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News InsuranceMergers and Aqcuisitions

Allstate sells European auto business

June 20, 2001 by Canadian Underwriter

U.S. based insurer Allstate has announced plans to sell its European auto insurance business to London’s Direct Line, a subsidiary of The Royal Bank of Scotland. The decision to unload the German and Italian direct auto business follows Allstate’s departure…

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Royal sells off life operations

June 19, 2001 by Canadian Underwriter

Royal & SunAlliance has sold its Canadian life operations to Maritime Life Assurance Company, the Canadian arm of U.S. giant John Hancock Life. Maritime has agreed to purchase all outstanding shares of R&SA Life, with the cash purchase price estimated…

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CG&B adds Brampton brokerage to stable

June 19, 2001 by Canadian Underwriter

Toronto area insurance and financial services network CG&B Group Inc. has bought Brampton brokerage Kylie & Associates. The acquisition brings CG&B’s annual property & casualty premiums up to more than $80 million, states a company press release.While Kylie currently deals…

News InsuranceMergers and Aqcuisitions

Dominion president calls for B.C. auto insurance deregulation by 2003

June 18, 2001 by Canadian Underwriter

Speaking at the recently held AGM of the Insurance Brokers Association of British Columbia (IBABC) in Kelowna, George Cooke of the Dominion of Canada General Insurance Co. praised the "unwavering commitment" of the province’s new premier Gordon Campbell to increase…

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Hub expands U.S. presence

June 18, 2001 by Canadian Underwriter

Following on the heels of its purchase of U.S. brokerage Kaye Group Inc., Canadian-based Hub International has picked up J.P. Flanagan Corporation. The Chicago brokerage has satellite offices in Baltimore, Cleveland, Denver and New York, and last year had annual…

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Equisure securities arm sold

June 18, 2001 by Canadian Underwriter

Equisure Securities Ltd., the investment arm of Equisure Financial, has been sold to IPC Financial Network. ING Canada Inc., which bought 49% of the outstanding shares in Equisure last fall, also owns 26% of the common shares of IPC.At that…

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Two Vancouver-based HUB group companies merge

June 15, 2001 by Canadian Underwriter

The executive management of brokerage Parsons Brown will be merged with that of the TOS Insurance Group, according to a new statement issued by the parent company, HUB International Ltd. (TSE: HBG). Both of the HUB companies are based in…

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Fight against auto theft boosted at national level

June 15, 2001 by Canadian Underwriter

A national committee representing government and the private sector has been formed to battle the growing problem of vehicle theft. The new initiative, known as "Project 6116", is supported by the federal government as well as insurance industry organizations such…

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Fairfax reinsurance subsidiary lists on Wall St.

June 14, 2001 by Canadian Underwriter

Fairfax Financial Holdings’ U.S.-based reinsurance operation, Odyssey Re, began trading yesterday on the New York Stock Exchange following a successful public placement of 17.1 million shares valued at US$18 a share. The company, which is ranked among the top ten…

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Swiss Re report predicts explosive growth in risk securitization products

June 14, 2001 by Canadian Underwriter

A recently released Swiss Re Sigma report titled "Capital Market Innovation in the Insurance Industry" suggests that the value of alternative risk securitization solutions will increase tenfold by 2010. The report notes that approximately US$12.6 billion has been funneled into…

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Desjardins launch wireless customer service

June 14, 2001 by Canadian Underwriter

Members of Quebec’s desjardins caisses have joined forces to introduce a wireless Internet service which will enable their clients to access information and perform transactions through cellular telephones. The movement announced the wireless technology today, in conjunction with developer Wysdom…

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Western Surety opens first branch office

June 14, 2001 by Canadian Underwriter

Western Surety Company has opened its first branch office located in Halifax, Nova Scotia. “We’ve been looking at expanding our operations, and with the excellent business we have already established in Atlantic Canada, it just made sense to open an…