Fluor, ACS, AECOM consortium wins contract to build major US-Canada- bridge
Bridging North America, a construction consortium made up of the likes of Fluor, AECOM, ACS Infrastructure Canada and others, has secured a major contract to build a bridge linking the US and Canada.
The consortium was selected to design, build, finance, operate and maintain the project, named the Gordie Howe International Bridge, by the Windsor-Detroit Bridging Authority (WDBA), a body set up by the Canadian government.
The bridge itself will link Detroit, Michigan with Windsor, Ontario across the Detroit River.
“The selection of Bridging North America as the Preferred Proponent is another step forward towards the start of construction of the Gordie Howe International Bridge – the largest infrastructure project along the Canada-US border and one which will stimulate the economies in Canada and the United States,” said Dwight Duncan, Chairman of the WDBA.
The financial details have not been disclosed, however, it is estimated that the total cost of construction will be approximately $4bn.
“We are looking forward to partnering with WDBA to reach financial close later this year and ultimately deliver a durable, long-lasting, landmark bridge with a unique visual presence for the local community and international travelers,” said Terence Easton, President of Fluor’s Infrastructure Business.
Bridging North America will operate and maintain the facility for a period of 30 years in line with performance standards that will be established by the WDBA following the project’s completion.
CB Insights: US Insurtechs Compete In A Now Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.