Industry
The private equity firm Onex Corporation announced Monday it has agreed to acquire USI, one of the largest insurance brokers in the United States, for US$2.3 billion. The equity investment of approximately $700 million will be made by Onex Partners III, in which Onex is a 25% limited partner; Onex as a co-investor in the […]
By Canadian Underwriter | November 27, 2012
1 min read
Economical Insurance is anticipating that long-awaited federal regulations governing demutualization in Canada’s property and casualty insurance industry will likely require some level of sharing of demutualization benefits with non-mutual policyholders. “Economical has consistently and forcefully advocated that mutual policyholders, as the owners of mutual insurance companies, should be the sole recipients of demutualization benefits,” notes […]
3 min read
CSN Collision & Glass of Toronto announced this week it has entered a “strategic alliance” with Laval, Que.-based Carrossier ProColor to operate a “network” of more than 265 auto collision repair facilities. “A national network of collision repair facilities is excellent news for insurers,” the firm stated in a press release. “Increasingly, insurance companies are […]
By Canadian Underwriter | November 26, 2012
Toyota’s Prius hybrid-electric vehicle has a very low theft rate in the U.S., according to a recent report from the National Insurance Crime Bureau (NICB). There have been 2,439 Toyota Prii stolen in the U.S. between Sept. 4, 2000 and June 30, 2012, NICB stated in a press release. The non-profit organization, based west of […]
Assured Automotive of Toronto announced this week that it has formed a new company operating five auto collision repair centres in the Ottawa area. On Oct. 1, Assured acquired Frank & Guy Auto Body Ltd., which was owned by Guy Cousineau, who is now vice president of operations-technical at Assured Ontario East Inc. Assured Ontario […]
By Canadian Underwriter | November 23, 2012
2 min read
Desjardins General Insurance Group released Friday financial data for the third quarter, reporting net income of $22.8 million on gross written premiums of $517 million. Gross written premiums for the third quarter were up 9.1% from the same period in 2011, Levis, Que.-based Desjardins General stated in a press release, while gross written premiums for […]
Global insurer RSA Group has appointed Deloitte veteran Martin Scicluna as its new chairman, effective Jan. 1. Scicluna spent more than 30 years with Deloitte, where he was chairman from 1995 to 2007. He is currently chairman of Great Portland Estates Plc and chairman of the Audit committee and a Non-Executive Director of Lloyd’s […]
Economical Insurance of Waterloo, Ont. released Thursday its financial results for the quarter ending Sept. 30, recording net income of $29 million, up from $1.4 million during the same period in 2011. The underwriting loss during the third quarter of 2011 was $7.8 million, while underwriting income was $4.6 million during Q3 of 2012. The […]
By Canadian Underwriter | November 22, 2012
The Ontario Automobile Insurance Anti-Fraud Task Force has released its final report outlining nearly 40 recommendations, chief among them expanding the power of the province’s industry regulator, greater public disclosure on the part of insurers and licensing certain health clinics. Sixteen months after its inception, the task force steering committee has recommended the Ontario government […]
RRJ Insurance Ltd. announced it has acquired Orillia, Ont.-based G.B. Cragg Insurance Broker Ltd. G.B. Cragg, which was established in 1953, offers personal insurance, including auto, homeowner, tenant, liability and watercraft. Its commercial products include farm, bonds, auto, events and sports, directors’ and officers’ liability and errors and omissions. RRJ owns Toronto-based KRG Insurance. Another […]
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