Canadian Underwriter

Topic Insurers

News Insurers

QBE to purchase Renaissance Re’s US insurance operations

November 19, 2010 by Canadian Underwriter

QBE 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

News InsurersMergers and Aqcuisitions

MSB sold to TPG Capital investment firm

November 5, 2010 by Canadian Underwriter

Marshall & 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

News Insurers

Fairfax acquires specialty commercial insurer

October 29, 2010 by Canadian Underwriter

Fairfax 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

News Insurers

Integro now poised to operate as reinsurance brokerage in United States

October 14, 2010 by Canadian Underwriter

Integro 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

News Insurers

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 Underwriter

The 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

News InsurersMergers and Aqcuisitions

RSA Canada to buy GCAN Insurance Company for $420 million

October 4, 2010 by Canadian Underwriter

RSA 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

News Insurers

ACE Limited acquires Rain and Hail Insurance Services

September 14, 2010 by Canadian Underwriter

ACE 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

News Insurers

RSA, Aviva plc confirm rejection of RSA’s offer for Aviva’s Canadian general insurance business

August 17, 2010 by Canadian Underwriter

RSA 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

News Insurers

Potential bank failures represent a supply chain risk: RBC

August 16, 2010 by Canadian Underwriter

Companies 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

News Insurers

Western Financial Group doubles ownership interest in Falkins Insurance Group

August 4, 2010 by Canadian Underwriter

Western 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,

News Insurers

Canadian M&A activity down in first half of 2010

July 13, 2010 by Canadian Underwriter

Canadian 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

News Insurers

SGI Canada sells shares of Maritime insurance agency

June 29, 2010 by Canadian Underwriter

SGI 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