Canadian Underwriter

Earnings / Ratings

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B.C. regulator drafts legislation in response to concerns about Part XIII amendments

October 2, 2009 by Canadian Underwriter

Amendments to Part XIII of the federal Insurance Companies Act make it easier for a bogus insurer to operate outside the Canadian regulatory regime and yet do business in Canada, said Alan Clark, superintendent of the Financial Institutions Commission of

News Earnings / RatingsInsurance

JEVCO assuming assets and liabilities of Kingsway General Insurance

September 23, 2009 by Canadian Underwriter

JEVCO Insurance Company will assume the assets and liabilities of Kingsway General Insurance Company (KGIC), effective Oct. 1, 2009, subject to regulatory approval. Both KGIC and JEVCO are subsidiaries of Kingsway Financial Services Inc. (Kingsway).JEVCO will be Kingsway’s marketing brand

News Earnings / RatingsInsuranceMergers and Aqcuisitions

Co-operators Life and Central 1 Credit Union to buy CUMIS Group Ltd. for Cdn$232 million

September 18, 2009 by Canadian Underwriter

Co-operators Life Insurance Company and Central 1 Credit Union (Central 1) have announced an agreement to acquire The CUMIS Group Limited (CUMIS) for approximately Cdn$232 million.The deal is subject to regulatory, shareholder and court approvals and other standard closing conditions.

News Earnings / RatingsInsurance

Marsh Inc. acquires Bermuda captive manager

September 18, 2009 by Canadian Underwriter

Marsh Inc. has announced the acquisition of International Advisory Services Ltd. (IAS), a captive and third-party insurance company in Bermuda. Terms of the transaction were not disclosed.“The acquisition strengthens Marsh’s position as a global leader in managing captive insurance companies

News Earnings / RatingsInsurance

Manitoba brokerages announce merger

September 9, 2009 by Canadian Underwriter

Manitoba-based brokerages Horizon Insurance and Ryan Gateway Insurance Brokers have announced a merger of operations.A release describes the merger as “the coming together of the oldest and the largest local insurance brokers in Manitoba.” Ryan Gateway Insurance Brokers has provided

News Earnings / RatingsInsuranceMarkets / CoveragesMergers and Aqcuisitions

What’s New: In Brief (September 09, 2009)

September 9, 2009 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS NYSE: KFS) has entered into a definitive agreement to sell Zephyr Insurance Company, Inc. Kingsway anticipates receiving initial gross proceeds from the transaction of US$31.5 million, plus a contingent, deferred earn-out amount. The deal

News Earnings / RatingsInsurance

Western Financial Group acquires Winnipeg-based insurance broker Hayhurst Elias Dudek (HED)

September 9, 2009 by Canadian Underwriter

Western Financial Group has agreed to acquire all issued and outstanding shares of Winnipeg-based Hayhurst Elias Dudek (HED) Inc. and its subsidiaries, including Securican General Insurance Company.The transaction has been approved by all applicable regulatory bodies and is scheduled to

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Increase in M&A for global insurance industry likely: Willis

September 8, 2009 by Canadian Underwriter

The global insurance industry will see a pick up in mergers & acquisitions (M&A) activity in 2010, according to Tony Ursano, CEO of Willis Capital Markets & Advisory.Ursano made the comment at an industry event in London on Sept. 8,

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Chubb sees 2009 Q2 profits increase, despite writing less premium

July 24, 2009 by Canadian Underwriter

The Chubb Corporation [NYSE: CB] saw its 2009 Q2 profits increase to US$551 million, compared to US$469 million in 2008 Q2, even though it wrote less premium than it did during the same period last year.Total net written premiums for

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Use of credit derivatives limited: Fitch

July 23, 2009 by Canadian Underwriter

The use of credit derivatives as a proportion of total derivatives was very limited in the 2009 Q1 filings of 100 companies, and its use was seemingly concentrated more among banks than insurance companies, according to a review of the

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B.C. credit union sells P&C subsidiary to The Co-operators

July 21, 2009 by Canadian Underwriter

Vancity, Canada’s largest credit union, has agreed to sell Vancity Insurance Services Limited (VISL) — its subsidiary for home, auto, travel and business insurance — to The Co-operators.The price tag of the deal, which is subject to regulatory approvals, was

News Earnings / RatingsInsurance

What’s New: In Brief (July 20, 2009)

July 20, 2009 by Canadian Underwriter

Aon Reed Stenhouse Inc. has acquired IAO Actuarial Consulting Services. The terms of the deal were not announced.IAO’s capabilities will be integrated into Aon’s Global Risk Consulting business, which provides a range of services from risk identification and control to