Canadian market News

NFP Acquires Toronto-Based EdgeHill Insurance Brokers

NFP, a New York-based insurance broker and consultant, announced the acquisition of EdgeHill Insurance Brokers Ltd., in a transaction that closed on Dec. 16, 2020. Financial details of the acquisition were not disclosed. EdgeHill, a P/C brokerage firm based in …

Canadian Insurtech Apollo Closes C$13.5 Million Funding Round

Apollo Insurance Solutions Ltd., the Toronto-based online insurance company, announced it has closed an oversubscribed C$13.5 million (US$10.6 million) Series A financing round, which exceeded its original C$4 million (US$3.2 million) target. Gravitas Securities Inc. led the financing which resulted …

Arthur J. Gallagher & Co. Acquires Canada’s Cain Insurance Services Ltd.

Arthur J. Gallagher & Co. announced the acquisition of Cain Insurance Services Ltd., based in Fredericton, New Brunswick in Canada. Terms of the transaction were not disclosed. Founded in 1986, Cain Insurance Services is a retail property/casualty broker, offering commercial …

AXA XL Names Marsh’s Barker to Lead Aviation Insurance Business in Canada

AXA XL has appointed Alex Barker to lead its aviation insurance business in Canada. Barker will report to Eric Donofrio, chief underwriting officer, Aerospace, Americas, and to Renato Rodrigues, country manager, Canada. Barker joins AXA XL from Marsh and MacLennan …

Canada Reports 20-Year High in Overseas Investment in Insurance M&A

Canadian firms’ overseas investment in insurers hit a 20-year high this year boosted by Intact Financial’s joint agreement last month to buy British insurance group RSA for 7.2 billion pounds ($9.6 billion) and market participants expect more deals in 2021. …

Canada Must Address Rising Costs of Natural Disasters, Says Research Group

Canada should accelerate measures, including financing mechanisms, to help governments, companies and individuals prepare for the rising costs of weather-related disasters, according to a research institute. The cost of floods, wildfires and other catastrophic events has increased sharply over the …

Hub International Acquires Saskatchewan-Based Prince Albert Insurance Ltd.

Hub International Ltd., the Chicago-based insurance broker, announced it has acquired the assets of Prince Albert Insurance Ltd. Terms of the transaction were not disclosed. Located in Prince Albert, Saskatchewan, Prince Albert Insurance Ltd. is a full-service, independent insurance brokerage …

HSB Canada Launches ‘Sensor Systems by HSB’ to Help Cut Commercial Water Claims

HSB Canada, part of Munich Re, has introduced “Sensor Systems by HSB,” a turnkey solution to help insureds reduce common property claims. The program monitors, predicts and alerts customers to risk events associated with water leaks, pipe freezing and critical …

Canada’s Banks, Insurers to Participate in Pilot Climate Risk Project

Some of Canada’s largest banks and insurers are set to participate in a pilot project to better understand the risks to the financial system from the transition to a low-carbon economy, Canada’s central bank and financial regulator said on Monday. …

Hub International Acquires Alberta, Canada Broker Stalco Insurance

Hub International Ltd., the Chicago-based insurance broker, announced that it has acquired Stalco Insurance Ltd., a Canadian insurance broker. Terms of the transaction were not disclosed. With locations in Wainwright, Provost and Kitscoty, Alberta, Canada, Stalco Insurance is a family-owned …