Topic
Earnings / Ratings
Economical would prefer to demutualize through an IPO, if forthcoming regulations allow it
June 4, 2012 by Canadian UnderwriterEconomical has voiced its preference for an initial public offering (IPO) as part of its intention to demutualize, but no final decision will be made absent clear regulations. Currently, Canada does not have regulations allowing property and casualty mutual insurers…
MarketPlace
June 2, 2012 by Canadian UnderwriterCANADIAN MARKET Applied Systems acquires Compu-Quote Broker management software provider Applied Systems Inc. has acquired Compu-Quote Inc., a Canadian provider of comparative insurance rating solutions. Applied Systems announced the sale on June 5 after closing the deal on June 1.…
Mid-sized insurers seeking scale should consider merger opportunities: PwC report
May 25, 2012 by Canadian UnderwriterMid-sized Canadian insurance companies seeking greater scale would do well to contemplate mergers and acquisitions (M&A) opportunities, states a PricewaterhouseCoopers (PwC) client newsletter. The battle for channels and scale to leverage efficiencies is such that “the only way to aggressively…
Reshuffling of market share anticipated: Intact’s Gagnon
May 23, 2012 by Canadian UnderwriterIntact Financial Corporation president Louis Gagnon repeated his prediction that about 25% of the existing property and casualty insurance market share will change hands in the next five to 10 years. “There will be a reshuffle of a quarter of…
OSFI monitoring international regulators’ dialogue on appointing board directors, chief risk officers
May 22, 2012 by Canadian UnderwriterCanada’s solvency regulator is monitoring the dialogue among international supervisors about how much of a role regulators should play in deciding who can be the director and chief risk officer of a financial institution. Speaking to the International Institute of…
Western Financial Group acquires Victoria-based insurance brokerage
May 18, 2012 by Canadian UnderwriterWestern Financial Group has completed its first acquisition in British Columbia’s capital with the purchase of Hodges & Company Insurance Services Ltd. “After establishing Western in other parts of the province, it is truly exciting to see our name in…
The Co-operators to acquire G&F Insurance
May 14, 2012 by Canadian UnderwriterThe Co-operators has announced its intention to acquire G&F Financial Group’s general insurance assets and Autoplan appointment. The deal is subject to regulatory approval and is expected to close June 30, 2012, reports The Co-operators, a Canadian-owned multi-product insurance company.…
FSCO proposes aligning Ontario’s solvency standards with international standards
May 11, 2012 by Canadian UnderwriterThere would be no need for Ontario to maintain a separate and duplicative solvency regime for the few such companies that remain in the province under a Financial Services Commission of Ontario (FSCO) proposal. FSCO’s consultation paper, Improving Solvency Supervision…
EGI Financial acquires CUISA Managing General Agency
May 4, 2012 by Canadian UnderwriterEGI Financial Holdings Inc. has acquired CUISA Managing General Agency. Based in B.C., CUISA MGA provides insurance services to 160 credit union-owned insurance broker offices across the province. By gaining access to distribution through credit unions, the acquisition means EGI…
Mutuals should handle diversification with caution: Willis Re
May 2, 2012 by Canadian UnderwriterAlthough some mutuals are being encouraged to explore new lines of business or enter new territories, a report from Wills Re cautions this is intrinsically riskier for the insurers, adding that mutuals should ensure any such move is a good…
Intact to acquire JEVCO for $530 million
May 2, 2012 by Canadian UnderwriterIntact Financial Corporation (TSX: IFC) has entered into an agreement to acquire JEVCO Insurance Company from The Westaim Corporation (TSX: WED) for $530 million. JEVCO is a provider of specialty and niche products for individuals and businesses in Canada with…
Markham General insolvency a case study in trying to grow too quickly: PACICC report
April 17, 2012 by Canadian UnderwriterAbsent realistic forecasting, a solid business plan and adequate pricing, trying to grow too quickly and aggressively can serve as ingredients in the recipe for disaster, noted a paper released by the Property and Casualty Insurance Compensation Corporation (PACICC) on…