What’s New: In Brief (March 11, 2008)

Community Savings Credit Union’s board of directors has rejected Western Financial Group’s proposal to acquire the credit union.
The proposal included an offer by a subsidiary of Western Financial Group, Bank West, to acquire Community Savings for approximately Cdn$345 million in cash, shares and payments to members.
“Community Savings was an ideal platform on which we could mutually build a leading western Canadian financial leader,” said Scott Tannas, president and CEO of Western Financial. “It is unfortunate that their members will not get the opportunity to formally consider it.”
Community Savings is the second largest credit union in Alberta, with assets of Cdn$2.72 billion.

XL Insurance appointed John Glancy to the newly-created position of chief underwriting officer.
Glancy will be responsible for product management, risk management, ceded reinsurance, product development, strategic analysis and overall underwriting governance.
Prior to the post, he headed XL Insurance’s Global Professional operations, which provide insurance for professional indemnity, directors and officers, employment practices liability and management liability.
He joined XL capital in 2003; prior to that, he served as corporate vice president of commercial lines for Royal & SunAlliance USA.