Topic Insurers
ACE Limited acquires Rain and Hail Insurance Services
September 14, 2010 by Canadian UnderwriterACE Limited has acquired, subject to regulatory and shareholder approvals, Rain and Hail Insurance Services Inc. for approximately $1.1 billion in cash.Rain and Hail is headquartered in Johnston, Iowa and is the second-largest crop insurance underwriter in the United States…
RSA, Aviva plc confirm rejection of RSA’s offer for Aviva’s Canadian general insurance business
August 17, 2010 by Canadian UnderwriterRSA has confirmed in “a response to press speculation” that it did in fact propose to acquire Aviva’s Canadian, UK and Irish general insurance business for £5 billion in cash.In a separate public statement released on the same day, Aviva…
Potential bank failures represent a supply chain risk: RBC
August 16, 2010 by Canadian UnderwriterCompanies identifying their supply chain exposures should beware of financial risks caused by the collapse of banks, RBC points out in an article entitled What is available to help me manage risks through the entire supply chain?The article identifies a…
Western Financial Group doubles ownership interest in Falkins Insurance Group
August 4, 2010 by Canadian UnderwriterWestern Financial Group has increased its ownership of Falkins Insurance Group Limited from 20% to 40%. In addition, all parties have agreed upon a pathway to provide Western with the ability to acquire full ownership of Falkins by Jan. 1,…
Canadian M&A activity down in first half of 2010
July 13, 2010 by Canadian UnderwriterCanadian mergers and acquisitions (M&A) activity is down 30% over the first half of 2010, compared to the same period last year, according to a mergermarket Canada survey. Overall, Canadian M&A activity totalled US$29.6 billion, down from the US$42.5 billion…
SGI Canada sells shares of Maritime insurance agency
June 29, 2010 by Canadian UnderwriterSGI Canada has sold its shares in the Charlie Cooke Insurance Agency (CCIA). The sale is effective as of Jun. 1, 2010.SGI Canada, through its subsidiary SGI Canada Insurance Services Ltd., purchased the shares in 2002 for $691,341. The shares…
Canadian insurer CFO panel predicts further M&A activity in five years’ time
May 20, 2010 by Canadian UnderwriterThree P&C chief financial officers – representing Intact Financial Corporation, Northbridge Financial Corporation and RSA Canada Group – see Canada’s Top 10 property and casualty insurance companies controlling about 8% more of the market sometime over the next five years.Speaking…
2010 a “mixed bag” for P&C industry: OSFI
May 17, 2010 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) says it believes 2010 will be a “mixed bag” for the Canadian property and casualty financially, with capital levels improving, but the introduction of enterprise risk management (ERM) still lagging behind…
Kingsway makes a 2010 Q1 profit; reports feud with Lincoln’s run-off manager
May 14, 2010 by Canadian UnderwriterKingsway Financial Services Inc. has reported a $24.1-million profit for 2010 Q1, despite sustaining a $29.5-million underwriting loss in the same quarter.Also, Kingsway has reported a new obstacle related to its run-off of Lincoln General, namely a dispute with the…
Cunningham Lindsey merges Markham and Toronto North offices
April 26, 2010 by Canadian UnderwriterCunningham Lindsey is merging its Markham and Toronto North offices effective May 1, 2010. Toby Collins will be the branch manager of the newly merged office, which will be in the current Toronto North location. Toronto North adjusters Pamela Allen,…
Start-ups require extra attention from solvency regulators: PACICC report
April 13, 2010 by Canadian UnderwriterStart-up companies deserve special supervisory attention from solvency regulators, the Property and Casualty Insurance Compensation Corporation (PACICC) concluded in its assessment of the failure of Advocate General in the late 1980s.PACICC was on the hook for $45 million in claims…
PACICC calls for new funding mechanisms for worst-case insolvency scenarios
April 13, 2010 by Canadian UnderwriterThe Property and Casualty Insurance Compensation Corporation (PACICC) has approached regulators about two possible funding mechanisms in response to the potential failure of a large insurance company or several small-to medium-sized insurance companies.PACICC identified these scenarios as part of its…