Topic
Earnings / Ratings
RSA appoints Glen Bates and Rosalind Staples-Simpson to senior leadership roles
September 4, 2012 by Canadian UnderwriterRSA has announced two new appointments to its senior leadership team in Canada to support the company’s growth strategy in Quebec and Atlantic Canada. The company has named Glen Bates as vice president in Quebec, as part of its plans…
Will Canada Become an Island?
September 1, 2012 J. Brian Reeve, Partner, Cassels Brock & Blackwell LLPAs the difficult economic conditions over the past few years have continued to expose weaknesses in many international financial institutions, it is clear that a co-ordinated international approach to regulation has never been more important.
The Surge of Mergers & Acquisitions
September 1, 2012 Julian Brown, Partner and Vanessa Iarocci, Director, PwC's Deals practiceSome in the Canadian insurance industry are looking to increase market share and appear willing to try to grow volume through mergers and acquisitions (M&A).
Moves and Views
September 1, 2012 by Canadian Underwriter1 George Cooke [1] announced in August that he would be retiring as president of The Dominion, formerly The Dominion of Canada General Insurance. Cooke began his distinguished career with the company 20 years ago as president and CEO. He…
AIG reports net income of $2.3 billion in 2012 Q2
August 3, 2012 by Canadian UnderwriterAmerican International Group, Inc. (NYSE: AIG) reports net income of $2.3 billion attributable to AIG and after-tax operating income of $1.9 billion in 2012 Q2. Compare that to $1.8 billion and $1.2 billion, respectively, for the second quarter of 2011,…
RSA Canada’s half-year results show growth in personal and commercial lines
August 2, 2012 by Canadian UnderwriterRSA Canada reported strong top and bottom line performance across personal and commercial lines in the first half of 2012, producing a combined underwriting result of $96 million. Growth generated by both Johnson and personal intermediated businesses contributed to personal…
Methodology must acknowledge differences between traditional insurance and banking: think-tank
August 1, 2012 by Canadian UnderwriterAn insurance economics think-tank recommends revisiting proposed criteria designed to prevent destabilization of the financial system should a very large insurer collapse, including reversing the view that certain situations are detrimental. The comments were made as part of The Geneva…
Western Financial acquires B.C. Yacht
July 23, 2012 by Canadian UnderwriterWestern Financial Group (Western) has acquired B.C. Yacht Insurance Brokers Inc. (B.C. Yacht), as of July 1. B.C. Yacht is headquartered in Sidney, British Columbia and is Sidney’s only specialized marine insurance brokerage. The deal is Western Financial Group’s second…
Traditional reinsurance unlikely to contribute to systemic risk: IAIS
July 20, 2012 by Canadian UnderwriterTraditional reinsurance is unlikely to contribute to or amplify systemic risk, although the financial crisis has demonstrated the same may not hold for non-reinsurance activities, including certain banking activities, notes Reinsurance and Financial Stability, a new policy paper from the…
Grazing with Elephants
July 2, 2012 David Gambrill, Senior EditorConsolidation in Canada has caused reinsurers to look at new ways to share premium in a marketplace filled with hungry elephants. Reinsurers here point to a gradual, growing imbalance fed by the increasing demand for excess of loss reinsurance and a dwindling supply caused in part by a lack of premium growth. In response, reinsurers are looking to sate their appetite for more premium by moving into Canada’s primary insurance market.
RiverStone reaches agreement to purchase outstanding shares of Brit Insurance
June 18, 2012 by Canadian UnderwriterRiverStone, a runoff subsidiary of Fairfax Financial Holdings Limited, has reached an agreement with Brit Group to purchase all outstanding shares of Brit Insurance Limited (BIL). RiverStone will purchase BIL at a discount to its book value — which was…
RSA agrees to acquire L’Union Canadienne from Co-operators for $150 million
June 6, 2012 by Canadian UnderwriterRSA Canada has agreed to acquire L’Union Canadienne, a Quebec-based intermediated P&C insurer, from its parent company Co-operators General Insurance Company (CGIC) for $150 million, pending regulatory approval, and other standard closing adjustments and conditions. “This is an exciting day…