Canadian Underwriter

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Mergers and Aqcuisitions


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Reduction of ICICI Lombard holdings results in net gain to Fairfax of nearly US$1 billion

October 4, 2017 by Canadian Underwriter

Four months after it announced the sale of about an eighth of a Mumbai-based general insurer, Toronto’s Fairfax Financial Holdings Ltd. said it has raised gross proceeds of US$548 million by selling another 12% of ICICI Lombard General Insurance Company

News AnnouncementsAppointmentsInsuranceMarkets / CoveragesMergers and Aqcuisitions

Intact completes acquisition of U.S. specialty insurer OneBeacon, announces executive appointment

September 28, 2017 by Canadian Underwriter

Intact Financial Corporation (IFC) announced on Thursday that it has completed its $2.3 billion (US$1.7 billion) acquisition of U.S. specialty insurer OneBeacon Insurance Group, Ltd. The acquisition makes IFC “a leading provider of specialty insurance in North America with over

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

Canadian P&C industry’s combined ratio improves seven points in Q2 2017 to 97.7%: MSA

September 28, 2017 by Canadian Underwriter

The Canadian P&C industry’s combined ratio improved 7.06% in the second quarter of this year from the same quarter last year to 97.71% from 104.77%, according to the MSA Quarterly Outlook Report, released on Thursday. “What a difference a year

News CatastrophesInsuranceMergers and Aqcuisitions

B.C. wildfires cause more than $127 million in insured damage: CatIQ

September 27, 2017 by Canadian Underwriter

The “two most significant wildfires in British Columbia this summer” caused more than $127 million in insured damage, the Insurance Bureau of Canada (IBC) said, quoting Catastrophe Indices and Quantification Inc. (CatIQ). The wildfires around Williams Lake caused close to

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belairdirect launches app to reward good drivers in Alberta and B.C.

September 27, 2017 by Canadian Underwriter

belairdirect announced on Tuesday that it is launching a new app to help reward good drivers in Alberta and British Columbia. The automerit app assesses customers’ driving skills, helping them save on their insurance premiums through a discount, while providing

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Fully online aha insurance launches auto insurance for Ontario market, home insurance “coming soon”

September 26, 2017 by Canadian Underwriter

Waterloo, Ont.-based Ignite Insurance and Ignite Holdings announced on Monday that aha insurance – the online auto and home insurance service – “is available today for the auto insurance market and, coming soon, the home insurance market in Ontario.” aha

News CatastrophesClaimsInsuranceMergers and Aqcuisitions

Hurricane relief around-the-clock: U.S. Department of Defense

September 26, 2017 THE ASSOCIATED PRESS

The U.S. Defense Department was working around the clock to deliver humanitarian assistance to Puerto Rico and the U.S. Virgin Islands, even as the death toll climbed further across the Caribbean after Hurricane Maria. By Monday afternoon, the confirmed toll

News CatastrophesClaimsClimate ChangeMergers and Aqcuisitions

Standard would help enhance flood resilience of new communities: report

September 26, 2017 by Angela Stelmakowich

Research out of the University of Waterloo recommends a Canadian standard for new flood-resilient residential communities, one that employs almost two dozen best practices, be developed to bolster protection and reduce water-related losses. Requiring that new homes not be built

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Cyber attacks could include ‘extorting a security guard to look the other way,’ RIMS Canada speaker warns

September 25, 2017 Greg Meckbach, Associate Editor

Cyber extortion can take several different forms, including attempts to blackmail employees into giving away sensitive information, and different insurers have different cyber policy wordings to deal with extortion, RIMS Canada Conference speakers suggested Monday. In addition to “plain Jane

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Deloitte says email cyberattack affected ‘very few clients’

September 25, 2017 The Associated Press (APR)

LONDON – Accounting firm Deloitte says it has launched a thorough investigation into a cyberattack that hit its email system. The company said in a statement Monday that the breach had affected “very few clients” and that government authorities were

News CatastrophesInsuranceMergers and Aqcuisitions

Insured damages exceeds $124 million from Windsor August floods: CatIQ, IBC

September 25, 2017 by Canadian Underwriter

Floods in late August in Windsor, Ont. resulted in more than $124 million in losses to the industry, Insurance Bureau of Canada suggested Monday. “From August 28 – 29, a slow-moving area of low pressure produced significant rainfall over areas

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AIG changes organizational structure, adds “standalone technology platform”

September 25, 2017 by Canadian Underwriter

American International Group, Inc. (AIG) announced on Monday that it will transition to General Insurance and Life & Retirement segments, as well as a new “standalone, technology-enabled platform.” AIG said in a statement that it is planning to make changes