Desjardins Group acquires two real estate brands from U.K. based firm

LEVIS, Que. _ Desjardins Group says it has reached a $60.5-million agreement with a U.K.-based hybrid real estate agency to acquire its Canadian holding company and its two brands.

The financial group says in a statement it will acquire the brands Purplebricks Canada and DuProprio from Purplebricks Group plc.’s holding company 9059-2114 Quebec Inc.

Purplebricks Canada provides fixed-fee real estate brokerage services for home sellers in three provinces, while DuProprio provides real estate services without an agent in Quebec.

The two companies have more than 500 employees in Quebec, Ontario, Manitoba and Alberta.

Desjardins, which is one of the largest mortgage and insurance providers in Quebec, says both will continue to be run by the existing teams.

It says the deal takes effect on Wednesday.

Birth of the largest mutual insurance company in the country with La Capitale/SSQ Insurance merger of equals

QUEBEC CITY, July 3, 2020 /CNW Telbec/ – La Capitale and SSQ Insurance are pleased to announce that their merger of equals is now official, creating the largest mutual insurance company in Canada with over 3.5 million members and clients.

The name of the new company will be announced in the fall and integration will take place gradually. For the time being, nothing is changing for members, clients, and business partners. All agreements are being maintained.

The company is built on a solid foundation: 4,700 committed employees, well-established mutualist values, sound finances, and diversified expertise. Assets under management total more than $20 billion, and premiums tally at $5 billion. Its head office will remain in Quebec City.

The new company is now the 1st group insurer in Quebec and 4th in Canada, as well as the 4th largest personal insurer in Quebec and the 6th largest in Canada. In general insurance, it ranks 3rd in Quebec and 13th in Canada. It also holds an enviable position in savings, ranking 7th in Canada in segregated funds.

Experienced, well-balanced management team
The new company is also announcing its management team. Jean-François Chalifoux, former CEO of SSQ Insurance, becomes President and CEO of the new company, whereas Jean St-Gelais, former Chairman of the Board and Chief Executive Officer of La Capitale, has been named Chairman of the Board of Directors. He will also lead the Integration Steering Committee.

The following people have joined the management team:

  • Pierre Marc Bellavance is appointed Executive Vice President and Leader, Legal Affairs, Compliance and Corporate Secretary. He served as Vice President, Legal Affairs and Corporate Secretary at La Capitale.
  • Patrick Cyr is appointed Executive Vice President and Leader, Integration. He was Senior Vice President, Finance at SSQ Insurance.
  • Catherine Desgagnés-Belzil is appointed Executive Vice President and Leader, Business Performance and Information Technology. She was previously Associate Secretary of the Treasury Board and Chief Information Officer for the Quebec government.
  • Christian Fournier is appointed Executive Vice President and Leader, Property and Casualty Insurance. He was Senior Executive Vice President and Chief Operating Officer at La Capitale General Insurance.
  • Mélissa Gilbert is appointed Executive Vice President and Leader, Finance. She was Executive Vice President, Finance, Corporate Actuarial and Risk Management at La Capitale.
  • Stéphane Morency is appointed Executive Vice President and Leader, Strategy, Customer Experience and Marketing. He was previously Senior Vice President, Strategy, Marketing and Client Experience within a major insurance and financial services group.
  • Lara Nourcy is appointed Executive Vice President and Leader, Individual Insurance and Financial Services. She was Vice President, Customers Experience, Partners and Operations Management at La Capitale.
  • Martin Robert is appointed Executive Vice President and Leader, Talent, Culture and Communication. He was previously Vice President, Talent, Culture and Communication at SSQ Insurance.
  • Éric Trudel has been appointed Executive Vice President and Leader, Group Insurance. He previously served as Senior Vice President, Strategy and Product Management at SSQ Insurance.

The merger of equals between La Capitale and SSQ Insurance was presented to members last January and has since gone through the various regulatory stages.

“We are very proud to make this merger of equals official today. Our new company has given itself the means to grow and make its mark in a fast-changing industry. We are now a major player across the country. We’ve opened an exciting new chapter for our 4,700 employees, who now make up the largest mutual insurance company in Canada.”

—  Jean-François Chalifoux, President and CEO
La Capitale/SSQ Insurance


SOURCE La Capitale Insurance and Financial Services

HUB International buys Morneau Shepell’s benefits consulting business for $70M

TORONTO _ Insurance brokerage HUB International Ltd. has signed a deal to acquire Morneau Shepell Inc.’s benefits consulting practice.

Morneau Shepell says Hub paid $70 million for the business.

