199 Bay St, Suite 5300, Commerce Court West, Toronto, ON
Year called to bar: 1995 (ON)
Stuart Carruthers is a partner and member of the Insurance & Reinsurance, Financial Products & Services, and Mergers & Acquisitions Groups. He is a leading transactional, commercial, governance and regulatory advisor to insurance and reinsurance companies and brokers in Canada. He also advises on other international private mergers & acquisitions transactions and commercial matters. Stuart is recognized for his insurance and reinsurance law expertise by numerous directories. He is described by Who’s Who Legal: Canada as their “most highly recommended practitioner” for 2017 as well as a "household name in the insurance and reinsurance space". His clients have noted him as “outstanding on P&C matters", a "key figure in the area" and a "skillful practitioner in a wide variety of insurance matters". Stuart is the only Canadian insurance corporate/regulatory counsel recognized in the highest categories in Chambers Canada, Who's Who Legal and Legal Media Group's Expert Guides. Stuart is Co-Chair of the New York State Bar Association’s International Law Section, Insurance and Reinsurance Committee and a member of the Steering Committee of the Northwind Professional Institute Annual Property and Casualty Insurance Forum.
On July 1, 2017, Trimont Financial Ltd. (Trimont), a wholly owned subsidiary of The Wawanesa Mutual Insurance Co. (Wawanesa), acquired Western Financial Group Inc. and Western Life Assurance Co. (collectively, Western) from Desjardins Financial Corp. Inc. (Desjardins), a Desjardins Group subsidiary.
On December 14, 2015, Guardian Assurance Limited (Guardian Assurance) completed the sale of its 19 per cent interest in E-L Financial Services Limited (ELFS), the parent company of The Empire Life Insurance Company (Empire Life), to E-L Financial Corporation Limited (E-L Financial) for $200 million. As a result of this sale, E-L Financial will own 100 per cent of ELFS, which owns 98.3 per cent of The Empire Life Insurance Company.
Arthur J. Gallagher Canada Limited, a subsidiary of Arthur J. Gallagher & Co. (AJG), completed its acquisition of Noraxis Capital Corporation from Roins Financial Services Limited, which also owns the RSA Canada group of companies (RSA). The aggregate purchase price for the business, including minority interests and subject to adjustment, was approximately $500 million. Noraxis management shareholders continue to hold approximately 11 per cent of the business.