Topic
Earnings / Ratings
Fairfax acquires specialty commercial insurer
October 29, 2010 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX: FFH and FFH.U) will acquire the outstanding share of specialty insurer First Mercury for approximately $294 million.The transaction is expected to close in 2011 Q1, subject to shareholder and regulatory approval.First Mercury is a Michigan-based…
Integro now poised to operate as reinsurance brokerage in United States
October 14, 2010 by Canadian UnderwriterIntegro announced its acquisition of ReSource Intermediaries, a move that positions Integro to add reinsurance brokerage services to its U.S. roster.ReSource Intermediaries is a full-service reinsurance brokerage based in San Fransisco. Its client base includes insurance companies; alternative risk entities…
Letting AIG go bankrupt in 2008 would have resulted in a “catastrophic” impact on entire insurance market: U.S. Treasury report
October 6, 2010 by Canadian UnderwriterThe U.S. government did not allow American International Group (AIG) to go bankrupt in part because AIG’s failure would have been “catastrophic” to the insurance industry as a whole, according to the U.S. Treasury’s Two-Year Retrospective Report on the Troubled…
RSA Canada to buy GCAN Insurance Company for $420 million
October 4, 2010 by Canadian UnderwriterRSA Canada has entered into an agreement to purchase GCAN Insurance Company and its parent company, Glenstone Capital Incorporated, from the Ontario Teachers’ Pension Plan Board for approximately $420 million. “This is actually the second-largest insurance company acquisition in the…
ACE Limited acquires Rain and Hail Insurance Services
September 14, 2010 by Canadian UnderwriterACE Limited has acquired, subject to regulatory and shareholder approvals, Rain and Hail Insurance Services Inc. for approximately $1.1 billion in cash.Rain and Hail is headquartered in Johnston, Iowa and is the second-largest crop insurance underwriter in the United States…
RSA, Aviva plc confirm rejection of RSA’s offer for Aviva’s Canadian general insurance business
August 17, 2010 by Canadian UnderwriterRSA has confirmed in “a response to press speculation” that it did in fact propose to acquire Aviva’s Canadian, UK and Irish general insurance business for £5 billion in cash.In a separate public statement released on the same day, Aviva…
Potential bank failures represent a supply chain risk: RBC
August 16, 2010 by Canadian UnderwriterCompanies identifying their supply chain exposures should beware of financial risks caused by the collapse of banks, RBC points out in an article entitled What is available to help me manage risks through the entire supply chain?The article identifies a…
Western Financial Group doubles ownership interest in Falkins Insurance Group
August 4, 2010 by Canadian UnderwriterWestern Financial Group has increased its ownership of Falkins Insurance Group Limited from 20% to 40%. In addition, all parties have agreed upon a pathway to provide Western with the ability to acquire full ownership of Falkins by Jan. 1,…
Canadian M&A activity down in first half of 2010
July 13, 2010 by Canadian UnderwriterCanadian mergers and acquisitions (M&A) activity is down 30% over the first half of 2010, compared to the same period last year, according to a mergermarket Canada survey. Overall, Canadian M&A activity totalled US$29.6 billion, down from the US$42.5 billion…
SGI Canada sells shares of Maritime insurance agency
June 29, 2010 by Canadian UnderwriterSGI Canada has sold its shares in the Charlie Cooke Insurance Agency (CCIA). The sale is effective as of Jun. 1, 2010.SGI Canada, through its subsidiary SGI Canada Insurance Services Ltd., purchased the shares in 2002 for $691,341. The shares…
Canadian insurer CFO panel predicts further M&A activity in five years’ time
May 20, 2010 by Canadian UnderwriterThree P&C chief financial officers – representing Intact Financial Corporation, Northbridge Financial Corporation and RSA Canada Group – see Canada’s Top 10 property and casualty insurance companies controlling about 8% more of the market sometime over the next five years.Speaking…
2010 a “mixed bag” for P&C industry: OSFI
May 17, 2010 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) says it believes 2010 will be a “mixed bag” for the Canadian property and casualty financially, with capital levels improving, but the introduction of enterprise risk management (ERM) still lagging behind…