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

Brian Korzenowski rides with Athena, left, and Venus who are safely strapped in and goggled up with the wind in their fur. (Zoe Ducklow - Sooke News Mirror)
Double-dog motorcycle sidecar brings smiles to Sooke Road commuters

Athena and Venus are all teeth and smiles from their Harley-Davidson sidecar

A lift on marine border restrictions by next summer would bring an economic gain to Greater Victoria through the cruise industry. (Black Press Media file photo)
Saanich calls for opening of marine borders by summer 2022

Council to ask feds to end restrictions in time to allow planning for next cruise ship season

North Saanich is in the process of revising its tree protection bylaw. The proposed changes have drawn much public interest and criticism, as council heard this week during their special meeting on the matter. (Courtesy District of North Saanich)
Revisions to tree protection bylaw in North Saanich face cutting criticism

Councillors to take up issue again in August after staff summarize massive public feedback

(Black Press Media file photo)
School parking problems plague Oak Bay residents

Need exceeds official requirements for parking at St. Michaels school

Camper the dog was found Wednesday night by someone walking their own dog along Hollywood Crescent. She had gone missing after a violent attack on June 11. (Courtesy of VicPD)
Camper the dog found safe after fleeing violent van attack in Victoria

Camper was found on Hollywood Crescent Wednesday night

People line up to get their COVID-19 vaccine at a vaccination centre, Thursday, June 10, 2021 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
Vaccines, low COVID case counts increase Father’s Day hope, but risk is still there

Expert says people will have to do their own risk calculus before popping in on Papa

(Black Press Media file photo)
POLL: When was the last time you visited the mainland?

The films are again lighting the screens at local theatres, the wine… Continue reading

Anyone with information on any of these individuals is asked to call 1-800-222-TIPS (8477) or visit the website victoriacrimestoppers.ca for more information.
Greater Victoria Crime Stoppers wanted list for the week of June 15

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Kimberly Bussiere and other laid-off employees of Casino Nanaimo have launched a class-action lawsuit against the Great Canadian Gaming Corporation. (Chris Bush/News Bulletin)
Laid-off Great Canadian Gaming Corp. workers in B.C. launch class-action lawsuit

Notice of civil claim filed on April 6 at Supreme Court of B.C. in Nanaimo

A float plane crashed into the waters near Painters Lodge in Campbell River on Thursday morning. Photo by Alistair Taylor / Campbell River Mirror
Float plane crashes into water near Campbell River

Pilot uninjured, plane hit sandbar while landing

John Kromhoff with some of the many birthday cards he received from ‘pretty near every place in the world’ after the family of the Langley centenarian let it be known that he wasn’t expecting many cards for his 100th birthday. (Special to Langley Advance Times)
Cards from all over the world flood in for B.C. man’s 100th birthday

An online invitation by his family produced a flood of cards to mark his 100th birthday

FILE – Nurse Iciar Bercian prepares a shot at a vaccine clinic for the homeless in Calgary, Alta., Wednesday, June 2, 2021. THE CANADIAN PRESS/Jeff McIntosh
B.C. scientists to study effectiveness of COVID vaccines in people with HIV

People living with HIV often require higher doses of other vaccines

A 50-year-old woman lost control of her vehicle Tuesday, June 15, crashing through a West Vancouver school fence that surrounds playing children. (West Vancouver Police)
Driver ticketed for speeding near B.C. school crashes into playground fence days later

‘It’s an absolute miracle that nobody was injured,’ says Const. Kevin Goodmurphy

Most Read