Supreme Court of Canada Provides Guidance on Trustees’ Duty to Disclose Construction Bonds to Beneficiaries

legislation

The Supreme Court of Canada (SCC) ruled in its recent decision, Valard Construction Ltd. v. Bird Construction Co. (Valard Construction), that an “obligee” or trustee under a labour and material payment bond (usually the owner or general contractor) may be required to disclose the bond’s existence to its beneficiaries…

AXA acquires XL Group in $15.3bn deal

French insurer AXA is acquiring Bermuda-based property/casualty commercial lines re/insurer XL Group for $15.3 billion (€12.4 billion) in cash.

The price represents a premium of 33 percent to XL Group closing share price on March 2, 2018.

The move will shift AXA’s business profile from L&S (life & savings) business to…

Liberty restructures global risk, reinsurance, and specialty operations

Liberty Mutual has announced the operating structure of its recently formed Global Risk Solutions business, which will consist of specialty, reinsurance, and surety operations.

The businesses included in the new arrangement are National Insurance, Global Surety, North American Specialty, and Liberty Specialty Markets (LSM).

LSM is to operate all of Liberty’s…

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