Genworth MI Canada Inc. Announces Special Dividend

The Board of Directors of Genworth MI Canada Inc. (the “Company“) (TSX: MIC) today announced that it has declared a special dividend of $0.40 per common share, for an aggregate amount of $34 million. This special dividend is to be paid on June 28, 2019, to shareholders of record at the close of business on June 17, 2019.

“As part of our previously announced plan to redeploy capital in excess of organic growth needs and our continued focus on capital efficiency, we are pleased to have completed this special dividend, and our recent share repurchases under our previously announced normal course issuer bid,” said Stuart Levings, President and CEO.

Genworth MI Canada Inc. designates any and all dividends paid or deemed for Canadian federal, provincial or territorial income tax purposes to be paid as “eligible dividends”, unless indicated otherwise in respect of dividends paid subsequent to this notification, and hereby notifies all recipients of such dividends of this designation.

About Genworth MI Canada Inc. 

Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada (“Genworth Canada“), is the largest private residential mortgage insurer in Canada.  The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through customer service excellence, innovative processing technology and a robust risk management framework. For more than two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system.  As at March 31st, 2019, Genworth Canada had $6.9 billion total assets and $4.1 billion total shareholders’ equity. Find out more at www.genworth.ca.

SOURCE Genworth MI Canada

www.genworth.com

Tornado victims fear rising insurance rates

Sunday’s twister damaged homes, downed trees

Robyn Miller · CBC News

Kim Lussier has had some bad luck with her car lately.

Lussier’s Hyundai sedan has been rear-ended three times in the last year. Then, during Sunday’s tornado in Orléans, a tree fell on it, smashing its rear window.

Now the car sits partly covered by a blue tarp in her driveway, and Lussier is fretting over much her insurance coverage will cost after this latest claim.

I don’t want to be a hostage of the insurance policy.- Kim Lussier, Orléans resident
“It’s hard because you don’t have a choice,” she said Tuesday. “You need insurance, and if you apply elsewhere they want to know your history of claims, so there’s no getting around that…. I don’t want to be a hostage of the insurance policy.”

Some of Lussier’s neighbours on Wincanton Drive have similar concerns about their insurance rates. On Tuesday, fallen branches and other storm debris still lined the quiet residential street off Jeanne D’Arc Boulevard N., near Petrie Island and the Ottawa River.

A large tree on Lussier’s property leaned precariously toward her neighbour’s.

“I’m supposed to retire in a couple of years and I’ve had all of this [bad] luck with extra expenses that impact my savings and my future,” Lussier said.

Waiting ‘all we can do’

Nearby, Mike Mullen was surveying the hole in his roof left by Sunday’s sudden storm. He said he contacted his insurance provider right away.

“We’re just kind of cleaning up and waiting, really. That’s all we can do,” Mullen said.

He was taking a more fatalistic approach to the possibility of rising insurance rates. “It’s an extra cost every month, right? But I don’t know what else we can do. It’s what it is.”

On nearby Lawler Crescent, Debbie Harris said she and her husband are also awaiting quotes regarding their damaged roof.

“I’m not overly concerned at this point, though I am hearing more tornados and things like that [could strike the area], so I would imagine at some point we’re going to see differences,” she said. “Definitely, I would think they’d go up before they’d go down.”

Will rates go up?

Pierre Babinsky, director of communications and public affairs with the Insurance Bureau of Canada, confirmed the storm damage could impact rates, depending on the insurer.

“Generally, premiums will go up once the insurer needs to adjust them to compensate for whatever they have to pay to settle claims,” Babinsky said.

“If it’s a costly year for the insurer and he’s paid more than he’s collected in premiums, then there’s a fair chance that he will raise premiums.”

Babinsky said in 2018, insurers paid nearly $2 billion in settlements related to severe weather across Canada, a historically high amount.

He advises tornado victims to get in touch with their insurance companies as soon as possible and to carefully document everything.

