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Stuart S. Carruthers
Partner

Contact Information:
(416) 869-5600
scarruthers@stikeman.com




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Representative Work

Mr. Carruthers has been significantly involved with the following recent insurance sector mandates:

  • China Oceanwide C$3.6B acquisition of Genworth Financial Inc., including acquisition of control of Genworth Canada Financial Mortgage Insurance Company Canada, 2016. (Canadian counsel to China Oceanwide).


  • RSA Canada sale of Pets Plus Us pet insurance division to Pethealth Inc., a part of the Northbridge Insurance unit of Fairfax Financial Group, 2016.


  • Royal Bank of Canada C$572M sale of RBC General Insurance Company to Aviva Canada and long-term insurance distribution partnership with Aviva Canada, 2016.


  • ACE Limited US$28.3B acquisition of The Chubb Corporation, 2016. (Canadian counsel to ACE and Chubb)


  • Willis Group Holdings plc US$8B acquisition of Towers Watson & Co., 2015. (Canadian counsel to Willis and Towers Watson)


  • BCE C$5B longevity risk transfer to Sun Life, reinsured to RGA Canada and SCOR Canada, 2015. (Counsel to RGA Canada)


  • SCM Insurance Services acquisition of the Granite Global property and casualty insurance businesses from Genstar Capital, 2014.


  • C$500M sale by RSA Canada of Noraxis Capital Corporation to Arthur J. Gallagher & Co., 2014.


  • C$160M senior unsecured debenture offering by Genworth MI Canada Inc., 2014. (Counsel to underwriters)


  • C$1.07B acquisition by The Travelers Companies, Inc. of The Dominion of Canada General Insurance Company from E-L Financial Corporation Limited, 2013. (Counsel to Travelers on certain matters)


  • AXA Liabilities Managers acquisition of international subsidiaries of GLOBAL RE, including Global Reinsurance Company, 2013.


  • RBC Insurance Company of Canada transition of certain travel insurance distribution arrangements to Manulife Financial, 2013.


  • C$487M offerings of subscription receipts and notes by Intact Financial Corporation to finance the acquisition of JEVCO Insurance Company, 2012. (Counsel to underwriters)


  • Acquisition by Monitor Clipper Partners of Kanetix Ltd., 2011.


  • C$1.86B offerings of subscription shares and notes by Intact Financial Corporation to finance the acquisition of AXA Canada Inc. from AXA S.A. for C$2.6B, 2011. (Counsel to underwriters)


  • TorQuest Partners Inc. significant equity investment in SCM Insurance Services Inc., 2010.


  • Establishment of DAS Legal Protection Insurance Company Limited, 2010.


  • C$275M debenture offering by Genworth MI Canada Inc., 2010. (Counsel to underwriters)


  • C$264M acquisition by The Westaim Corporation of JEVCO Insurance Company, 2010. (Counsel to Alberta Investment Management Corporation in connection with C$148M investment in Westaim)


  • Sale by American International Group, Inc. of AIG United Guaranty Mortgage Insurance Company Canada to a private investor group led by Ontario Teachers' Pension Plan Board, 2009. (Co-counsel)


  • Acquisition by Reinsurance Group of America, Incorporated of group life, accident and health reinsurance business of ReliaStar Life Insurance Company, 2009. (Co-counsel)


  • C$75M acquisition by Markel International from Newport Partners Income Fund of Elliott Special Risks LP, 2009.


  • C$115M preference share offering by Co-operators General Insurance Company, 2009. (Counsel to underwriters)


  • C$200M subordinated debenture private placement by The Empire Life Insurance Company, 2009. (Counsel to underwriters)


  • C$2.163B sale by ING International Insurance B.V. of its majority interest in ING Canada Inc., 2009. (Counsel to underwriters)


  • C$375M sale by American International Group, Inc. of AIG Life Insurance Company of Canada to Bank of Montreal, 2009. (Co-counsel)


  • US$742M sale by American International Group, Inc. of the HSB group, including The Boiler and Inspection Insurance Company of Canada, 2008. (Canadian counsel)


  • Sale by a major international commercial insurance group of its minority interest in a Canadian specialty insurer, 2008.


  • Acquisition by Aviva Canada Inc. of Mones group of insurance brokerages, 2008.


  • Acquisition by Aviva Canada Inc. of National Home Warranty Program businesses, 2008.


  • Sponsored demutualization of Unity Life of Canada by Foresters (first Canadian sponsored demutualization), 2007. (Counsel to Scotia Capital Inc., provider of valuation report and opinion)


  • C$100M debenture offering by Kingsway 2007 General Partnership, 2007. (Counsel to underwriters)


  • US$1.86B acquisition by funds advised by Apax Partners together with Morgan Stanley Principal Investments of Hub International Limited, 2007.


  • C$150M preference share offering by Co-operators General Insurance Company, 2007. (Counsel to underwriters)


  • £4.7B demutualization and floatation of Standard Life Assurance Company, 2006. (Canadian counsel to underwriters)


  • Canadian regulatory aspects of US$2.9B acquisition by Aviva plc of AmerUS Group Co., 2006.


  • Sale by Winterthur Swiss Insurance Company of The Citadel Insurance Company to AXA Canada Inc., 2005.


  • Sale by private equity investors led by Torquest Partners Inc. of GCAN Insurance Company to Ontario Teachers' Pension Plan Board, 2005.


  • C$150M senior unsecured debenture offering by Co-operators Financial Services Limited, 2005. (Counsel to underwriters).


  • Establishment of Integro (Canada) Ltd., 2005.


  • Sale by Allianz AG of Allianz of Canada, Inc. to ING Canada Inc., 2004.


  • Establishment by Aviva Canada Inc. of call centre operations in Bangalore, India, 2004.


  • C$37.4B merger between Manulife Financial Corporation and John Hancock Financial Services, Inc., 2003. (Counsel to John Hancock).


  • Establishment by Loblaw Companies Limited of President's Choice home and automobile insurance underwritten by members of the Aviva Canada Inc. group of companies, 2003. (Counsel to Aviva Canada Inc.)


  • Acquisition by private equity investors led by Torquest Partners Inc. of Gerling Canada Insurance Company, 2003.


  • Sale by The Citadel General Assurance Company of its Winterthur International portfolio to XL Winterthur International Insurance Company Limited, 2003.


  • Renewal by CGU Insurance Company of Canada of certain Quebec personal lines of Royal & Sun Alliance Insurance Company of Canada and Quebec Assurance Company, 2002.


  • Renewal by Pilot Insurance Company of Ontario personal lines of CGU Insurance Company of Canada, 2002.


  • Sale by CGNU plc of Commercial Union Life Assurance Company of Canada to Manulife Financial Corporation, 2001.


  • Sale by CGNU plc of Norwich Union Life Insurance Company (Canada) to American International Group, Inc., 2001.


  • Reinsurance of the Winterthur International business of The Citadel General Assurance Company by XL Insurance Ltd., 2001.


  • CGU Group Canada Ltd. C$150M bridge financing provided by Royal Bank of Canada, 2001.


  • Insolvency proceedings involving Queensway Holdings Inc./ Queensway Financial Holdings Limited, 2001. (Counsel to Interim Receiver)


  • Acquisition by CGU Group Canada Ltd. of The GAN Company of Canada Limited, 1999.


  • Acquisition by General Accident plc of Canadian General Insurance Group Limited, 1997.


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