Industry
LOS ANGELES – The United States Federal Railroad Administration has asked digital mapping companies to alert drivers as they approach track crossings in the hope that visual and audio cues will lead to greater awareness of potential dangers. So far, Google Inc. has agreed to update its maps with crossing locations, the Federal Railroad Administration […]
By Canadian Underwriter | July 2, 2015
1 min read
The State of New York has effectively banned high volume hydraulic fracturing as a method of extracting natural gas, citing environmental risks such as spills of hazardous materials such as petroleum distillates, glycols and aldehydes. The New York state department of environmental conservation published June 29 a findings statement for high-volume hydraulic fracturing (HVHF), which […]
2 min read
Mergers and acquisitions in the reinsurance sector are “throwing up unexpected combinations” while the market for offshore energy wind reinsurance, in the Gulf of Mexico, is softening, the reinsurance division of Willis Group Holdings plc suggested in a report released Wednesday. “Mergers and acquisitions activity continued in Q2 105 after an active Q1” Willis Re […]
The catastrophe bond market is continuing its trend toward larger transactions by fewer sponsors, witnessing US$4.1 billion in issuance activity for the first half of 2015 compared to US$5.7 billion for the same period in 2014, notes a new report issued Wednesday by Property Claims Services (PCS). PCS notes in its Q2 2015 catastrophe bond […]
5 min read
EXOR S.p.A announce Wednesday it has scheduled a meeting July 7 for shareholders of PartnerRe Ltd., which Turin, Italy-based EXOR has offered to acquire. The board of directors of PartnerRe – a Pembroke, Bermuda-based reinsurer and commercial primary insurer – agreed in January to a proposal to merge with Axis Capital Holdings Ltd., another Pembroke-based […]
By Canadian Underwriter | July 1, 2015
Willis Group Holdings and Towers Watson announced on Tuesday the signing of a merger agreement worth about US$18 billion. The signing of the definitive merger agreement, based on the closing prices of Willis’ and Towers Watson common stock on June 29, was unanimously approved by the board of directors of each company. The combined company […]
By Canadian Underwriter | June 30, 2015
3 min read
Reinsurers seem to feel the need to grow and diversify, but the current wave of consolidation presents its own challenges, attendees heard during a recent Casualty Actuarial Society (CAS) reinsurance seminar in Philadelphia. Meyer Shields, managing director of Keefe, Bruyette & Woods and a CAS fellow, is quoted in a CAS press release Monday as […]
TORONTO – One of the co-founders of Airbnb says he welcomes Quebec’s move to consider regulations governing the online home-rental industry, adding that such oversight would boost his website’s credibility. “To be regulated is to be recognized, so we definitely look forward to new policy,” Nathan Blecharczyk said in an interview Monday at Airbnb’s Toronto […]
By Canadian Underwriter | June 29, 2015
The Co-operators plans to up its funding commitment to $10 million for the soon-to-be-launched Canadian Co-operative Investment Fund (CCIF), a fund meant to help support and strengthen the country’s co-operative sector. Created under the leadership of Co-operatives and Mutuals Canada (CMC), the CCIF is the first-ever such fund in the country, notes The Co-operators, a […]
By Canadian Underwriter | June 28, 2015
Ongoing performance pressures in Canada’s property and casualty market, combined with the need for scale and long-term strategic positioning continue to drive consolidation in the sector, says a new report from rating agency A.M. Best Company. Released on Friday, the Best’s Special Report, titled Active M&A Market for Canadian P/C Insurers Expected to Continue, notes […]
By Canadian Underwriter | June 26, 2015
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