Canadian Underwriter

Earnings / Ratings

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QBE completes acquisition of US Renaissance Re unit

March 7, 2011 by Canadian Underwriter

QBE Insurance Group Ltd. has completed its acquisition of the US admitted insurance business of Renaissance Re.The acquisition includes a US crop and small specialist program insurance business. The cost of the transaction was $275 million. “The business acquired is

Daniel Loosemore
Feature Earnings / RatingsMergers and Aqcuisitions

Moves & Views (March 01, 2011)

March 1, 2011 by Canadian Underwriter

Travelers Canada has promoted vice president Francine Armel to lead its financial and professional services division. Armel joined Travelers Canada in 2005 in the financial and professional services division, which offers management liability and professional indemnity products for public, private

News Earnings / RatingsInsuranceMergers and Aqcuisitions

Industrial Alliance acquires creditor insurance and replacement warranty distributors

February 15, 2011 by Canadian Underwriter

Industrial Alliance Insurance and Financial Services Inc. has signed an agreement to acquire through its affiliated companies the operations of Protection V.A.G. Inc., Communications & Références Multi Assurance Direct inc. (MAD) and Produits récréatifs Accès Inc. (Accès).VAG, Accès and MAD

News Earnings / RatingsInsurance

Everest Re Group expands further into Canadian market

February 11, 2011 by Canadian Underwriter

Everest Re Group has boosted its Canadian presence, acquiring Premiere Underwriting Services and some operations of Executive Risk Insurance Services Ltd.Premiere Underwriting Services is a Toronto-based managing general agent specializing in entertainment, sports and leisure related risks. Moving forward, Premiere

News Earnings / RatingsInsurance

A.M. Best concludes review of GCAN after RSA Canada acquisition, affirms excellent strength rating

February 8, 2011 by Canadian Underwriter

A.M. Best Co. has removed the issuer credit rating (ICR) of “a+” from under review with negative implications and affirmed the ICR and the financial strength rating of ‘A’ (Excellent) of GCAN Insurance Company (GCAN). The outlook for both ratings

News Earnings / RatingsInsurance

Demutualization of The Economical might pressure other mutuals to do the same

January 21, 2011 by Canadian Underwriter

If The Economical does in fact demutualize, as its board of directors recommended to mutual policyholders in December, there will be pressure on other mutuals – those with a narrow base of policyholder owners – to do the same.MSA Research

News Earnings / RatingsInsurance

RSA finalizes GCAN acquisition

January 10, 2011 by Canadian Underwriter

RSA Canada finalized its acquisition of GCAN Insurance, the second-largest insurance transaction of the past decade in Canada.RSA announced in Oct. 2010 that it agreed to acquire GCAN, a Canadian mid-market, large risks and specialty commercial insurer with gross written

News Earnings / RatingsInsurance

Desjardins Financial Group makes $443-million cash offer to buy Western Financial Group

January 4, 2011 by Canadian Underwriter

Desjardins Financial Group has made a $443-million, all-cash offer to buy Western Financial Group (TSX:WES), the largest insurance and financial services retailer in Western Canada.The transaction contemplated by the offer will be carried out by way of a take-over bid

Feature Earnings / Ratings

Demutualizing The Economical

January 1, 2011 David Gambrill, Editor

Following the path of Canadian life insurers, The Economical Mutual Insurance Company is publicly contemplating a strategy to demutualize, but the path for P&C insurers may lie in a different regulatory direction.

David Gambrill, Editor
Feature Earnings / Ratings

Holiday Shopping Season (January 01, 2011)

January 1, 2011 by Canadian Underwriter

This holiday shopping season was a busy one in Canada — and not just for consumers. Canadian property and casualty companies were clearly in a shopping mood, with several major deals or potential deals announced in December. As we go

News Earnings / RatingsInsurance

Economical Mutual Insurance Company announces plans to demutualize

December 14, 2010 by Canadian Underwriter

The Economical Mutual Insurance Company is planning to become the first property and casualty insurance company in Canada to demutualize. The company is aiming for the conversion to be completed in 2011, subject to approval by mutual policyholders and the

News Earnings / RatingsInsurance

QBE to purchase Renaissance Re’s US insurance operations

November 19, 2010 by Canadian Underwriter

QBE Insurance Group has acquired the US insurance operations of Renaissance Re for $275 million.This includes a US crop and small specialist program insurance business. The acquisition – subject to regulatory approvals – is expected to be completed in March