harrison, Canadian Pacific Railway Ltd.’s chief executive officer, said his greatest fear in moving crude by rail is the prospect of a terrorist attack on the company’s trains. “That’s what concerns me more because it can be planned to …

Canada to Overhaul Rail Safety Rules; More Insurance Will Be Required

The Canadian government is overhauling its safety rules for crude oil shipments by train, creating a disaster fund and forcing railways to carry more insurance. Oil companies will pay into the fund, which will be used when a railway’s insurance can’t cover the …