Topic Insurers
CNA Financial completes acquisition of CNA Surety
June 20, 2011 by Canadian UnderwriterCNA Financial Corporation has completed its acquisition of CNA Surety. CNA Surety is now a wholly owned indirect subsidiary of CNA Financial. CNA Financial and CNA Surety announced a merger agreement on Apr. 21, 2011. Under the terms of the…
ClaimsPro acquires Vancouver-based adjusting firm
June 15, 2011 by Canadian UnderwriterClaimsPro Inc. has inked a deal to acquire Brouwer Claims Canada, a Vancouver-based independent adjusting firm that has been servicing Western Canada for over 25 years.The acquisition provides ClaimsPro with an additional 20 branch offices. Combined, ClaimsPro and Brouwer will…
Transatlantic Re to merge with Allied World Assurance Company
June 13, 2011 by Canadian UnderwriterTransatlantic Holdings Inc. (NYSE: TRH) and Allied World Assurance Company Holdings AG will merge to form a global specialty insurance and reinsurance company under a holding company structure with the name TransAllied Group Holdings AG.The merger is expected to be…
Intact to drop AXA name six months after acquisition, promises relationships with brokers will remain the same
June 10, 2011 by Canadian UnderwriterIntact Financial Corporation’s acquisition of AXA Canada, announced on May 31, will ultimately result in the disappearance of AXA Canada’s brand name, but brokers can expect no cuts in commissions or in how the new, bigger Intact will work with…
Western Financial Group acquires three Western Canadian independent brokerages
June 3, 2011 by Canadian UnderwriterWestern Financial Group has acquired three independent brokerages based in Western Canada – Keenleyside Insurance Services in Terrace, B.C., Berwyn Insurance in Berwyn, Alberta and Bell & Cross Insurance Agency Ltd. in Winnipeg, Manitoba.The Winnipeg and Terrace agencies will be…
Novae Group evaluating merits of acquiring Omega Insurance Holdings
June 1, 2011 by Canadian UnderwriterNovae Group plc has confirmed in a statement on its Web site it is “currently undertaking due diligence in evaluating the merits of proposing a possible merger” with Omega Insurance Holdings.“In accordance with the Group’s publicly stated strategy, Novae routinely…
Intact buys AXA Canada for $2.6 billion
May 31, 2011 by Canadian UnderwriterIntact Financial Corporation (TSX: IFC) has signed a definitive agreement with Paris-based AXA Group for the acquisition of its affiliate AXA Canada – the sixth-largest home, auto and business insurance company in the country – for $2.6 billion in cash.…
Auctions carry regulatory risk and uncertainty in M&A scenarios: commercial lawyer
May 27, 2011 by Canadian UnderwriterInsurers being sold through an auction channel, rather than through a traditional acquisition deal, face greater regulatory risk and uncertainty of the transaction being completed, said Brian Rose, senior partner with Stikeman Elliott’s corporate commercial section.Rose spoke as a panel…
OSFI casts a watchful eye on risks associated with a prolonged, uneven global financial recovery
May 19, 2011 by Canadian UnderwriterCanada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), is casting a watchful eye on the interconnected financial risks associated with a prolonged global economic recovery.In response, the regulator has made it a priority to address capital…
Success of start-up Canadian P&C companies influenced by senior managerial experience: PACICC report
April 27, 2011 by Canadian UnderwriterWhen it comes to the success of new entrants into the Canadian property and casualty insurance market, managerial experience matters, according to a new report by the Property and Casualty Insurance Compensation Corporation (PACICC).The report, Determinants of survivability of new…
PACICC makes it a priority in 2013 to analyze role of actuaries in loss reserving best practices, supervisory practices
April 27, 2011 by Canadian UnderwriterThe Property and Casualty Insurance Compensation Corporation (PACICC) – which protects Canadian policyholders from a loss in the event of an insurance company insolvency – plans to examine best practices in loss reserving in 2013.The analysis would include how actuarial…
Hub International buys four additional Alberta-based brokerages from the Phoenix Insurance Group
April 5, 2011 by Canadian UnderwriterHub International Limited (Hub), an insurance brokerage firm, has acquired the assets of four middle market agencies that operate as part of the Phoenix Insurance Group Inc. (Phoenix), a cluster partnership of various Alberta-based brokerages. Terms of the acquisitions were…