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XN Financial integrates operations from Canadian Intermediaries Ltd. under special risks brand

September 25, 2012 by Canadian Underwriter

Montreal insurance provider XN Financial Services (Canada) Inc. has integrated staff and operations from Canadian Intermediaries Ltd. under its XN Special Risks brand. “Canadian Intermediaries Ltd. has an established reputation for expertise and solutions delivery, a substantial portfolio of business

News InsurersMergers and Aqcuisitions

Kingsway Financial restructures insurance services and insurance underwriting business segments

September 17, 2012 by Canadian Underwriter

Toronto’s Kingsway Financial Services Inc. announced a restructuring of its insurance services and insurance underwriting segments on Sept. 17. Bradley Diericx will join Kingsway as executive vice president in its insurance services business. Diericx most recently worked as a partner

News Insurers

Western Financial Group acquires Winnipeg’s Orion Insurance Brokers

September 7, 2012 by Canadian Underwriter

Western Financial Group announced its acquisition of Orion Insurance Brokers Ltd. in Winnipeg on Sept. 7. Western, based in High River, Alberta, will add Orion’s Transcona office to its existing Winnipeg locations. Founded in 1993, Orion was purchased in 2008

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

News Insurers

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