Brookfield Business Partners to buy residential mortgage insurer Genworth MI Canada

TORONTO _ Brookfield Business Partners LP has signed a deal to buy the remaining interest in Genworth MI Canada Inc. that it does not already own in an offer that values the company at about $3.8 billion.

Brookfield owns a 57 per cent stake in the residential mortgage insurance company.

Under the terms of the agreement, Brookfield will pay $43.50 per share for the shares it does not hold

Genworth shares closed at $35.58 on the Toronto Stock Exchange on Friday.

The deal requires approval by a two-thirds majority vote by shareholders, as well as the approval by a simple majority of votes cast by minority shareholders, which excludes Brookfield.

Genworth MI Canada rebranded earlier this month and has been operating under the Sagen MI Canada banner.

Hub International Acquires Certain Assets of Ontario-Based Mumby Insurance Brokers Inc

Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the property and casualty and employee benefits businesses of Mumby Insurance Brokers Incorporated (Mumby Insurance). Terms of the transaction were not disclosed.

Located in Waterloo, Ontario, Mumby Insurance has decades of expertise in working with professionals throughout Canada, with special focus on architects, landscape architects, engineers and specification writers. Douglas Pinnell, Vice President of Mumby Insurance, will join Hub International Ontario Limited (Hub Ontario) and report to Matt Lievers, President of Employee Benefits in the region. Anthea Mumby, President of Mumby Insurance, will remain directly involved in the business as a consultant and will report to Gerry De Lauro, President of Personal Insurance, Hub Ontario.

About Hub’s M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise.  For more information on the Hub M&A experience, visit WeAreHub.com.

About Hub International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. With more than 12,000 employees in offices located throughout North America, Hub’s vast network of specialists provides peace of mind on what matters most by protecting clients through unrelenting advocacy and tailored insurance solutions. For more information, please visit www.hubinternational.com.

SOURCE Hub International Limited

www.hubinternational.com

Westland Insurance Acquires Two New Brokerage Firms in Alberta

SURREY, BRITISH COLUMBIA – October 2, 2020 – Westland Insurance Group Ltd. (“Westland”) is pleased to announce the closing of two acquisitions, effective October 1, 2020. Westland’s new retail offices, both located in Alberta, support the company’s expansion strategy to serve more communities in Alberta and across Canada

Ironside Insurance Brokers is a family-owned brokerage located in Carstairs, Alberta. Its professional insurance advisors are experts in residential, auto, life, travel, recreation, farm and commercial insurance services.

G&E Insurance has been providing insurance products to Picture Butte, Alberta, and its surrounding area for over 35 years. Their professional advisors provide residential, auto, travel, recreation, farm and commercial insurance services.

Westland Insurance is excited to welcome these agencies to the organization. With these acquisitions, Westland will be adding two branches and 19 employees in Alberta. Post-acquisition, Westland will have over 1500 employees and 131 offices in British Columbia, Alberta, Saskatchewan and Manitoba.

Westland Insurance Group is a client-focused and community-based Property & Casualty insurance brokerage established in 1980 in Ladner, B.C. The company is one of Canada’s largest independent P&C insurance distributors with over 130 offices throughout British Columbia, Alberta, Saskatchewan and Manitoba. Westland is considered a leader in home, business, farm and auto insurance.

www.westlandinsurance.ca

Westland Insurance Acquires Four New Brokerage Firms

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Source: Westland Insurance Group Ltd.

SURREY, British Columbia, Sept. 02, 2020 (GLOBE NEWSWIRE) — Westland Insurance Group Ltd. (“Westland”) is pleased to announce the closing of four acquisitions, effective August 31, 2020. The new retail offices, which are located in British Columbia, Alberta and Manitoba, support Westland’s expansion strategy to serve more communities across the country.

“This is an exciting time for Westland as we continue our strategic expansion across Canada. These acquisitions strengthen our presence in western Canada, and, for the first time, provide us the opportunity to support clients in Manitoba,” said Jason Wubs, CEO of Westland Insurance. “These are all client-focussed agencies with deep roots in their communities, and they are perfectly aligned to Westland’s core values. Their professional advisors will continue to provide the same great service, and we are excited to welcome our new team members to the Westland family.”

Manitoba

King Insurance:
Founded in 1962, King Insurance is a family-owned brokerage located in Winnipeg, Manitoba. Its professional insurance advisors are experts in residential, auto, business, life and disability insurance.

Alberta

Johnson Agencies:
Johnson Agencies has served the insurance needs of Leduc, Alberta, and the surrounding areas since 1967. They provide residential, auto, recreation, commercial, farm, travel and life insurance.

Hedderick Insurance Agencies:
Located in Pincher Creek, Alberta, Hedderick Insurance Agencies has been serving clients since 1949. They provide residential, commercial, recreation, farm and auto insurance.

British Columbia

Nauroth & Associates:
Family-owned Nauroth & Associates has been serving the Prince George, BC, area for over 25 years. Their expert advisors provide the community with auto, residential, commercial, travel and life insurance.

