Topic Mergers and Aqcuisitions
B.C. institutional investor to acquire consolidator of P&C run-off books
December 4, 2020 by Jason ContantOne of Canada’s largest institutional investors has joined forces with Cinven, an international private equity firm, to acquire Compre, a specialist global consolidator of closed books of non-life insurance policies. Victoria-based British Columbia Investment Management Corporation (BCI) and Cinven announced…
Who is funding many of these insurance mergers
December 4, 2020 by Greg MeckbachThe industry continues to consolidate and pension funds are one major source of capital for insurers, a Montreal-based merger and acquisition expert observes. “One or two notable [carrier M&A] transactions per year has slowly transformed the Canadian landscape, including the…
How La Capitale and SSQ came up with its post-merger brand name
December 3, 2020 by Greg MeckbachLa Capitale and SSQ Insurance, two Quebec-based mutuals that merged this past July, announced Thursday they plan to go to market as Beneva. “Beneva is an invented word. You won’t find it any dictionary,” said Jean-François Chalifoux, CEO of La…
Investors increasingly asking about insurers’ environmental practices: CFOs
December 2, 2020 by Jason ContantInvestors are increasingly asking insurers about environmental, social and corporate governance (ESG) practices and how they are being managed, Intact Financial Corporation’s senior vice president and chief financial officer, Louis Marcotte, said recently. “In some cases, when we meet investors,…
The advantage of merging insurers by telework
November 27, 2020 by Greg MeckbachWhen COVID-19 was officially declared a pandemic nearly nine months ago, Jean-François Chalifoux was helping to lead the merger that formed Canada’s largest mutual insurer. “I was in Montreal March 12 [2020] and at 11:00 a.m. sharp, the [National Hockey…
AXA XL names new chief agent
November 25, 2020 by Greg MeckbachGlen Hopkinson is now interim country manager in Canada for AXA XL Insurance. Urs Uhlmann had been AXA XL’s Canadian country manager from 2018 until this past October. On his LinkedIn profile, Uhlmann reports he is now “open for exciting…
Two ways COVID-19 affected this large brokerage’s M&A strategy
November 20, 2020 by Jason ContantThe COVID-19 pandemic required one large Canadian brokerage to take a “very different approach” to mergers and acquisitions (M&A) activity. COVID affected the M&A process in two significant ways, Jamie Lyons, president and chief operating officer with Westland Insurance Group…
Opinion: Looking to acquire? Don’t forget about intellectual property
November 19, 2020 by Kristian Kolsaker and Angus Marshall, CFC UnderwritingIntellectual property rights are a crucial part of any merger or acquisition so it’s important, whether you are engaging in an industry merger or advising clients on a deal, to consider ways to avoid potential infringements. Intellectual property (IP) has…
How long Intact has been contemplating RSA acquisition
November 19, 2020 by Greg MeckbachExecutives with Canada’s largest property and casualty insurer have had their eye on RSA for a long time, the CEO of Intact Financial Corp. said recently. Intact Financial Corp. announced Wednesday that a deal to acquire RSA PLC has been…
Where The Guarantee Company’s CEO landed after Intact acquisition
November 18, 2020 by Greg MeckbachStephen Ruschak, who led The Guarantee Company of North America at the time it was acquired by Intact Financial Corp., is now working for Arch Capital Group Ltd. Bermuda-based Arch Capital announced Tuesday that Ruschak is now executive vice president…
How Intact will decide what becomes of RSA Canada’s brands
November 18, 2020 by Greg MeckbachIf Intact Financial Corp. takes over RSA Canada, the combined firm will go to market with the “strongest” brands, meaning it remains to be seen what happens in Canada to brands such as RSA, Unifund, and Johnson, Intact’s CEO suggested…
What the OneBeacon deal says about Intact’s prospects with RSA acquisition
November 17, 2020 by Greg MeckbachIntact Financial Corp.’s recent experience writing commercial specialty in the United States is a good sign it could be successful writing property and casualty insurance overseas, analysts tell Canadian Underwriter. RSA plc and Intact announced earlier this month a possible…