Canada News

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 …

Kaufman Financial Acquires Canadian MGA Avec Insurance Managers

Burns & Wilcox Canada, a subsidiary of Kaufman Financial Group, announced it has acquired Avec Insurance Managers, a Toronto-based managing general agent with expertise in marine, inland marine and other specialty commercial lines. Avec will become part of Burns & …

Allied World Launches Network Security Insurance Product for Canada

Allied World Assurance Company Holdings AG announced the launch of Allied World North America’s privacy and network security insurance product, called Privacy//101SM, which is tailored for the Canadian marketplace. Designed for small to mid-size companies, including law firms, healthcare and …

Canadian P&C Insurer Intact Financial’s 3rd Quarter Profit Rises

Intact Financial Corp., Canada’s largest property and casualty insurer, reported a more than four-fold rise in quarterly profit, helped by a sharp fall in catastrophe losses. The company’s profit last year was hurt by severe rain storms in the Toronto area and Quebec, and …