Industry
The AXA Group, based in France, has entered into a $15.3-billion agreement to acquire 100% of XL Group Ltd., which includes Canadian subsidiary XL Catlin Canada. The merger agreement, expected to close in the second half of 2018, has been unanimously approved by the boards of AXA and XL Group. “This transaction is a unique […]
By David Gambrill | March 5, 2018
2 min read
Northbridge Financial, a Fairfax company, is the first insurance provider in Canada to leverage a global partnership between Mastercard and Dream Payments to offer a paperless way to send claims payments to its insureds. Under the electronic payment system, policyholders can expect to receive funds quickly and directly, initially into their debit card account of […]
By David Gambrill | March 2, 2018
Digital brokerages have a big marketing advantage over the directs, Dario Battista, president and CEO of isure said Wednesday at the Insurance Canada Technology Conference in Toronto. “We’re not really concerned about the direct markets, quite frankly,” he said. “We’re advantaged because we control our marketing. We do everything internally, so we can pivot a […]
3 min read
VICTORIA – The minister responsible for British Columbia’s financially challenged public auto insurer says the government has suspended regulations that had forced the Crown agency to meet minimum financial tests. David Eby said Wednesday that the provincial cabinet approved the suspension of financial capital test rules to allow the Insurance Corporation of B.C. to appear […]
By The Canadian Press | March 1, 2018
With interest rates at historic lows, Canadian property and casualty insurers rely more on underwriting profits to keep profitable than they have in the past. What difference would a rate hike make to insurers? A one percentage point rise in interest rates would have “limited” impact on Intact Financial Corp.’s financial performance in 2018, the […]
By Greg Meckbach | February 27, 2018
Natural resource industries still drive most Canadian mergers and acquisitions, but the financial services, technology and consumer industries are also expected to see a lot of M&A activity as the economy evolves, according to a new report. And one important battleground will be tech acquisitions. Produced by global bank Citi in conjunction with Mergermarket, the […]
By Jason Contant | February 27, 2018
OTTAWA – The Liberal government moved to tighten the tax rules for small businesses in the federal budget Tuesday as it fine-tuned the changes that prompted an uproar last year. However, Finance Minister Bill Morneau still faces the challenge of corporate tax cuts in the U.S. that have prompted worries that companies will choose to […]
4 min read
Although every Canadian auto insurance system has its problems, a special advisor to Ontario’s finance minister did an “excellent job” in describing the problems specific to that province, says the head of RSA Canada. “I don’t think there is an auto system in Canada that right now is working for insurers,” Martin Thompson, president and […]
By Greg Meckbach | February 26, 2018
Legislation that would require a “concussion code of conduct” for amateur sports organizations in Ontario will be the subject to public hearings next week. If passed into law, Bill 193 will “be a catalyst for longer-term culture change for concussion management and injury prevention,” Ontario minister of tourism, culture and sport Daiene Vernile said Tuesday […]
By Canadian Underwriter | February 22, 2018
Seven months after buying the majority of Allied World Assurance Company Holdings AG, Toronto-based Fairfax Financial Holdings Ltd. does not have any immediate plans to buy more insurance companies for the time being. “We really don’t need to buy another company,” Prem Watsa, Fairfax’s founder, chairman and CEO, said Friday during a conference call with […]
By Greg Meckbach | February 21, 2018
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