Log In

Reset Password
BERMUDA | RSS PODCAST

XL an insurer to railway in deadly Canada crash

Bermuda’s XL Group said it provided Insurance to the railway that had Canada’s worst rail disaster in 27 years.

XL Group Plc, which is Dublin-based, said it’s among the insurers of that railroad.

A spokesperson for XL in the Bermuda office told

The Royal Gazette: “XL does not publicly discuss details regarding our clients but can confirm that we are an insurer of the Montreal, Maine & Atlantic Railway.

“As such, we are on the scene working closely with the company and authorities and our thoughts and prayers are with the community of Lac-Mégantic, Quebec.”

A Maine & Atlantic Railway train carrying 72 car loads of crude oil exploded July 6 when it rolled from its parking spot and crashed in the Quebec town of Lac-Megantic, leaving as many as 60 people dead or missing and destroying local businesses.

Losses for insurers could include death benefits, business- interruption costs for commercial clients and expenses tied to replacing damaged property. Edward Burkhardt, chairman of the railroad, said in a media appearance that he spent the weekend coordinating with insurance companies.

“We have a lot of insurance,” Burkhardt said. “I’m not going to advise at this point what our limits are. I think our limits are going to be tested.”

Weirsky declined to comment on the specifics of its policy with Montreal Maine, a unit of closely held Rail World Inc.

This aerial photo, workers comb through the debris after a train derailed causing explosions of railway cars carrying crude oil Tuesday, July 9, 2013 in Lac-Megantic, Quebec, Canada on Tuesday July 9, 2013. At least thirteen people were confirmed dead and nearly 40 others were still missing in a catastrophe that raised questions about the safety of transporting oil by rail instead of pipeline. (AP Photo/ The Canadian Press, Paul Chiasson)

You must be Registered or to post comment or to vote.

Published July 11, 2013 at 9:00 am (Updated July 10, 2013 at 8:51 pm)

XL an insurer to railway in deadly Canada crash

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon