Canada

Manulife Financial Corp. said Chief Executive Officer Roy Gori will retire in May and be succeeded by Phil Witherington, head of the company's Asia business.

An onslaught of four natural disasters $5.3 billion of insured losses across Canada in just two months — more than any other summer on record.

Brookfield Reinsurance Ltd. agreed to buy all the shares in the US insurer it does not already own for $55 apiece, according to a statement on Wednesday.

American Equity's board will review the proposal with advisers.

A total of 63.6 million shares were sold for C$22 apiece, the Waterloo, Ontario-based company said in a release late Wednesday, the top end of the range it had targeted. The company is also selling another C$700 million in shares in a private placement to the Healthcare of Ontario Pension Plan and Swiss Re.

The shares will be priced in a range of C$19 to C$22 apiece and will be listed on the Toronto Stock Exchange under the symbol “DFY,” Waterloo, Ontario-based Definity said in a statement Monday.