Canadian Underwriter

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News InsurersMergers and Aqcuisitions

Start-ups require extra attention from solvency regulators: PACICC report

April 13, 2010 by Canadian Underwriter

Start-up companies deserve special supervisory attention from solvency regulators, the Property and Casualty Insurance Compensation Corporation (PACICC) concluded in its assessment of the failure of Advocate General in the late 1980s.PACICC was on the hook for $45 million in claims

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PACICC calls for new funding mechanisms for worst-case insolvency scenarios

April 13, 2010 by Canadian Underwriter

The Property and Casualty Insurance Compensation Corporation (PACICC) has approached regulators about two possible funding mechanisms in response to the potential failure of a large insurance company or several small-to medium-sized insurance companies.PACICC identified these scenarios as part of its

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U.S. merger and acquisition values lowest since 2002: Conning

April 8, 2010 by Canadian Underwriter

Last year the United States saw the lowest value of insurance transactions since 2002, according to research by Conning Research & Consulting.The study, Global Insurance Mergers & Acquisitions in 2009, tracks and analyzes both U.S. and non-U.S. insurance industry merger

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Canada not likely to impose international levy on financial institutions

April 5, 2010 by Canadian Underwriter

Britain, Germany and France, and possibly the United States, are moving towards implementing an international levy on banks to fund potential ‘bail-outs’ of the financial system in the event of another crisis in the future. But Canada is not likely

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Fairfax expands U.S. business through acquisition

February 18, 2010 by Canadian Underwriter

Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) has acquired Zenith National Insurance Corp (NYSE: ZNT) for approximately $1.4 billion, a premium of 34.5% to Zenith’s book value as at Dec. 31, 2009.Zenith is a California-based commercial insurer that specializes

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Kingsway sells Jevco to Westaim for approximately $263 million

January 25, 2010 by Canadian Underwriter

Kingsway Financial Services Inc. (NYSE, TSX: KFS) has agreed to sell all of its outstanding shares of Jevco Insurance Company to The Westaim Corporation (TSX:WED), an investment manager, for approximately $263 million.The acquisition is subject to the receipt of all

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What’s New: In Brief (January 14, 2010)

January 14, 2010 by Canadian Underwriter

As of the end of October 2009, Facility Association (FA) has paid and incurred more than $11.5 million in statutory accident benefit claims connected to insolvent insurer Markham General Insurance Company.Markham General was ordered wound-up under the provisions of the

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What’s New: In Brief (January 07, 2010)

January 7, 2010 by Canadian Underwriter

Hub International Limited (Hub) has acquired Ogilvy, Gilbert, Norris & Hill d/b/a Ogilvy Hill Insurance (OHI), in addition to the commercial lines and life and health books of business of Wescom Insurance Services LLC (Wescom). OHI is a Santa Barbara,

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Regulators reach settlements in asset-backed commercial paper investigations

December 23, 2009 by Canadian Underwriter

The Ontario Securities Commission, autorité des marchés financiers (AMF), and the Investment Industry Regulatory Association of Canada have reached settlements in connection with the investigations into the Canadian asset-backed commercial paper (ABCP) market.In total, Cdn$138.8 million in administrative penalties and

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What’s New: In Brief (December 04, 2009)

December 4, 2009 by Canadian Underwriter

Etienne Dubé has returned to lead Aon Consulting Canada’s financial risk consulting (FRC) practice. He has been working out of the Montreal office since Nov. 23.The FRC practice offers customized strategic risk management and investment advice solutions, by identifying, quantifying

News InsurersMergers and Aqcuisitions

What’s New: In Brief (October 19, 2009)

October 19, 2009 by Canadian Underwriter

Kingsway America Inc. (KAI), an indirect, wholly-owned subsidiary of Kingsway Financial Services Inc., has disposed of its entire interest in Walshire General Assurance Company. Walshire is the sole shareholder of Lincoln General Insurance Company, now in run-off. “All of the

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B.C. regulator drafts legislation in response to concerns about Part XIII amendments

October 2, 2009 by Canadian Underwriter

Amendments to Part XIII of the federal Insurance Companies Act make it easier for a bogus insurer to operate outside the Canadian regulatory regime and yet do business in Canada, said Alan Clark, superintendent of the Financial Institutions Commission of