Here are the top reads on deals and financial services over the last 24 hours,
New insurance laws hit hedge funds and short-sellers targeting Canadian life insurers: The government of Saskatchewan has made changes to the province’s insurance regulations that will help protect three life insurers facing potentially large legal claims over decades-old insurance contracts. The rules, announced Monday, create new hurdles for the institutional investors pursuing a trio of lawsuits against Canadian life insurers. Story (Tim Kiladze, for subscribers)
Power Corp.’s fintech venture fund Portag3 raises $198-million: Montreal’s billionaire Desmarais family is expanding its investment in the financial technology sector through its Power Corp. of Canada conglomerate, and drawing additional funds from other players, to create one of the country’s largest venture capital funds. Story (Sean Silcoff, for subscribers)
More people borrowing from alternative lenders, not banks, as a result of new mortgage rules: report: Canada’s tougher new mortgage qualification rules have driven more business to private lenders, who are seeing soaring demand from borrowers who cannot qualify for bank loans. A new study by land registry company Teranet and Toronto real estate broker John Pasalis shows private lenders are especially gaining ground in the market for mortgage refinancings, which are mortgage loans that do not involve a sale of a property. Story (Janet McFarland, for subscribers)
MORE DEALS NEWS
Utilities: Investor distaste for buying equity means AltaGas Ltd.’s best option to fund future growth is selling assets, its founder and acting co-CEO said Tuesday. The Calgary-based gas and power company announced it will sell assets to raise between $1.5 billion and $2 billion by the end of March, despite recently exceeding its earlier target of $2 billion in sales to pay down bridge financing needed to complete its $9-billion purchase of U.S. utility company WGL Holdings. Story
Energy sector: A Canadian company best known for its Alberta pipeline and petrochemical businesses has struck a $354-million deal to buy European storage terminals from Texas-based NuStar Energy, L.P. Story
Energy sector: Chesapeake Energy Corp on Tuesday agreed to buy Texas oil producer WildHorse Resource Development Corp in a nearly $4 billion cash-and-stock deal that knocked down the natural gas producer’s shares by more than 12 per cent. Story (for subscribers)
IN CASE YOU MISSED IT
Back from the brink: Home Capital faces heated competition, cooler markets: Mortgage company Home Capital Group Inc. has officially branded its post-crisis era “Home 2.0,” but some employees just call it “the comeback.” Story (James Bradshaw, for subscribers)
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