Topic Insurers
RSA Canada’s half-year results show growth in personal and commercial lines
August 2, 2012 by Canadian UnderwriterRSA 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…
Methodology must acknowledge differences between traditional insurance and banking: think-tank
August 1, 2012 by Canadian UnderwriterAn 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…
Western Financial acquires B.C. Yacht
July 23, 2012 by Canadian UnderwriterWestern 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…
Traditional reinsurance unlikely to contribute to systemic risk: IAIS
July 20, 2012 by Canadian UnderwriterTraditional 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…
RiverStone reaches agreement to purchase outstanding shares of Brit Insurance
June 18, 2012 by Canadian UnderwriterRiverStone, 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…
RSA agrees to acquire L’Union Canadienne from Co-operators for $150 million
June 6, 2012 by Canadian UnderwriterRSA 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…
Applied Systems acquires Compu-Quote
June 5, 2012 by Canadian UnderwriterBroker 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…
Economical would prefer to demutualize through an IPO, if forthcoming regulations allow it
June 4, 2012 by Canadian UnderwriterEconomical 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…
Mid-sized insurers seeking scale should consider merger opportunities: PwC report
May 25, 2012 by Canadian UnderwriterMid-sized Canadian insurance companies seeking greater scale would do well to contemplate mergers and acquisitions (M&A) opportunities, states a PricewaterhouseCoopers (PwC) client newsletter. The battle for channels and scale to leverage efficiencies is such that “the only way to aggressively…
Reshuffling of market share anticipated: Intact’s Gagnon
May 23, 2012 by Canadian UnderwriterIntact Financial Corporation president Louis Gagnon repeated his prediction that about 25% of the existing property and casualty insurance market share will change hands in the next five to 10 years. “There will be a reshuffle of a quarter of…
OSFI monitoring international regulators’ dialogue on appointing board directors, chief risk officers
May 22, 2012 by Canadian UnderwriterCanada’s solvency regulator is monitoring the dialogue among international supervisors about how much of a role regulators should play in deciding who can be the director and chief risk officer of a financial institution. Speaking to the International Institute of…
Western Financial Group acquires Victoria-based insurance brokerage
May 18, 2012 by Canadian UnderwriterWestern Financial Group has completed its first acquisition in British Columbia’s capital with the purchase of Hodges & Company Insurance Services Ltd. “After establishing Western in other parts of the province, it is truly exciting to see our name in…