Marsh has completed its acquisition of HSBC Insurance Brokers Limited (HIBL), a wholly owned subsidiary of HSBC Bank. On December 18 last year, Marsh announced that it would acquire HIBL for a price of GBP135 million – about CAD$207 million. Concurrent with this transaction, Marsh has also entered into an agreement as Preferred Strategic Partner [...]
National Australia Bank and AXA SA are making a joint 13 billion Australian dollar ($12 billion) bid for insurer AXA Asia Pacific Holdings Ltd., entering into direct competition with another bid by AMP Ltd. NAB, as the Australian bank is known, said it would pay AU$4.6 billion for the AXA Asia Pacific’s Australian and New [...]
Kingsway Financial Services said that the sale of 100% of Jevco was completed on March 29th, 2010. The aggregate purchase price paid by Westaim to the Company in respect of the sale is approximately $264.2 million, subject to certain adjustments set out in the purchase agreement between the Company and Westaim. A portion of the [...]
American International Group will sell a second overseas life and health insurance unit for US$15.5 billion to MetLife Inc. in an ongoing bid to repay billions in government aid. It was the second major deal AIG completed this month to raise cash. On March 1, AIG agreed to sell Asia-based life insurer, AIA Group, to [...]
View the video here on your mobile device. EGI Financial Holdings has announced that the company’s US-based subsidiary, Echelon Insurance Company of America has acquired all of the issued and outstanding shares of American Colonial Insurance Company. American Colonial is a Florida-based property and casualty insurance company. In addition to Florida, American Colonial has licenses [...]
View the video here on your mobile device. British insurer Prudential said it is buying the Asian unit of U.S. insurance company AIG in a deal worth US$35.5 billion. Prudential will pay $25 billion in cash, including $20 billion from a rights issue, and $10.5 billion in new shares and other securities to acquire AIA [...]
View the video here on your mobile device. Fairfax Financial Holdings is buying U.S.-based workers’ compensation insurance specialist Zenith National Insurance in a deal that values Zenith at about $1.4 billion. Toronto-based Fairfax says it will pay $38 per share for the stock in California-based Zenith it doesn’t already own. Zenith operates the Zenith Insurance [...]
View the video here on your mobile device. PartnerRe has made some organizational changes, following the acquisition of Paris Re. Among the changes, the company will maintain its existing business unit-based operating structure, consisting of three major operating units – PartnerRe North America (formerly known as PartnerRe U.S.), PartnerRe Global and PartnerRe Capital Markets – [...]
View the video here on your mobile device. Warren Buffett’s company has completed its acquisition of Burlington Northern Santa Fe Corp. Berkshire Hathaway paid roughly $100 per share in cash and stock for the 77.4 per cent of BNSF shares that it didn’t already own. Berkshire said BNSF shareholders will receive roughly $15.87 billion in [...]
View the video here on your mobile device. The battle between Toronto-based merchant bank C.A. Bancorp Inc and a hostile bidder appears to have come to an end, with Maxam Opportunities Fund Ltd. backing away from its offer. The self-described alternative asset manager said it would let its takeover offer for C.A. Bancorp expire on [...]
View the video here on your mobile device. Lanesborough Real Estate Investment Trust says it has an agreement to sell McIvor Mall in Winnipeg for $11.2 million to an unidentified buyer. Lanesborough, also known as LREIT, will provide a $3-million second mortgage to the buyer. The mortgage will bear 5.5 per cent intrest and mature [...]
View the video here on your mobile device. An independent panel asked to study the proposed power deal between New Brunswick and Hydro-Quebec says the deal is good for New Brunswick. The six-member panel was commissioned by the provincial government to study the proposed $3.2 billion sale of 10 NB Power plants, including the Point [...]
View the video here on your mobile device. Constellation Software Inc. has acquired Vancouver-based SDS Software, a provider of management software for school districts, local governments and utilities companies for an undisclosed amount. The Toronto-based company said Monday the agreement was completed through its subsidiary Harris Computer Systems, but did not disclose the price of [...]
View the video here on your mobile device. Kingsway Financial Services Inc. announced January 25 a proposed sale of its Jevco Insurance subsidiary to Westaim Corp. in a deal worth about $263 million. Jevco specializes in providing non-standard insurance for autos, recreational vehicles, commercial autos, property and liability. The company also provides surety insurance for [...]
View the video here on your mobile device. Groupe Promutuel and Desjardins Group, two Québec leaders in the cooperative and mutual sectors, have announced the signing of an agreement-in-principle towards the implementation of a business partnership regarding the distribution of financial products and services, such as mortgage loans and savings products. The terms of the [...]
View the video here on your mobile device. Towers Watson announced the completion of the merger of Towers Perrin and Watson Wyatt. The transaction to form Towers Watson, a leading global professional services company, was first announced on June 28, 2009. Watson Wyatt Chief Executive Officer John Haley will serve as Towers Watson’s Chairman and [...]
View the video here on your mobile device. Investigative services provider Forensics Investigations Canada has acquired Winnipeg investigation and security consulting experts, Oliver, Yaskiw & Associates. Forensics Investigations said that this purchase provides clients with unprecedented depth, complete national coverage, and investigative services and litigation support through one national provider. FIC president, Corey Smith, explains [...]
View the video here on your mobile device. U.K. bank Barclays said it had completed its purchase of Standard Life Bank, boosting its deposit balances by about 6 per cent. Standard Life announced in October that it was selling the bank unit for at least 226 million pounds – about $365 million, and that it [...]
View the video here on your mobile device. A private investor group, in which Ontario Teachers’ Pension Plan is the lead sponsor, has entered into a definitive agreement to acquire AIG’s Canadian mortgage insurance business, AIG United Guaranty Mortgage Insurance Company Canada. Terms of the transaction were not disclosed. United Guaranty Canada, headquartered in Toronto, [...]
