Canadian Underwriter

Consolidation / Insolvency

News Insurance

Meetings on proposed merger between Willis and Towers Watson adjourned until Friday

November 18, 2015 by Canadian Underwriter

Willis Group Holdings has announced that it has adjourned an Extraordinary General Meeting (EGM) on a proposed merger with Towers Watson that was scheduled for Wednesday until Friday at 9:30 a.m. EST. The decision was made as a result of

News InsuranceLegalMergers and Aqcuisitions

Federal bankruptcy law trumps Alberta law allowing suspension of uninsured drivers’ privileges: Supreme Court of Canada

November 16, 2015 by Canadian Underwriter

An Alberta law that allows for driving prohibitions of uninsured motorists who fail to repay the Motor Vehicle Accident Claims Program – and are discharged from bankruptcy – is unconstitutional, the Supreme Court of Canada has ruled. Section 102 of

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Economical Insurance calls special meeting of eligible mutual policyholders as the next step on the road to demutualization

November 16, 2015 by Canadian Underwriter

Waterloo, Ont.-based Economical Insurance announced on Friday that the first special meeting of eligible mutual policyholders will be held on Dec. 14. The meeting will be held in the Bingemans Ballroom, at 425 Bingemans Centre Drive in Kitchener, Ont., Economical

News InsuranceMergers and Aqcuisitions

Cooper Gay Swett & Crawford to sell North American business

November 13, 2015 by Canadian Underwriter

U.K.-based Cooper Gay Swett & Crawford (CGSC) announced Friday that the global wholesale, underwriting management and reinsurance broking group will pursue a sale of its North American business unit. “We believe this transaction will best serve the long-term interest of

News InsuranceLegalMergers and Aqcuisitions

Judge’s ruling on punitive damages could expose General Motors to large jury verdicts

November 10, 2015 Tom Krisher - THE ASSOCIATED PRESS

DETROIT – A federal bankruptcy judge has ruled that people suing General Motors over faulty ignition switches can seek punitive damages that could cost the company millions of dollars or more. When General Motors emerged from a 2009 bankruptcy, it

News InsuranceMergers and Aqcuisitions

The Co-operators acquires Bando & Brown General Insurance

November 5, 2015 by Canadian Underwriter

Co-operators General Insurance Company announced on Thursday today that its wholly-owned subsidiary has purchased Bando & Brown General Insurance in London, Ont., whose portfolio includes personal and commercial insurance policies. Current clients of the Bando & Brown brokerage will be

News InsuranceMergers and Aqcuisitions

ACE shareholders vote to approve acquisition of Chubb

October 23, 2015 by Canadian Underwriter

ACE Limited shareholders have voted at a special meeting to approve all proposals related to the company’s previously announced agreement to acquire The Chubb Corporation, ACE announced on Thursday. ACE reported that votes in favour of each agenda item exceeded

News CatastrophesInsurance

Interesting manoeuvres expected at reinsurance renewal, buyers investigating additional limits: Guy Carpenter

October 19, 2015 by Canadian Underwriter

Some interesting manoeuvers can be expected as reinsurers seek to hold or grow their share of signings in the forthcoming renewals, Nick Frankland, CEO of Europe, Middle East and Africa (EMEA) operations for Guy Carpenter & Company, LLC, suggested Sunday during

News CatastrophesInsuranceMergers and Aqcuisitions

U.S. judge OKs $446 million settlement for victims of Lac-Mgantic disaster

October 9, 2015 David Sharp - THE ASSOCIATED PRESS

PORTLAND, Maine – A U.S. bankruptcy judge has approved a $446-million Cdn settlement fund for victims of the fiery Lac-Megantic oil-train derailment in Quebec, clearing the way for payments to victims by year’s end. Judge Peter Cary in Portland, Maine,

News CatastrophesInsuranceMergers and Aqcuisitions

Federal investigator discusses Lac-Mgantic at Engineering Insurance Conference

October 9, 2015 Greg Meckbach, Associate Editor

Pollution problems resulting from the 2013 fatal railway derailment in Lac-Mégantic, Quebec will persist for years, while officials with the railway company involved were “not exactly leaders” in safety management, a Transportation Safety Board of Canada official suggested to insurance

News Insurance

Canadian Pacific ready to drop appeal in Lac-Mgantic case for legal protection

October 7, 2015 Giuseppe Valiante - THE CANADIAN PRESS

MONTREAL – Canadian Pacific Railway is willing to drop its appeal of the $450-million settlement fund for victims of the Lac-Megantic tragedy if it is granted certain legal protections, lawyers said Tuesday. Lawyers for Montreal Maine and Atlantic Railway Ltd.

Guy Parent, Executive Director, Regroupement des cabinets de courtage d'assurance du Qubec
Feature Legal

Taxing Circumstances

October 1, 2015 by Canadian Underwriter

The current tax policy governing intergenerational business transfer is a clear disadvantage for brokerage firms. Quebec’s broker channel maintains, however, that draft federal legislation offers the promise of levelling the playing field for brokerages across the country.