Topic Insurers
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…
Desjardins Group to raise $500 million through capital share issue
January 20, 2014 by Canadian UnderwriterIn order to “boost” its capitalization, Desjardins Group of Levis, Que. announced Monday it is issuing $500 million worth of capital shares. “Desjardins ranks among the most stable financial institutions in the world and this is in large part thanks…
P&C consolidation has left some companies data that could serve as a competitive advantage
September 11, 2013 by Canadian UnderwriterVast consolidation within Canada’s property and casualty industry on the carrier side has created some large organizations with a wealth of data that could offer a competitive advantage, Greg Williams, managing senior financial analyst in the property/casualty rating division at…
IME companies must focus on client service, diversify in face of regulatory changes
May 22, 2013 by Canadian UnderwriterOngoing regulatory reform, particularly related to Ontario auto insurance, along with general industry consolidation, means Canadian independent medical evaluation companies must diversify their offerings and continue working with stakeholders, a new whitepaper from Cira Medical Services argues. Reforms in 2010…
More activity, consolidation expected for Canada’s P&C industry: PwC official
March 25, 2013 by Angela Stelmakowich, EditorSome property and casualty carriers are deploying multi-prong distribution strategies, which is putting pressure on the marketplace and resulting in activity on the mergers and acquisitions (M&A) front, Allan Buitendag, a partner and Canadian insurance consulting leader at PwC Consulting,…
RRJ Insurance acquires G.B. Cragg Insurance Broker
November 22, 2012 by Canadian UnderwriterRRJ Insurance Ltd. announced it has acquired Orillia, Ont.-based G.B. Cragg Insurance Broker Ltd. G.B. Cragg, which was established in 1953, offers personal insurance, including auto, homeowner, tenant, liability and watercraft. Its commercial products include farm, bonds, auto, events and…
Economical Insurance continues demutualization preparation with Mattei sale
October 15, 2012 by Canadian UnderwriterEconomical Insurance of Waterloo, Ont. announced Monday the sale of the principal operating assets of Seattle-based Mattei Insurance Services Inc. The sale, to Alteris Insurance Services Inc., is aligned with Economical’s “ongoing preparations for demutualization,” chief financial officer Philip Mather…
Fairfax subsidiary RiverStone completes acquisition of Brit Insurance
October 12, 2012 by Canadian UnderwriterFairfax Financial Holdings Ltd. of Toronto announced Friday its RiverStone runoff subsidiary has completed the acquisition of London-based Brit Insurance Ltd. Last June, Manchester, N.H.-based RiverStone reached an agreement to purchase all outstanding shares of Brit from Brit Group. At…
AMF could limit insurance M&A after market concentration raises concerns
October 3, 2012 by Canadian UnderwriterThe head of Quebec’s financial regulator sees little opportunity for more merger and acquisition activity in the province’s property and casualty insurance industry, after recent moves have caused more market concentration. The consolidation level in the Quebec P&C market is…
Investor group to buy Cunningham Lindsey
October 1, 2012 by Canadian UnderwriterAn investor group led by private equity firm CVC Capital Partners has announced it will acquire majority ownership in international claims adjuster Cunningham Lindsey after a recapitalization agreement. Stone Point Capital has had a majority ownership of Cunningham Lindsey since…