Pipes for the Trans Mountain pipeline project are seen at a storage facility near Hope, B.C., on September 1, 2020. THE CANADIAN PRESS/Jonathan Hayward

Pipes for the Trans Mountain pipeline project are seen at a storage facility near Hope, B.C., on September 1, 2020. THE CANADIAN PRESS/Jonathan Hayward

Insurance provider for Trans Mountain pipeline says it won’t renew policy

The decision by Argo Group comes after the operator for Trans Mountain received regulatory approval to protect the identity of its insurers

An insurance provider for the Trans Mountain pipeline said it will not renew its policy with the company when it expires in August.

Argo Group International Holdings Ltd., an international underwriter based in Bermuda, said the project no longer fits the company’s risk appetite.

“We currently insure the Trans Mountain pipeline, but do not intend to renew when the policy expires in August 2021,” spokesman David Snowden said.

“This type of project is not currently within Argo’s risk appetite.”

The decision by Argo Group comes after the operator for Trans Mountain received regulatory approval to protect the identity of its insurers.

Trans Mountain had argued that identifying its insurers could make it harder to get insurance at a reasonable price and prejudice its competitive position.

Underwriters such as Zurich Insurance Group AG have also dropped Trans Mountain as a possible client amid pressure from environmental and Indigenous groups opposed to the government-owned pipeline.

Environmental groups, such as the Sunrise Project, have been petitioning insurance providers to refuse coverage for Trans Mountain as a means to prevent its ability to operate.

In a statement, Trans Mountain said it currently has all the required insurance in place.

“Trans Mountain is committed to providing the Canada Energy Regulator with full information about our financial resourcing and ensuring Canadians know that we are sufficiently insured,” said a company spokeswoman.

Construction for the pipeline’s expansion project is ongoing and the company said it is on track to be completed by the end of 2022.

The federal government purchased the existing line in 2018 from Texas-based Kinder Morgan for $4.5 billion when the company threatened to walk away because of resistance to the project from the British Columbia government, environmentalists and some Indigenous groups.

The expansion will more than double the pipeline’s capacity from approximately 300,000 barrels per day to 890,000 barrels per day.

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

PipelineTrans Mountain pipeline

Just Posted

Staff member Lena Laitinen gives the wall at BoulderHouse a workout during a media tour on June 16. (Rick Stiebel/News Staff)
BoulderHouse raring to rock Langford

Popularity of bouldering continues to climb across Greater Victoria

The Sooke Potholes is a jewel in the community's crown. Transition Sooke hosts a town hall meeting on community growth on June 26. (Courtesy: Sooke News Mirror)
Sooke forum tackles community growth

To Grow or Not to Grow online town hall meeting set for June 26

General manager Lindsey Pomper says Sidney’s Star Cinema cannot wait welcome audiences when it reopens June 18, amid an easing of public health measures. (Wolf Depner/News Staff)
Sidney’s Star Cinema raises curtain for the first time after months in the darkness

Iconic theatre to reopen at half capacity for Friday night showing

A screenshot of the First Peoples Cultural Councils First Peoples’ Map. (First Peoples Cultural Council)
Online resource blends B.C.’s Indigenous language, art and culture

North Saanich advisor says initiative supports urgent need to preserve Indigenous languages

A dogs in parks pilot study unanimously approved by Saanich council will evaluate how park space can best be shared between dog owners and non-owners alike. (Photo by Megan Atkins-Baker/News Staff)
Saanich to study park-sharing strategy between those with and without pets

District-wide People, Parks and Dogs study to produce recommendations by fall

Maxwell Johnson is seen in Bella Bella, B.C., in an undated photo. The Indigenous man from British Columbia has filed complaints with the B.C. Human Rights Tribunal and the Canadian Human Rights Commission after he and his granddaughter were handcuffed when they tried to open a bank account. THE CANADIAN PRESS/HO-Heiltsuk Nation, Damien Gillis, *MANDATORY CREDIT*
VIDEO: Chiefs join human rights case of Indigenous man handcuffed by police in B.C. bank

Maxwell Johnson said he wants change, not just words, from Vancouver police

Tk’emlups te Secwepemc Chief Rosanne Casimir stands outside the former Kamloops Indian Residential School after speaking to reporters, in Kamloops, B.C., on Friday, June 4, 2021.THE CANADIAN PRESS/Darryl Dyck
Kamloops chief says more unmarked graves will be found across Canada

Chief Rosanne Casimir told a virtual news conference the nation expects to release a report at the end of June

A woman wears a vaccinated sticker after receiving a COVID-19 vaccine at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS/Jonathan Hayward
B.C. ranks among highest in world in COVID-19 first-dose shots: health officials

More than 76% of eligible people have received their 1st shot

An artists conception of the new terminal building at the Pitt Meadows Regional Airport.
Air travel taking off in B.C., but lack of traffic controllers a sky-high concern

There will be demand for more air traffic controllers: Miller

Canadian Armed Forces experts are on their way to North Vancouver after a local homeowner expressed worry about a military artifact he recently purchased. (Twitter DNV Fire and Rescue)
Military called in to deal with antique ‘shell’ at North Vancouver home

‘The person somehow purchased a bombshell innocently believing it was an out-of-commission military artifact’

Amy Kobelt and Tony Cruz have set their wedding date for February, hoping that more COVID-19 restrictions will have lifted. (The Macleans)
B.C. couples ‘gambling’ on whether COVID rules will let them dance at their wedding

Amy Kobelt and Tony Cruz pushed back their wedding in hopes of being able to celebrate it without the constraints of COVID-19

A plane is silhouetted as it takes off from Vancouver International Airport in Richmond, B.C., May 13, 2019. THE CANADIAN PRESS/Jonathan Hayward
Report calls for airlines to refund passengers for flights halted due to COVID-19

Conclusion: federal help should be on the condition airlines immediately refund Canadian travellers

Green party Leader Annamie Paul speaks during a news conference on Parliament Hill in Ottawa on Tuesday, June 15, 2021. Paul has survived another day of party strife after a planned ouster shifted course, leaving her with a tenuous grip on power ahead of a likely federal election this year. THE CANADIAN PRESS/Justin Tang
Green Leader Annamie Paul blasts ‘racist,’ ‘sexist’ party execs who sought ouster

Fallout has continued, with two of the federal council’s members resigning

Most Read