The fast & the furious: Escalating commuter stress compounding GTA’s road safety crisis

RSA Canada’s TruceTO survey reveals GTA residents feel increasingly unsafe on Toronto’s streets

  • 85 per cent of everyone who walks, cycles or drives agree that road rage continues to be a serious problem (up two per cent from 2018)
  • 51 per cent of cyclists (up three per cent from 2018), 20 per cent of drivers and 19 per cent of pedestrians feel unsafe on the streets of the GTA. Even more telling among cyclists age 18 and older, 57 percent feel unsafe (up 9 per cent from 2018)
  • 36 per cent of drivers, cyclists and pedestrians believe that the city needs to invest more in driver, pedestrian and cyclist education to make our streets safer
  • 56 per cent of GTA residents admit that they are simply not familiar enough with what the city is doing to prioritize road safety

TORONTO, June 5, 2019 /CNW/ – In the city of Toronto, road rage continues to worsen at an unprecedented rate. According to a recent TruceTO survey commissioned by RSA Canada, over 85 per cent of GTA road users who walk, drive or cycle all agree that it’s a serious problem – that’s only getting worse – which is causing a great deal of stress among citizens.

More than 73 per cent of all working adults aged 20 to 64 admit to experiencing stress, and a key source of that stress is commuting. With long commutes come traffic, higher levels of anxiety and less time for other activities. Stress and bad road behaviour are forming a vicious cycle, perpetuating less and less civility on our streets. Road safety is now larger than just a city or infrastructure problem: it’s also a public health issue.

In 2018, the city of Toronto experienced its worst year in terms of the number of injuries and fatalities on the streets: 42 pedestrians and 5 cyclists were killed or seriously injured in a collision with a motor vehicle and 13 drivers were killed or seriously injured due to aggressive or distracted driving.

While there is important work underway at the municipal level with Vision Zero 2.0, a majority of GTA residents admit they are simply not familiar enough with what the city is doing to prioritize road safety. In fact, 51 per cent of cyclists (up three per cent from 2018), 20 per cent of drivers and 19 per cent of pedestrians still feel unsafe on the streets of the GTA. Even more telling among cyclists age 18 and older, 57 percent feel unsafe (up 9 per cent from 2018).

“The street safety issue in our city is not getting any better – it has gotten much worse. The grim numbers in 2019 to-date have proved that,” says Donna Ince, Senior Vice President for Personal Insurance at RSA Canada. “We must all take accountability for the role we’ve played in the deteriorating climate of our streets – and our communities. It’s on all of us to commit to reducing the rage on the streets and put an end to this crisis once and for all.”

Less anxiety and stress on the road helps to support ongoing efforts to make Toronto’s streets safer and enables road users to react in a timely, informed and calm manner. Improvements in road safety overall constitute an important aspect of making our cities healthier.

TruceTO’s goal is to amplify understanding of the important work being carried out by the city, by independent organizations, and at the federal level, and encourage GTA residents to make a personal commitment to change, to play their part in making our streets safer and more civil for all.

Overall, year over year it’s clear – the increasing rate of road rage, lack of education and empathy, and low awareness on the roads remains at the core of the issue.

Additional findings from the TruceTO survey include:

  • Breaking the rules:
    • Drivers (75 per cent), pedestrians (67 per cent) and cyclists (72 per cent) in the GTA all agree that drivers not following the rules constitute one of the greatest causes of distress on the road
  • Whose right of way is it?
    • 53 per cent (up three per cent from 2018) of pedestrians, 49 per cent of drivers, and 40 per cent of cyclists don’t always know when cyclists have the right of way
    • Only 60 per cent of cyclists use hand signals consistently
  • Too close for comfort:
    • 45 per cent of drivers, 44 per cent of pedestrians and 63 per cent of cyclists have been in a collision or know someone who has

The survey also revealed that 84 per cent of respondents claim to have made a major behavioural change in the past few years such as drinking more water (30 per cent) or changing their sleep patterns (25 per cent), but only four per cent indicated a desire to change their road behaviour, even though the latter is a clearly identified source of stress.

“People are willing to change for better physical health but are less likely to feel motivated to change when it comes to improving safety in their community,” adds Ince. “We need to change this mindset, because road safety is closely linked to improvements in overall physical and mental health. As providers of auto insurance, we have a vested interest in the wellbeing of our customers on and off the road.”

