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About 10% of European insurers would fail Solvency II capital stress test based on market crash risks: EU financial regulator

July 4, 2011 by Canadian Underwriter

About 10% of European insurers would fail Solvency II minimum capital requirements under a hypothetical adverse stress scenario akin to the 2008-09 global market crash, according to the European Insurance and Occupational Pensions Authority (EIPOA).The supervisor of the financial sector

News Insurers

FIC establishes foothold in Saskatchewan market

July 4, 2011 by Canadian Underwriter

Forensics Investigations Canada (FIC) has acquired Saskatchewan-based Stealth Investigations for an undisclosed amount. Stealth’s three offices and 15 workers will continue to operate under the FIC brand. Stealth principal Stephen Clark will head up FIC’s Saskatchewan’s operations. “By joining FIC’s

News InsurersLegal

Nicholl Paskell-Mede LLP to join forces with Clyde & Co.

June 27, 2011 by Canadian Underwriter

Canadian insurance law firm Nicholl Paskell-Mede LLP (NPM) will be joining forces with U.K.-based law firm Clyde & Co. effective Sept. 1, 2011. International law firm Clyde & Co. specializes in the areas of aviation, insurance, marine, energy, construction and

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Three Northbridge subsidiaries to operate under one brand, Northbridge Insurance

June 21, 2011 by Canadian Underwriter

Three of Northbridge Financial Corporation’s subsidiaries – Lombard Insurance, Commonwealth Insurance and Markel Insurance – will operate under one brand, Northbridge Insurance, effective Jan. 1, 2012. In a FAQ posted on its Web site, Northbridge said it is an operational

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CNA Financial completes acquisition of CNA Surety

June 20, 2011 by Canadian Underwriter

CNA 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

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ClaimsPro acquires Vancouver-based adjusting firm

June 15, 2011 by Canadian Underwriter

ClaimsPro 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

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Transatlantic Re to merge with Allied World Assurance Company

June 13, 2011 by Canadian Underwriter

Transatlantic 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

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Intact to drop AXA name six months after acquisition, promises relationships with brokers will remain the same

June 10, 2011 by Canadian Underwriter

Intact 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

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Western Financial Group acquires three Western Canadian independent brokerages

June 3, 2011 by Canadian Underwriter

Western 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

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Novae Group evaluating merits of acquiring Omega Insurance Holdings

June 1, 2011 by Canadian Underwriter

Novae 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

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Intact buys AXA Canada for $2.6 billion

May 31, 2011 by Canadian Underwriter

Intact 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.

News InsurersLegal

Auctions carry regulatory risk and uncertainty in M&A scenarios: commercial lawyer

May 27, 2011 by Canadian Underwriter

Insurers 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