CNA Canada Launches Epack 3

Westland Insurance Expands Footprint in Manitoba with Acquisition of MIG Insurance

SURREY, British Columbia, Nov. 10, 2020 (GLOBE NEWSWIRE) — Westland Insurance Group Ltd. (“Westland”) is pleased to announce the closing of the acquisition of MIG Insurance Group, effective November 6, 2020. This acquisition supports Westland’s expansion strategy to serve more communities in Manitoba and across Canada.

MIG Insurance Group is headquartered in Portage La Prairie, Manitoba. Founded in 1995, it has eight branches throughout Manitoba. Their professional advisors provide residential, auto, life, travel, recreation, farm, and commercial insurance services. With this acquisition, Westland will be adding over 50 employees in Manitoba.

“We’re excited to be expanding our footprint in Manitoba with such a prominent and well-respected broker, and we are fortunate to be partnering with MIG’s owners, the Gilbert family, in a province that’s very important to Westland,” said Jamie Lyons, President & COO of Westland Insurance. “MIG is an innovative, digitally advanced brokerage focussed on providing product solutions that exceed customer expectations. We look forward to serving our customers in Manitoba, and would like to welcome the whole MIG team to the Westland family.”

“This is a great fit for MIG and we are thrilled to be joining Westland Insurance,” said Brian Gilbert, President & CEO of MIG Insurance Group Ltd. “Our values align and both companies share a deep commitment to our communities, and I know that our customers and employees will greatly benefit from this partnership.”

About Westland Insurance Group

Westland Insurance Group is one of the largest and fastest-growing independent property and casualty insurance brokers in Canada. With a national network of 150 locations and over 1,600 employees, the company continues to expand coast to coast. Westland’s brokers provide expert advice to home, business, farm, life, and auto insurance clients. Since its founding in 1980, Westland has remained a family-owned company that is committed to supporting its local communities. For more information, please visit www.westlandinsurance.ca

www.westlandinsurance.ca

More than ever before, Canadians are facing financial risk

As Canada deals with a global pandemic and rising household debt, Goose Insurance warns that most Canadians can’t afford further financial setbacks caused by a life-threatening illness.

VANCOUVER, BCNov. 9, 2020 /CNW/ – Goose Insurance, a new player in the life and health insurance market warns Canadians could be out-of-pocket tens of thousands of dollars while undergoing treatment for any life-threatening illness.

Goose Insurance recently conducted a survey of over 1000 Canadians, yielding some eye-opening results. The company found that less than 5% of respondents have critical illness insurance or cancer insurance and majority of the people wrongly believe that Canada’s health care system covers all costs associated with cancer treatment or any other life-threatening illness. Overwhelmingly, women are under insured in Canada, with over 70% of the women that responded to the survey have never purchased life or critical illness insurance.

According to the Canadian Medical Association Journal, nearly half of Canadians will be diagnosed with cancer in their lifetime. In fact, the CMAJ estimates that 225,000 people will be diagnosed with, and 83,000 people will die from, cancer in 2020 alone.

While Canada’s health care system covers many costs associated with life-threatening medical treatments, many patients still face out-of-pocket expenses while undergoing treatment, including some drugs not covered, childcare, rent or mortgage, and other household bills and responsibilities.  This comes at a time when Canadians are dealing with COVID-19, a global pandemic; whilst battling an all-time high household debt ratio of 176.9% according to Statistics Canada.

So why aren’t Canadians buying life and health insurance? Of those surveyed by Goose, the two most common reasons were accessibility and affordability. Specifically amongst young Canadians aged 25 to 35, over 50% didn’t know where to buy it from and over 70% found it too complicated.

“Goose is tackling the accessibility and affordability of insurance, and addressing the underserved market,” says Dejan Mirkovic, President of Goose Insurance. “We’re offering reasonable coverage limits at affordable prices, and the ability to buy policies in minutes without medical exams or the need to speak to an agent; all on the Goose app.”

Goose Insurance together with Industrial Alliance Financial Group, one of Canada’s largest Insurers, has made insurance accessible and affordable for anyone under 69 with a smartphone. On the Goose mobile app, Canadians simply become eligible by answering a few medical questions and can get up to $50,000 of Life Insurance for as low as $5 a month. Monthly premiums are based on age, gender, and smoking status.

“For decades, Special Markets Solutions (a division of iA Financial Group) has promoted voluntary insurance programs using traditional methods. While these offerings provided valuable coverage, these methods were outdated and time consuming. We are very excited to be partnering with Goose Insurance in offering voluntary products on a revolutionary digital platform.  This will allow the user to have an easy to understand, seamless and instant application experience . The future is now,” said Ed Bender, National VP, Special Markets Solutions at iA Financial Group.

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Established in 2018 and based in Vancouver, British Columbia, Goose Insurance Services takes the confusing parts out of buying insurance and makes it easier than ever to get the right coverage. And it all happens in seconds, from a single app. Goose currently serves British ColumbiaAlbertaSaskatchewanManitobaOntario, Québec, and Nova Scotia in Canada as well as WashingtonOregonIllinoisGeorgiaNew Jersey, and Texas in the US. For more information about Goose, or to download the app, visit www.gooseinsurance.com

SOURCE Goose Insurance Services Inc.

https://www.gooseinsurance.com/en/

Designed to protect all Canadians from financial crisis due to a critical illness

Read more

Insurance Bureau of Canada Reacts to Ontario Budget

TORONTONov. 5, 2020 /CNW/ – Following the Ontario Budget, Insurance Bureau of Canada (IBC) issued this statement:

IBC applauds the Ontario government for its 2020 Budget – Ontario’s Action Plan: Protect, Support, Recover.

“During these uncertain times, the Ford government continues to show its adaptability and support for auto insurance consumers,” said IBC Ontario Vice-President Kim Donaldson. “Today’s budget removes barriers for insurers who are committed to offering the innovative products that consumers are accustomed to receiving from other sectors. In addition, the budget fosters innovation by allowing insurers to bring new products to market that help drivers control their premiums, while also acknowledging a growing demand for a fully digital experience and removing restrictions on usage-based insurance products.”

IBC and its members are especially pleased to see the government’s commitment to improving the consumer experience for Ontario drivers through measures like allowing a fully digital auto insurance experience for Ontario drivers. The government is also showing its resolve to crack down on fraudulent actors in the auto insurance space, building on the momentum they’ve created with a review of the towing system.

About Insurance Bureau of Canada

Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 128,000 Canadians, contributes $9.4 billion in taxes and has a total premium base of $59.6 billion.

For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow us on Twitter @InsuranceBureau or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.

SOURCE Insurance Bureau of Canada

www.ibc.ca

Brookfield Business Partners to buy residential mortgage insurer Genworth MI Canada

TORONTO _ Brookfield Business Partners LP has signed a deal to buy the remaining interest in Genworth MI Canada Inc. that it does not already own in an offer that values the company at about $3.8 billion.

Brookfield owns a 57 per cent stake in the residential mortgage insurance company.

Under the terms of the agreement, Brookfield will pay $43.50 per share for the shares it does not hold

Genworth shares closed at $35.58 on the Toronto Stock Exchange on Friday.

The deal requires approval by a two-thirds majority vote by shareholders, as well as the approval by a simple majority of votes cast by minority shareholders, which excludes Brookfield.

Genworth MI Canada rebranded earlier this month and has been operating under the Sagen MI Canada banner.

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