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Moody’s affirms debt ratings of ACE Group with stable outlook

July 3, 2015 by Canadian Underwriter

Moody’s Investors Service has affirmed the A3 senior debt rating of ACE INA Holdings Inc. with a stable outlook following the announcement that ACE has agreed to acquire all outstanding shares of The Chubb Corporation for approximately US$28.3 billion. ACE

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Reinsurance mergers ‘helping to maintain’ high valuations: Willis Re

July 2, 2015 by Canadian Underwriter

Mergers and acquisitions in the reinsurance sector are “throwing up unexpected combinations” while the market for offshore energy wind reinsurance, in the Gulf of Mexico, is softening, the reinsurance division of Willis Group Holdings plc suggested in a report released

News InsurersLegalMergers and Aqcuisitions

ACE Limited to acquire Chubb for US$28.3 billion

July 1, 2015 by Canadian Underwriter

ACE Limited and The Chubb Corporation announced on Wednesday that the boards of directors of both companies have unanimously approved a definitive agreement under which ACE will acquire Chubb. The total value of the acquisition is about US$28.3 billion in

News Insurers

Consolidation fuelling reinsurers’ desire to grow and diversify in U.S.

June 30, 2015 by Canadian Underwriter

Reinsurers seem to feel the need to grow and diversify, but the current wave of consolidation presents its own challenges, attendees heard during a recent Casualty Actuarial Society (CAS) reinsurance seminar in Philadelphia. Meyer Shields, managing director of Keefe, Bruyette

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Bankrupt lawyer precluded from applying to court for indemnity from professional liability insurer

June 11, 2015 by Canadian Underwriter

When a Canadian defendant in a lawsuit is also going through bankruptcy proceedings, the right to ask a court for indemnity from a professional liability insurer is vested in the trustee in bankruptcy rather than the policyholder, the Court of

News Insurers

ClaimsPro strengthens Atlantic Canada coverage with acquisition of Plant Hope Adjusters Ltd.

May 27, 2015 by Canadian Underwriter

Independent adjusting and claims management company ClaimsPro, announced on Wednesday that it has acquired Atlantic Canada adjusting service Plant Hope Adjusters Ltd. Fred Plant (pictured, right), formerly president of Plant Hope Adjusters Ltd., will serve as senior vice president, operations, Atlantic

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PartnerRe board to review revised takeover offer from EXOR

May 14, 2015 by Canadian Underwriter

PartnerRe Ltd., a commercial insurer and reinsurer which previously agreed to merge with competitor Axis Capital Holdings Ltd., announced this week it “will review” a revised $6.8-billion takeover offer from EXOR S.p.A., an Italian investment firm with a 9.32% stake

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Few changes to 2016 MCT, insurers advised to keep an eye on international developments: OSFI’s Roberge

April 23, 2015 by Angela Stelmakowich, Editor

Few changes are anticipated for the 2016 version of the minimum capital test (MCT), which requires federally regulated property and casualty insurance companies in Canada to maintain adequate capital, says Judith Roberge, director of property and casualty insurance, capital division

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Ontario court rules bankrupt defendant sued over hockey fight not released from civil damages

March 20, 2015 by Canadian Underwriter

A man who was successfully sued after punching another player in a hockey game is still required to pay damages for battery, even though the defendant is bankrupt, the Court of Appeal for Ontario ruled this week. Section 178 of

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Evolving solvency regimes create further opportunities for Asia insurers: Aon Benfield

March 16, 2015 by Canadian Underwriter

The introduction of China’s second-generation solvency regime C-ROSS (China Risk Oriented Solvency System) will impact both the fast-growing insurance market itself and beyond, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, said in a report on

News Insurers

PwC Canada acquires Platinum Legal Group

March 16, 2015 by Canadian Underwriter

Pricewaterhouse Coopers LLP (PwC Canada) announced on Monday that it had acquired the Platinum Legal Group (PLG), one of Canada’s leading electronic discovery and litigation support firms. Led by William Platt, PLG will join PwC’s Toronto office, but will continue

News InsurersMergers and Aqcuisitions

Intact acquires Canadian Direct Insurance for $197 million

February 10, 2015 by Canadian Underwriter

Intact Financial Corporation (IFC) is expanding its direct operations in Western Canada – thereby extending the insurer’s direct-to-consumer operations from coast to coast – with the announcement Tuesday evening that it has acquired Canadian Direct Insurance Inc. (CDI). IFC reports