Chief executive Stephen Liptrap says Morneau Shepell made the decision to sell the business after a comprehensive review.

He says the benefits consulting business is a strong, profitable asset and a great fit for Hub.

JP Girard, Morneau Shepell’s health and benefits consulting Canadian practice leader, has joined Hub as an executive vice-president.

Chicago-based Hub is a global insurance broker that provides property and casualty insurance, health and life insurance, employee benefits, investment and risk management products and services.

This report by The Canadian Press was first published March 2, 2020.

NFP unifies brokerages under its brand

NEW YORK, N.Y. — NFP Canada Corp., an insurance broker serving the needs of the trucking industry, is unifying its Canadian businesses under the “NFP” brand, further integrating acquired brokerages.

The company announced Tuesday that several of its Canadian brokerages, including Capital Benefit Financial Group, Corporate Benefits Analysts Insurance Agency, Consortia Group, PBL Insurance Limited, Dalton Timmis Insurance Group, Mass Insurance Brokers, McLean Hallmark Insurance Group, Elective Benefits Services and Indemnis Trade Risk Management, will adopt the NFP name.

This implementation marks the latest in a series of strategic initiatives of NFP Corp. across North America, the company said.

“We are thrilled to come together under the NFP brand and unify our operations in Canada,” said Greg Padovani, president of NFP in Canada.

“The integration of these well-established firms creates a platform for NFP that has the size, scale, and capabilities to provide a full range of insurance solutions to Canadian corporations and individuals.”

NFP is one of the top 10 Canadian brokerages, with 750 employees.

Aon, announced the acquisition of Cytelligence Inc, a Canadian-based cyber security firm

The acquisition combines Aon’s industry-leading investment in cyber security with Cytelligence’s unique technical expertise in incident response and digital forensics services to strengthen Aon’s cyber security client value proposition 

CHICAGOFeb. 4, 2020 /CNW/ — Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, announced today the acquisition of Cytelligence Inc, a Canadian-based cyber security firm that provides incident response advisory, digital forensic expertise, security consulting services and cyber security training for employees to help organizations respond to cyber security threats and strengthen their security position.

The acquisition will help Aon expand its current coverages within the cyber market at a time when cyber claims are almost doubling year-over-year. The 2019 Cybersecurity Almanac published by Cisco and Cybersecurity Ventures predicts that cyber events will cost $6 trillion annually by 2021, as companies are digitizing most of their processes and are often operating remotely. Global cyber insurance premiums are expected to grow from $4 billion in 2018 to $20 billion by 2025. According to Aon’s 2019 Global Risk Management Survey, cyber-attacks were identified as a top ten risk facing organizations and is predicted to be one of the top three risks for organizations in 2022.

“As the number of network intrusions, data breaches, ransomware attacks, and similar threats continues to increase in both frequency and severity, expertise in cyber incident response becomes critical to organizations and insurance companies,” said J Hogg, CEO of Aon’s Cyber Solutions. “The Cytelligence team are deep experts in cyber incident response, ransomware mitigation, and cyber security training for employees, which will help cement our position in both North America and globally as an industry leader.”

Cytelligence will join the growing portfolio of Aon’s Cyber Solutions, which combines digital risk management services, security services, professional risk solutions, and a global risk consulting practice. This acquisition enhances Aon’s 2016 acquisition of Stroz Friedberg and now allows Aon’s Cyber Solutions to offer an even more holistic portfolio of services to clients from proactive security services, to incident response, to risk quantification and insurance broking.

“Together, we will deliver complete proactive solutions from risk assessment, cyber risk policy underwriting to secure insurance coverage to protect critical assets, to cyber breach response, effective and efficient cyber incident remediation, meticulous data collection and data preservation,” said Daniel Tobok, CEO of Cytelligence. “Put simply, everything that is connected to the internet can be compromised. proactive companies and their Boards are preparing now with proactive actions with penetration testing, vulnerability assessments, security audits, and training of their employees.”

Cytelligence has offices in TorontoOttawaNew YorkSan Francisco and Miami. The firm employs professionals in cyber security and education, investigations, and forensic analytics. The firm was founded in June 2016.

Mr. Tobok will join Aon as the Canadian President, Aon’s Cyber Solutions.

About Aon
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

About Cytelligence
Cytelligence is a leading international cyber security boutique with deep expertise in Cyber Breach Response, Cyber Breach Investigations, and Digital Forensics. We are known for our technique: well planned, well executed and detailed-oriented engagements. Our Offensive Security Consulting includes: Penetration Testing, Vulnerability Assessments, Security Audits, and Secure Development Lifecycle Management, including code reviews.

SOURCE Aon plc

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