With these acquisitions, Westland Insurance will be adding four branches and over 30 employees across Canada. Post-acquisition, Westland will have nearly 1500 employees and more than 120 offices in British Columbia, Alberta, Saskatchewan and Manitoba.

About Westland Insurance Group

Westland Insurance Group is a client-focused and community-based Property & Casualty insurance brokerage established in 1980 in Ladner, B.C. The company is one of Canada’s largest independent P&C insurance distributors with over 120 offices throughout British Columbia, Alberta, Saskatchewan and Manitoba. Westland is considered a leader in home, business, farm and auto insurance.

www.westlandinsurance.ca

Desjardins Group acquires two real estate brands from U.K. based firm

LEVIS, Que. _ Desjardins Group says it has reached a $60.5-million agreement with a U.K.-based hybrid real estate agency to acquire its Canadian holding company and its two brands.

The financial group says in a statement it will acquire the brands Purplebricks Canada and DuProprio from Purplebricks Group plc.’s holding company 9059-2114 Quebec Inc.

Purplebricks Canada provides fixed-fee real estate brokerage services for home sellers in three provinces, while DuProprio provides real estate services without an agent in Quebec.

The two companies have more than 500 employees in Quebec, Ontario, Manitoba and Alberta.

Desjardins, which is one of the largest mortgage and insurance providers in Quebec, says both will continue to be run by the existing teams.

It says the deal takes effect on Wednesday.

Birth of the largest mutual insurance company in the country with La Capitale/SSQ Insurance merger of equals

QUEBEC CITY, July 3, 2020 /CNW Telbec/ – La Capitale and SSQ Insurance are pleased to announce that their merger of equals is now official, creating the largest mutual insurance company in Canada with over 3.5 million members and clients.

The name of the new company will be announced in the fall and integration will take place gradually. For the time being, nothing is changing for members, clients, and business partners. All agreements are being maintained.

The company is built on a solid foundation: 4,700 committed employees, well-established mutualist values, sound finances, and diversified expertise. Assets under management total more than $20 billion, and premiums tally at $5 billion. Its head office will remain in Quebec City.

The new company is now the 1st group insurer in Quebec and 4th in Canada, as well as the 4th largest personal insurer in Quebec and the 6th largest in Canada. In general insurance, it ranks 3rd in Quebec and 13th in Canada. It also holds an enviable position in savings, ranking 7th in Canada in segregated funds.

Experienced, well-balanced management team
The new company is also announcing its management team. Jean-François Chalifoux, former CEO of SSQ Insurance, becomes President and CEO of the new company, whereas Jean St-Gelais, former Chairman of the Board and Chief Executive Officer of La Capitale, has been named Chairman of the Board of Directors. He will also lead the Integration Steering Committee.

The following people have joined the management team:

  • Pierre Marc Bellavance is appointed Executive Vice President and Leader, Legal Affairs, Compliance and Corporate Secretary. He served as Vice President, Legal Affairs and Corporate Secretary at La Capitale.
  • Patrick Cyr is appointed Executive Vice President and Leader, Integration. He was Senior Vice President, Finance at SSQ Insurance.
  • Catherine Desgagnés-Belzil is appointed Executive Vice President and Leader, Business Performance and Information Technology. She was previously Associate Secretary of the Treasury Board and Chief Information Officer for the Quebec government.
  • Christian Fournier is appointed Executive Vice President and Leader, Property and Casualty Insurance. He was Senior Executive Vice President and Chief Operating Officer at La Capitale General Insurance.
  • Mélissa Gilbert is appointed Executive Vice President and Leader, Finance. She was Executive Vice President, Finance, Corporate Actuarial and Risk Management at La Capitale.
  • Stéphane Morency is appointed Executive Vice President and Leader, Strategy, Customer Experience and Marketing. He was previously Senior Vice President, Strategy, Marketing and Client Experience within a major insurance and financial services group.
  • Lara Nourcy is appointed Executive Vice President and Leader, Individual Insurance and Financial Services. She was Vice President, Customers Experience, Partners and Operations Management at La Capitale.
  • Martin Robert is appointed Executive Vice President and Leader, Talent, Culture and Communication. He was previously Vice President, Talent, Culture and Communication at SSQ Insurance.
  • Éric Trudel has been appointed Executive Vice President and Leader, Group Insurance. He previously served as Senior Vice President, Strategy and Product Management at SSQ Insurance.

The merger of equals between La Capitale and SSQ Insurance was presented to members last January and has since gone through the various regulatory stages.

“We are very proud to make this merger of equals official today. Our new company has given itself the means to grow and make its mark in a fast-changing industry. We are now a major player across the country. We’ve opened an exciting new chapter for our 4,700 employees, who now make up the largest mutual insurance company in Canada.”

—  Jean-François Chalifoux, President and CEO
La Capitale/SSQ Insurance

Source: thelargestmutual.ca

SOURCE La Capitale Insurance and Financial Services

www.lacapitale.com

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