Topic Mergers and Aqcuisitions
Big tax win for brokerage succession plans
June 28, 2021 by David GambrillCanadian property and casualty insurance brokers are applauding the passage of Bill C-208, which they say will ease the tax burden for brokerage principals who wish to sell their business to family members. “The changes proposed in Bill C-208 would…
Global insurance law firm expands its Canadian presence
June 23, 2021 by David GambrillGlobal insurance law firm Clyde & Co will be entering the B.C. market through a merger with SHK Law Corporation in B.C., effective July 1. The terms of the merger were not disclosed. B.C.’s property and casualty insurance market is…
BFL president reacts to regulator’s effort to prevent Aon-Willis merger
June 23, 2021 by Greg MeckbachIn trying to block Aon plc’s proposed acquisition of Willis Towers Watson plc, the United States competition regulator is off the mark in how it describes the world’s three-biggest property and casualty commercial insurance brokerages, suggests a senior executive with…
Why the U.S. competition regulator wants to stop the Aon-Willis merger
June 17, 2021 by Greg MeckbachAlmost all large firms in the United States buy their property and casualty insurance through either Marsh, Aon or Willis Towers Watson, the latter two of the ‘Big Three’ having market share of more than 40% in property and liability…
Intact agrees to sell former RSA operation for $1.26 billion
June 14, 2021 by Greg MeckbachLess than two weeks after the takeover of RSA plc closed, the insurers who bought RSA are now agreeing to sell RSA’s former operation in Denmark. At the moment, Toronto-based Intact Financial Corp. owns half of Codan Forsikring A/S’s Danish…
M&A growth sets Navacord on course for $3 billion in premium
June 10, 2021 by Jason ContantNavacord Corp. has finalized a record number of brokerage acquisitions in one month, with four deals already closed across the country in June. The latest transactions represent a total of 18 new locations and over 430 employees. More deals are…
Westland closes two new acquisitions in Canada
June 8, 2021 by Jason ContantWestland Insurance Group Ltd. has closed two new acquisitions in Saskatchewan, both in locations where the large brokerage didn’t have a presence before. The brokerage announced Monday it had closed the acquisitions of HK Insurance in Regina and Smith Agencies…
How high Intact’s market share could climb before competition becomes an issue
May 18, 2021 by Greg MeckbachIntact’s market share could approach 30% before it potentially runs into resistance from domestic competition regulators, a senior executive suggested Tuesday. After the closure of the three-way deal for Intact and Tryg A/S to acquire RSA plc, Intact will have…
Next steps for integrating RSA into Intact
May 17, 2021 by Greg MeckbachAs Intact puts the “final touches” on its proposed acquisition of RSA Canada, Intact’s executives say they may be looking at “strategic alternatives” for some of the RSA plc operations it has agreed to acquire. During Intact’s 2021 Q1 earnings…
Inactive Alberta brokerage ordered to pay $6K for failing to remit client funds to MGA
May 14, 2021 by David GambrillAlberta-based NIB Insurance Group Ltd., now an inactive brokerage, has been ordered to pay $6,000 in civil penalties for failing to remit client premiums to an MGA, and for selling a policy to a client while it was no longer…
Gallagher to acquire certain Willis Towers Watson assets
May 12, 2021 by Jason ContantArthur J. Gallagher & Co. has announced an agreement to acquire certain Willis Towers Watson reinsurance, specialty and retail brokerage operations as part of a proposed “regulatory remedy” for the pending Aon and Willis Towers Watson deal. Under the agreement,…
Merger mania: Multiple brokerage deals announced in May
May 11, 2021 by Jason ContantMay 2021 came in with a bang for Canadian brokerages involved in mergers and acquisitions activity, particularly in western Canada and Ontario. Over the course of a week, at least seven acquisitions were announced in the Canadian P&C brokerage space.…