Topic Insurers
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…
XN Financial integrates operations from Canadian Intermediaries Ltd. under special risks brand
September 25, 2012 by Canadian UnderwriterMontreal 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…
Kingsway Financial restructures insurance services and insurance underwriting business segments
September 17, 2012 by Canadian UnderwriterToronto’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…
Western Financial Group acquires Winnipeg’s Orion Insurance Brokers
September 7, 2012 by Canadian UnderwriterWestern 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…
Canadian P&C outlook stable to year-end: A.M. Best
September 6, 2012 by Canadian UnderwriterThe 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…
Strong earthquake strikes western Costa Rica
September 6, 2012 by Canadian UnderwriterDamage 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…
RSA appoints Glen Bates and Rosalind Staples-Simpson to senior leadership roles
September 4, 2012 by Canadian UnderwriterRSA 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…
AIG reports net income of $2.3 billion in 2012 Q2
August 3, 2012 by Canadian UnderwriterAmerican 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,…
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…