Canadian Underwriter

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Mergers and Aqcuisitions

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Brokerage interest in M&A dips slightly in early 2021: CU survey

April 12, 2021 by David Gambrill

For Canadian brokerage principals, interest in mergers and acquisitions as a growth strategy increased dramatically in September 2020, during the second wave of the pandemic, but seems to have cooled somewhat since then, according to the results of Canadian Underwriter’s

News BrokersInsuranceMergers and Aqcuisitions

Navacord builds up war chest to finance future M&A

April 6, 2021 by Greg Meckbach

Navacord has built up a sizeable war chest to fund future mergers and acquisitions. The Toronto-based group of brokerages recently completed $1.05 billion in financing, a portion of which is to be used to take advantage of unspecified “M&A opportunities,”

News Commercial LinesInsuranceMergers and Aqcuisitions

The rationale for Intact expanding its commercial appetite

March 26, 2021 by Greg Meckbach

Mid-sized commercial clients are going to get bigger, so executives with Canada’s largest property and casualty insurer want to continue their expansion in specialty lines. “We are really scaling up our specialty lines capability here in North America,” Intact Financial

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Hartford board rejects unsolicited takeover offer from Chubb

March 24, 2021 by Greg Meckbach

The Hartford Financial Services Group Inc. announced Tuesday its board of directors is not in favour of a US$23 billion takeover offer from Chubb Limited. Both Chubb and Hartford own Canadian property and casualty commercial insurers. Zurich, Switzerland-based Chubb announced

News Mergers and Aqcuisitions

Hartford ‘carefully considering’ proposed $23-billion merger with Chubb

March 19, 2021 by Greg Meckbach

Chubb Limited is offering to buy The Hartford Financial Services Group Inc. for about US$23 billion. Chubb and Hartford each own property and casualty commercial insurers in Canada. Chubb is based in Zurich, Switzerland, while Hartford is based in the

News InsuranceMergers and Aqcuisitions

M&A report: Where Intact-RSA sits among Canada’s largest Q4 deals

March 17, 2021 by David Gambrill

Intact and Danish insurer Tryg’s $10.4-billion play for RSA Insurance Group plc topped the list of Canada’s largest deals announced in 2020 Q4, according to a recent report by corporate law firm Miller Thomson. The report defines the largest M&A

News InsuranceMergers and Aqcuisitions

How Intact will decide whether to keep RSA operations outside of Canada

March 2, 2021 by Greg Meckbach

It would have been difficult for Intact Financial Corp. to only buy RSA’s Canadian operation without buying other parts of London-based RSA plc, a senior Intact executive suggests. “It is difficult to pull [RSA Canada] away from the RSA Group

News InsuranceMergers and Aqcuisitions

Intact looks beyond RSA deal for more M&A

March 1, 2021 by Greg Meckbach

Intact Financial Corp. will probably not be finished acquiring other insurers after Intact absorbs RSA Canada. “We will be ready at some point to take on more transactions in Canada,” Intact CFO Louis Marcotte said during the 22nd Annual Credit

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Property restoration space has ‘big capacity’ issue: Brindamour

February 19, 2021 by Greg Meckbach

Intact Financial Corp. is aiming to build capacity in what CEO Charles Brindamour calls the “super-fragmented” restoration contractor industry. “Our thought process with On Side [Restoration] is very much consistent with what we tried to do with BrokerLink a decade

News InsuranceMergers and Aqcuisitions

Where Intact sits with the RSA acquisition

February 10, 2021 by Greg Meckbach

Now that Intact Financial Corp.’s deal to acquire a large chunk of RSA plc has been approved by both the federal Competition Bureau and RSA shareholders, Toronto-based Intact expects the deal to close by July and has more than two

News BrokersInsuranceMergers and Aqcuisitions

How Aon’s proposed takeover of Willis Towers Watson is going

February 8, 2021 by Greg Meckbach

Aon plc has yet to complete its proposed acquisition of Willis Towers Watson plc, but the future management team of the combined brokerage is already starting to collaborate, Aon CEO Greg Case suggested last week. Shareholders of both Aon and

News InsuranceMergers and Aqcuisitions

RSA shareholders approve Intact-Tryg takeover

January 18, 2021 by Greg Meckbach

Intact Financial Corp.’s proposed takeover of RSA Canada has crossed two additional hurdles. The deal was approved Monday by a majority of shareholders of London-based RSA, Intact said in a release. Canada’s federal competition bureau has also approved the deal,