Canadian Underwriter

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News CatastrophesInsurers

Canadian P&C outlook stable to year-end: A.M. Best

September 6, 2012 by Canadian Underwriter

The outlook for the Canadian property and casualty market for the remainder of 2012 is stable, with a low level of change to companies’ ratings, notes a senior financial analyst with A.M. Best Company. This is despite economic uncertainty in

News CatastrophesInsurersMergers and Aqcuisitions

Strong earthquake strikes western Costa Rica

September 6, 2012 by Canadian Underwriter

Damage was reported to be light despite a strong earthquake hitting Costa Rica on Sept. 5. The magnitude 7.6 earthquake struck a sparsely populated area about 150 km west of the capital city of San José, notes information from catastrophe

News InsurersMergers and Aqcuisitions

RSA appoints Glen Bates and Rosalind Staples-Simpson to senior leadership roles

September 4, 2012 by Canadian Underwriter

RSA has announced two new appointments to its senior leadership team in Canada to support the company’s growth strategy in Quebec and Atlantic Canada. The company has named Glen Bates as vice president in Quebec, as part of its plans

News InsurersMergers and Aqcuisitions

AIG reports net income of $2.3 billion in 2012 Q2

August 3, 2012 by Canadian Underwriter

American International Group, Inc. (NYSE: AIG) reports net income of $2.3 billion attributable to AIG and after-tax operating income of $1.9 billion in 2012 Q2. Compare that to $1.8 billion and $1.2 billion, respectively, for the second quarter of 2011,

News InsurersMergers and Aqcuisitions

RSA Canada’s half-year results show growth in personal and commercial lines

August 2, 2012 by Canadian Underwriter

RSA Canada reported strong top and bottom line performance across personal and commercial lines in the first half of 2012, producing a combined underwriting result of $96 million. Growth generated by both Johnson and personal intermediated businesses contributed to personal

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Methodology must acknowledge differences between traditional insurance and banking: think-tank

August 1, 2012 by Canadian Underwriter

An insurance economics think-tank recommends revisiting proposed criteria designed to prevent destabilization of the financial system should a very large insurer collapse, including reversing the view that certain situations are detrimental. The comments were made as part of The Geneva

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Western Financial acquires B.C. Yacht

July 23, 2012 by Canadian Underwriter

Western Financial Group (Western) has acquired B.C. Yacht Insurance Brokers Inc. (B.C. Yacht), as of July 1. B.C. Yacht is headquartered in Sidney, British Columbia and is Sidney’s only specialized marine insurance brokerage. The deal is Western Financial Group’s second

News CatastrophesInsurers

Traditional reinsurance unlikely to contribute to systemic risk: IAIS

July 20, 2012 by Canadian Underwriter

Traditional reinsurance is unlikely to contribute to or amplify systemic risk, although the financial crisis has demonstrated the same may not hold for non-reinsurance activities, including certain banking activities, notes Reinsurance and Financial Stability, a new policy paper from the

News InsurersMergers and Aqcuisitions

RiverStone reaches agreement to purchase outstanding shares of Brit Insurance

June 18, 2012 by Canadian Underwriter

RiverStone, a runoff subsidiary of Fairfax Financial Holdings Limited, has reached an agreement with Brit Group to purchase all outstanding shares of Brit Insurance Limited (BIL). RiverStone will purchase BIL at a discount to its book value — which was

News Insurers

RSA agrees to acquire L’Union Canadienne from Co-operators for $150 million

June 6, 2012 by Canadian Underwriter

RSA Canada has agreed to acquire L’Union Canadienne, a Quebec-based intermediated P&C insurer, from its parent company Co-operators General Insurance Company (CGIC) for $150 million, pending regulatory approval, and other standard closing adjustments and conditions. “This is an exciting day

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Applied Systems acquires Compu-Quote

June 5, 2012 by Canadian Underwriter

Broker management software provider Applied Systems Inc. has acquired Compu-Quote Inc., a Canadian provider of comparative insurance rating solutions. Applied Systems announced the sale on June 5 after closing the deal on June 1. Terms of the agreement were not

News InsurersLegalMergers and Aqcuisitions

Economical would prefer to demutualize through an IPO, if forthcoming regulations allow it

June 4, 2012 by Canadian Underwriter

Economical has voiced its preference for an initial public offering (IPO) as part of its intention to demutualize, but no final decision will be made absent clear regulations. Currently, Canada does not have regulations allowing property and casualty mutual insurers