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The late March storm caused extensive damage in southern Quebec and Ontario. -
Under the new law, vehicles will only be required to carry $100,000 in PIP per person.
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The take-private deal was announced in July 2024.
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The broker’s fac reinsurance division will encompass around 70 staff, it is understood.
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Litigation costs continue to weigh on long-tail lines, but effects of tort reform are visible.
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It is the second deliverable of the FIT Transition Plan Project.
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The changes affect operations in Switzerland, Bermuda and the US.
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The transition will be implemented starting October 15.
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The broader legislation narrowly passed the Senate and now heads to the House.
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Separately, Caribbean market head Janine Seifert is leaving the reinsurer for BMS Re.
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He was most recently Marsh’s US manufacturing and automotive practice head.
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The executive brings more than 25 years of insurance experience.
