Industry
More than a third of insurance providers responding to a recent survey reported being subject to a computer security breach, and while all respondents said they use anti-virus software, firewalls and intrusion detection tools, fewer than half said they use biometric tools, the New York State Department of Financial Services said in a recent report. […]
By Canadian Underwriter | February 18, 2015
2 min read
MOUNT CARBON, W.Va. – Oil from North Dakota’s shale fields was still burning in West Virginia a day after a train carrying more than three million gallons of crude derailed in a snowstorm, shooting fireballs into the sky. Hundreds of families were evacuated and nearby water treatment plants were temporarily shut down after 19 tanker […]
5 min read
LOON LAKE, Sask. – The volunteer fire chief in a Saskatchewan village says a neighbouring First Nation that lost two children in a house fire cancelled its firefighting contract with the community. Larry Heon, who is also the mayor of Loon Lake, says he was sleeping when he got a 911 call automatically routed to […]
By The Canadian Press | February 18, 2015
3 min read
EGI Financial Holdings Inc. has reported net income of $8.4 million and net operating income of $8.5 million for 2014 Q4, pushing year-end results for both to $18.7 million and $16.9 million, respectively. EGI’s net income for 2014 Q4 was up 626% to $8.403 million compared with $1.158 million in 2013 Q4, notes a statement […]
4 min read
An Ontario court recently dismissed a breach-of-contract lawsuit against The Co-operators General Insurance Company, filed by Resq Auto Glass Inc., over repairs to windshields of vehicles insured by The Co-operators. Court records indicate that between February 2012 to July 2014, repairs were done to windshields of 1,844 vehicles and that The Co-operators authorized repairs at […]
By Canadian Underwriter | February 17, 2015
Quebec fire chiefs want the provincial government to follow through on the recommendations of a coroner to have automatic sprinklers installed in all seniors’ homes in the province. The provincial fire chiefs’ association says it also wants firefighters to have access to better training and is calling for fire services in Quebec to be reorganized. […]
By The Canadian Press | February 17, 2015
1 min read
A short labour disruption at Canadian Pacific Railway Company – which Canada’s labour minister calls “a backbone of an integrated supply chain” – is over, with the union representing engineers and conductors agreeing to enter mediation and arbitration. “The parties have agreed to a mediation and arbitration process to address all of the outstanding issues […]
Fairfax Financial Holdings Limited of Toronto has reached an agreement with Brit PLC to acquire for an estimated US$1.88 billion all of the outstanding shares of Brit, a global Lloyd’s of London specialty insurer and reinsurer. “With the acquisition of Brit, Fairfax will have a significant top-five position at Lloyds of London,” Prem Watsa, chairman […]
Desjardins Group’s acquisition of State Farm Canada “is ensuring the co-op and mutual sector will play a big role in the consolidation of Canada’s property and casualty industry,” Monique Leroux, chair of the board, president and CEO of Desjardins Group, said Thursday during a speech in downtown Toronto. “The State Farm transaction is a truly […]
By Canadian Underwriter | February 13, 2015
Northbridge Insurance’s fourth-quarter premiums dropped 5.56% from 2013 to 2014 while its combined ratio deteriorated by 2.3 points, though its Toronto-based parent company, Fairfax Financial Holdings Ltd. – which had lost $564 million in 2013 – reported net income of $1.66 billion in 2014. “Our results in 2014 were the best in our 29-year history, […]
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