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Manitoba brokerages announce merger

September 9, 2009 by Canadian Underwriter

Manitoba-based brokerages Horizon Insurance and Ryan Gateway Insurance Brokers have announced a merger of operations.A release describes the merger as “the coming together of the oldest and the largest local insurance brokers in Manitoba.” Ryan Gateway Insurance Brokers has provided

News InsurersMergers and Aqcuisitions

What’s New: In Brief (September 09, 2009)

September 9, 2009 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS NYSE: KFS) has entered into a definitive agreement to sell Zephyr Insurance Company, Inc. Kingsway anticipates receiving initial gross proceeds from the transaction of US$31.5 million, plus a contingent, deferred earn-out amount. The deal

News Insurers

Western Financial Group acquires Winnipeg-based insurance broker Hayhurst Elias Dudek (HED)

September 9, 2009 by Canadian Underwriter

Western Financial Group has agreed to acquire all issued and outstanding shares of Winnipeg-based Hayhurst Elias Dudek (HED) Inc. and its subsidiaries, including Securican General Insurance Company.The transaction has been approved by all applicable regulatory bodies and is scheduled to

News Insurers

Increase in M&A for global insurance industry likely: Willis

September 8, 2009 by Canadian Underwriter

The global insurance industry will see a pick up in mergers & acquisitions (M&A) activity in 2010, according to Tony Ursano, CEO of Willis Capital Markets & Advisory.Ursano made the comment at an industry event in London on Sept. 8,

News Insurers

Chubb sees 2009 Q2 profits increase, despite writing less premium

July 24, 2009 by Canadian Underwriter

The Chubb Corporation [NYSE: CB] saw its 2009 Q2 profits increase to US$551 million, compared to US$469 million in 2008 Q2, even though it wrote less premium than it did during the same period last year.Total net written premiums for

News Insurers

Use of credit derivatives limited: Fitch

July 23, 2009 by Canadian Underwriter

The use of credit derivatives as a proportion of total derivatives was very limited in the 2009 Q1 filings of 100 companies, and its use was seemingly concentrated more among banks than insurance companies, according to a review of the

News Insurers

B.C. credit union sells P&C subsidiary to The Co-operators

July 21, 2009 by Canadian Underwriter

Vancity, Canada’s largest credit union, has agreed to sell Vancity Insurance Services Limited (VISL) — its subsidiary for home, auto, travel and business insurance — to The Co-operators.The price tag of the deal, which is subject to regulatory approvals, was

News Insurers

What’s New: In Brief (July 20, 2009)

July 20, 2009 by Canadian Underwriter

Aon Reed Stenhouse Inc. has acquired IAO Actuarial Consulting Services. The terms of the deal were not announced.IAO’s capabilities will be integrated into Aon’s Global Risk Consulting business, which provides a range of services from risk identification and control to