Topic Insurers
Moody’s affirms debt ratings of ACE Group with stable outlook
July 3, 2015 by Canadian UnderwriterMoody’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…
Reinsurance mergers ‘helping to maintain’ high valuations: Willis Re
July 2, 2015 by Canadian UnderwriterMergers 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…
ACE Limited to acquire Chubb for US$28.3 billion
July 1, 2015 by Canadian UnderwriterACE 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…
Consolidation fuelling reinsurers’ desire to grow and diversify in U.S.
June 30, 2015 by Canadian UnderwriterReinsurers 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…
Bankrupt lawyer precluded from applying to court for indemnity from professional liability insurer
June 11, 2015 by Canadian UnderwriterWhen 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…
ClaimsPro strengthens Atlantic Canada coverage with acquisition of Plant Hope Adjusters Ltd.
May 27, 2015 by Canadian UnderwriterIndependent 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…
PartnerRe board to review revised takeover offer from EXOR
May 14, 2015 by Canadian UnderwriterPartnerRe 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…
Few changes to 2016 MCT, insurers advised to keep an eye on international developments: OSFI’s Roberge
April 23, 2015 by Angela Stelmakowich, EditorFew 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…
Ontario court rules bankrupt defendant sued over hockey fight not released from civil damages
March 20, 2015 by Canadian UnderwriterA 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…
Evolving solvency regimes create further opportunities for Asia insurers: Aon Benfield
March 16, 2015 by Canadian UnderwriterThe 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…
PwC Canada acquires Platinum Legal Group
March 16, 2015 by Canadian UnderwriterPricewaterhouse 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…
Intact acquires Canadian Direct Insurance for $197 million
February 10, 2015 by Canadian UnderwriterIntact 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…