Topic
Earnings / Ratings
Moves & Views (March 01, 2011)
March 1, 2011 by Canadian UnderwriterTravelers 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…
Industrial Alliance acquires creditor insurance and replacement warranty distributors
February 15, 2011 by Canadian UnderwriterIndustrial 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…
Everest Re Group expands further into Canadian market
February 11, 2011 by Canadian UnderwriterEverest 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…
A.M. Best concludes review of GCAN after RSA Canada acquisition, affirms excellent strength rating
February 8, 2011 by Canadian UnderwriterA.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…
Demutualization of The Economical might pressure other mutuals to do the same
January 21, 2011 by Canadian UnderwriterIf 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…
RSA finalizes GCAN acquisition
January 10, 2011 by Canadian UnderwriterRSA 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…
Desjardins Financial Group makes $443-million cash offer to buy Western Financial Group
January 4, 2011 by Canadian UnderwriterDesjardins 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…
Holiday Shopping Season (January 01, 2011)
January 1, 2011 by Canadian UnderwriterThis 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…
Demutualizing The Economical
January 1, 2011 David Gambrill, EditorFollowing 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.
Economical Mutual Insurance Company announces plans to demutualize
December 14, 2010 by Canadian UnderwriterThe 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…
QBE to purchase Renaissance Re’s US insurance operations
November 19, 2010 by Canadian UnderwriterQBE 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…
MSB sold to TPG Capital investment firm
November 5, 2010 by Canadian UnderwriterMarshall & Swift/Boeckh (MSB) has been sold to global investment firm TPG Capital. MacDonald Dettwiler and Associates signed a definitive agreement to sell MSB to TPG Capital for an undisclosed amount. TPG has $47 billion in assets under management and…