Industry
DUBAI, United Arab Emirates – One of the world’s tallest residential towers caught fire early Saturday in Dubai’s Marina district, sending hundreds of residents pouring into the streets as bright yellow flames raged several stories high. No one was reported killed. The fire broke out at about 2 a.m. in the 86-story Torch tower on […]
By Canadian Underwriter | February 21, 2015
4 min read
TOKYO – Honda Motor Co. will continue to reduce output from one of its Canadian plants and one of its American plants from Feb. 24 through March 2, due to a disruption in parts shipments caused by a labour dispute at ports along the U.S. West Coast. The Japanese automaker had previously cut production at […]
By The Canadian Press | February 20, 2015
1 min read
Canadian railways moving dangerous goods will have new minimum insurance requirements if a bill tabled Friday is passed into law. Transport Minister Lisa Raitt introduced Friday the Safe and Accountable Rail Act in the House of Commons. “The Canadian Transportation Agency (CTA) will assign legislated minimum levels of insurance to railways based on the type […]
By Canadian Underwriter | February 20, 2015
3 min read
Economical Insurance reported Thursday an underwriting loss of $38.4 million in 2014, while the combined ratio deteriorated by 2 points to 102.1% and gross written premiums increased by 2.3% from 2013. “While weather-related catastrophe losses of $46.7 million are down from record levels of $103.4 million in 2013, this has been more than offset by […]
Co-operators General Insurance Company said Thursday it experienced “fewer large losses” in 2014 than in 2013, with a combined ratio including market yield adjustment improving to 100.2% in 2014, from 103.2% in 2013. Guelph, Ont.-based Co-operators General – which is owned by The Co-operators Group Ltd. – released Thursday its financial results for 2014. In […]
TORRANCE, Calif. – An explosion and fire tore through part of a Southern California oil refinery, shattering both a four-story structure and the peace of people whose nearby homes shook from the blast. Wednesday’s blast, in Torrance, occurred in a recently installed processing facility (pictured), Fire Department spokesman Steve Deuel said. Four contractors suffered minor […]
By Canadian Underwriter | February 19, 2015
Less than a week after a short-lived labour disruption at Canadian Pacific Railway Ltd., workers for Canada’s other major railway will hold strike votes starting next week, Unifor announced Thursday. Unifor (formed through the merger of the Communications Energy and Paperworkers and Canadian Auto Workers unions) announced Thursday it “will be commencing strike votes” at […]
Saskatchewan Government Insurance (SGI) announced Wednesday it is providing nearly $80,000 for a pilot education program, designed for Aboriginal people and intended to help the collision repair industry recruit auto body repair technicians. The new pre-employment auto body repair program, at the Saskatchewan Indian Institute of Technologies (SIIT), will help “address the difficulties SGI and […]
2 min read
Swiss Re reported essentially no change in its combined ratio and a 7.6% increase in property and casualty premiums earned, in 2014 compared to 2013, while Q4 consolidated group net income dropped 79.8% year over year, the company reported Thursday. For the full year, Swiss Re reported net income was $3.56 billion in 2014, up […]
CARSTAR Automotive Canada Inc. announced Tuesday new executive appointments. Michael Macaluso (pictured), previously chief operating officer, is now president while MJ Marshall is chief financial officer. Lisa Mercanti-Ladd – appointed executive vice president in January, 2013 – continues in that role, the company said Tuesday. Mercanti-Ladd (pictured, below right) played a central role in launching CARSTAR […]
By Canadian Underwriter | February 18, 2015
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