Topic Insurers
EGI Financial acquires CUISA Managing General Agency
May 4, 2012 by Canadian UnderwriterEGI Financial Holdings Inc. has acquired CUISA Managing General Agency. Based in B.C., CUISA MGA provides insurance services to 160 credit union-owned insurance broker offices across the province. By gaining access to distribution through credit unions, the acquisition means EGI…
Mutuals should handle diversification with caution: Willis Re
May 2, 2012 by Canadian UnderwriterAlthough some mutuals are being encouraged to explore new lines of business or enter new territories, a report from Wills Re cautions this is intrinsically riskier for the insurers, adding that mutuals should ensure any such move is a good…
Intact to acquire JEVCO for $530 million
May 2, 2012 by Canadian UnderwriterIntact Financial Corporation (TSX: IFC) has entered into an agreement to acquire JEVCO Insurance Company from The Westaim Corporation (TSX: WED) for $530 million. JEVCO is a provider of specialty and niche products for individuals and businesses in Canada with…
Markham General insolvency a case study in trying to grow too quickly: PACICC report
April 17, 2012 by Canadian UnderwriterAbsent realistic forecasting, a solid business plan and adequate pricing, trying to grow too quickly and aggressively can serve as ingredients in the recipe for disaster, noted a paper released by the Property and Casualty Insurance Compensation Corporation (PACICC) on…
A.M. Best affirms ‘A+’ financial strength rating for Intact
April 5, 2012 by Canadian UnderwriterA.M. Best has affirmed Intact Insurance Group’s financial strength rating of ‘A+’ after its acquisition of AXA Canada. The ratings agency announced it has removed from under review with negative implications and affirmed the financial strength ratings (FSR) of A+…
Cunningham Lindsey is up for sale
April 2, 2012 by Canadian UnderwriterInsurance claims management company Cunningham Lindsey is up for sale at an estimated price tag of about $1 billion, according to reports from various media sources. Both Thomson Reuters business news agency and digital news service Post Online.co.uk cited sources…
SCM Risk Management Services acquires Syntech Associates
March 19, 2012 by Canadian UnderwriterRisk inspection company SCM Risk Management Services (RMS) has completed its acquisition of Syntech Associates, an independent risk inspection company based out of Calgary, Alberta. Syntech Associates has been delivering residential inspections to Western Canadian clients for more than 25…
Canada can expect to see more intense wildfires in the future: scientist
February 22, 2012 by Canadian UnderwriterCanadians can anticipate more intense wildfires that are too difficult to stop using traditional fire fighting techniques, according to Mike Flannigan, a senior research scientist with Natural Resources Canada. Flannigan presented his team’s latest research in Vancouver at the annual…
Alberta brokerages merge under the Alpine Insurance & Financial banner
February 22, 2012 by Canadian UnderwriterWestland Insurance (AB) Inc. and Alpine Insurance & Financial Inc. have merged and will operate under the Alpine name. Alpine has five offices, located in Canmore, Lethbridge, Red Deer, Edmonton and Calgary. Westland’s office in Calgary will become the new…
Western Financial Group acquires Brown & Ward Insurance Ltd.
February 2, 2012 by Canadian UnderwriterWestern Financial Group has acquired Brown & Ward Insurance Ltd., an insurance services provider in Lacombe, Alberta.Owned and operated by Lorne and Heather Rye, Brown & Ward has been in business since 1938. The company will continue to operate with…
H.W. Kaufman Financial Group acquires Chesterfield Canada Inc.
January 27, 2012 by Canadian UnderwriterThe H.W. Kaufman Financial Group, parent company of wholesale broker and underwriting manager Burns & Wilcox, has acquired Chesterfield Canada Inc. as part of a broader deal announced on Jan. 27. The larger transaction involves Kaufman Financial Group purchasing Chesterfield…
Insurers can still grow despite a tough economy: Deloitte LLP report
January 18, 2012 by Canadian UnderwriterInsurance companies need to break out of a classic, “chicken-and-egg” scenario to generate growth in a tough economy, a Deloitte LLP report says.The title of the report states its central thesis: 2012 Global Insurance Outlook: Generating growth in a challenging…