Industry
The 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 Ltd., told Canadian Underwriter recently. First, it forced the brokerage to focus internally and therefore […]
By Jason Contant | November 20, 2020
3 min read
Proposed changes to auto insurance regulations in Alberta and new Orders in Council should help reduce claims costs for insurers, Insurance Bureau of Canada (IBC) told Canadian Underwriter Thursday. Bill 41, the Insurance (Enhancing Driver Affordability and Care) Amendment Act, passed second reading Wednesday. First introduced by the Alberta government Oct. 29, the bill proposes […]
OTTAWA – An independent report on harassment of women in the RCMP says fundamental change is needed to rid the national police force of a toxic culture that tolerates hateful and homophobic attitudes. The report released Thursday by former Supreme Court justice Michel Bastarache says it is well past time for the federal government to […]
4 min read
Intellectual 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 caused a dramatic shift in the valuation of companies globally. Take, for example, the fact […]
By Adam Malik | November 19, 2020
Executives 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 approved by the boards of Intact, RSA, and Denmark-based Tryg A/S. “We have been thinking […]
By Greg Meckbach | November 19, 2020
OTTAWA – A federal agency that monitors brewing online threats warns of fraudsters dangling COVID-19-related content to fool victims into clicking on malicious links and attachments. Online tricksters know people are anxious about the future and are less likely to act prudently when they see emails, text messages or advertisements related to the pandemic, the […]
By Jason Contant | November 19, 2020
Stephen 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 of surety for Arch Insurance. Ruschak (pictured, above) joined The Guarantee in 2009 as president […]
By Greg Meckbach | November 18, 2020
A captive insurance solution is designed for long-term risks, so a client looking to set something up for short-term risks may end up regretting that decision, experts warned during a recent Canadian Underwriter webinar. When a company sets up a captive, it is essentially self-insuring its own risk, explained Patrick Ferguson, captive sales executive and […]
By Adam Malik | November 18, 2020
On the day Intact made its joint offer with Denmark-based insurance giant Tryg A/S to acquire RSA plc for Cdn$12.3 billion official, a Canadian association of managing general agencies (MGAs) expressed concern about the deal’s potential impact on market choice during a hard market in commercial lines. If approved, the proposed mega-merger would see Intact, […]
By David Gambrill | November 18, 2020
If 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 in a press conference Wednesday. Intact CEO Charles Brindamour also suggested that, if there is […]
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