Topic
Earnings / Ratings
KPMG acquires Berris Mangan
September 14, 2011 by Canadian UnderwriterKPMG has acquired Vancouver-based accounting firm Berris Mangan. Berris Mangan is a full-service accounting firm that specializes in serving the insurance industry, as well as the service, wholesale and manufacturing industries. “As part of our national strategy to grow through…
U.S. private equity firm buys up Kanetix Ltd.
September 14, 2011 by Canadian UnderwriterKanetix Ltd., a Canadian online insurance marketplace, has been acquired by Monitor Clipper Partners (MCP), a Cambridge, Massachusetts-based private equity firm. Kanetix has also named Yousry Bissada as president and CEO, effective immediately. Its co-founders, George Small and Gregory Ellis,…
Hub International to acquire independent Manitoba brokerage Horizon Insurance
September 14, 2011 by Canadian UnderwriterHub International Limited (Hub) has entered into a definitive agreement to acquire the operations of Horizon Insurance LP (Horizon), a full service insurance brokerage firm headquartered in Manitoba. The acquisition is expected to close in the third quarter of 2011…
Granite Claims Solutions buys niche Toronto adjusting firm
September 9, 2011 by Canadian UnderwriterGranite Claims Solutions acquired Toronto-based BBCG Claim Services Limited. BBCG will continue to operate under the BBCG name. It is a niche-market adjusting firm specializing in surety and fidelity bonds, builders’ risk, course of construction, professional errors and omissions and…
Solvency II could have indirect impact on Canadian market, spur M&A activity
September 8, 2011 by Canadian UnderwriterSolvency II will likely not have a direct impact on the Canadian reinsurance market, but European parent companies with Canadian branches will likely impose the requirements of the regulatory regime on their Canadian subsidiaries, said Gale Guerra, senior financial analyst…
M&A Fireworks
September 1, 2011 David GambrillBetween 2005 and 2007, analysts routinely predicted an exciting explosion of mergers and acquisitions activity in the fragmented Canadian P&C market. But not much happened, and then the financial crisis doused the party in 2008-09. Now, M&A activity seems to be lighting up the Canadian P&C landscape. Do these deals suggest future M&A fireworks, or are they a prelude to a dud?
International Reach
September 1, 2011 David Gambrill, EditorInsurance law is globalizing, and international networks of independent law firms present an attractive alternative to a merger between individual firms.
Western Financial Group acquires two more brokerages
August 31, 2011 by Canadian UnderwriterWestern Financial Group has acquired two more insurance agencies, one in Manitoba and the other in Saskatchewan. Western Financial acquired David Duncan Insurance Agency in Gilbert Plains, Manitoba and Leith & Glassford Agency Ltd. in Rosetown, Saskatchewan. Both firms will…
Accenture completes Duck Creek acquisition
August 23, 2011 by Canadian UnderwriterAccenture has completed its acquisition of Duck Creek Technologies, a privately held company that specializes in software solutions for the property and casualty insurance industry. The acquisition complements Accenture Software’s existing P&C component-based software platforms.“It will give Accenture an industry-leading…
ClaimsPro completes acquisition of Brouwer Claims Canada
August 2, 2011 by Canadian UnderwriterClaimsPro Inc., a Canadian independent adjusting company, has completed the acquisition of Brouwer Claims Canada & Co. Ltd., a Vancouver-based independent adjusting firm that has been servicing Canadian clients for more than 25 years. The transaction aligns with ClaimsPro’s strategy…
Licensed medical doctors, neuropsychologists should lead catastrophic impairment assessment: panel recommendation
July 31, 2011 byOntario’s Catastrophic Impairment Panel is calling for medical doctors or doctorate-level neuropsychologists (in the case of brain injuries) to be the lead evaluators in the assessment of people with catastrophic impairments arising from auto injuries. FSCO established the panel of…
About 10% of European insurers would fail Solvency II capital stress test based on market crash risks: EU financial regulator
July 4, 2011 by Canadian UnderwriterAbout 10% of European insurers would fail Solvency II minimum capital requirements under a hypothetical adverse stress scenario akin to the 2008-09 global market crash, according to the European Insurance and Occupational Pensions Authority (EIPOA).The supervisor of the financial sector…