Here are a few solutions to help make our streets safer for all:

  • Education
  • Empathy
    • Human error is inevitable, but responding with empathy can prevent unnecessary escalation and perpetuation of bad road behaviour
    • Slowing down, staying focused and keeping emotions in check can all help reduce the number of deaths and serious injuries on GTA’s streets
  • Embracing change
    • Ultimately, there is no doubt that our streets need to be redesigned to properly accommodate drivers, cyclists and pedestrians equally
    • Some of this work is underway, with reduced speed limits, crosswalks and red lights
  • Ease your stress
    • High stress only makes us slower to respond: each of us needs to take action to help improve our overall physical and mental health
    • Just as we hydrate and strive for more sleep, we need to improve our overall health by addressing the stress we feel when commuting – through education and empathy

To learn more about TruceTO, test your road safety knowledge and take the pledge to be a better road user, visit www.truceto.com. TruceTO aligns with RSA’s ambition of Making Life Better Together and supports its Corporate Responsibility Safe, Secure World pillar, which focuses on safeguarding their customers from everyday risks. To learn more about RSA Canada’s corporate social responsibility, visit https://www.rsagroup.ca/about-us/corporate-responsibility/our-corporate-responsibility-journey.

About the 2019 TruceTO survey:
TripleScoop Premium Market Research is an independent full-service research agency with deep roots in the pioneering development of online research methods. An online survey of 1,305 Canadians who are 16 years or older, live and/or work in the Greater Toronto Area and regularly use the city streets as pedestrians, cyclists and/or drivers, was completed between May 3-15, 2019, using AskingCanadians’ online panel. AskingCanadians’ online panel has more than one million members nationally, the leading online data collection firm in Canada, and the first one to implement TrueSample for powerful identity validation, de-duplication and engagement modeling that ensures survey respondents are real, unique and engaged. A probability sample of the same size would yield a margin of error of +/- 2.7%, 19 times out of 20.

About RSA:
With a 300-year heritage, RSA is a multinational quoted insurance group. Focusing on general insurance, RSA’s core markets are the UK & Ireland, Scandinavia and Canada, with the capability to write insurance business across the globe.  RSA’s core businesses have approximately 13,500 employees with net written premiums of £6.3bn in 2016.

About RSA Canada:
The RSA Canada group of companies includes Roins Financial Services Limited, Royal & Sun Alliance Insurance Company of Canada, Quebec Assurance Company, Johnson Inc., Unifund Assurance Company, Western Assurance Company, Ascentus Insurance Ltd., Canadian Northern Shield Insurance Company and RSA Travel Insurance Inc. (collectively, “RSA Canada”) and is part of a group of companies headed by RSA Insurance Group Plc. RSA Canada employs more than 3,000 people across Canada and is one of the oldest insurance companies in the country with roots dating back to 1833.
©2016 Royal & Sun Alliance Insurance Company of Canada. All rights reserved. RSA, RSA & Design and related words and logos are trademarks and the property of RSA Insurance Group plc, licensed for use by Royal & Sun Alliance Insurance Company of Canada. RSA is a trade name of Royal & Sun Alliance Insurance Company of Canada.

SOURCE RSA Canada

Westland Insurance acquires Farrell Agencies Ltd.

Westland Insurance Group Ltd. is pleased to announce the acquisition of Farrell Agencies Ltd., effective June 1st, 2019.

Farrell Agencies Ltd. is a full-service brokerage founded in 1974 with locations throughout South Eastern Saskatchewan.  The acquisition of Farrell Agencies Ltd. is the first for Westland Insurance Group in the province of Saskatchewan.

“We are delighted to enter the province of Saskatchewan and to add Farrell Agencies to the Westland family.  Jason Farrell and his team have built an outstanding operation with an unwavering commitment to the clients and communities they serve.  This is an exciting day for Westland as we continue our strategic expansion in Canada.”  – Jason Wubs, President & Co-CEO, Westland Insurance Group Ltd.

Jason Farrell will be staying on with Westland to help lead and grow the operation in Saskatchewan.

“Joining Westland strengthens our position in the market, and will ultimately allow us to better serve our clients with a broader range of expertise and products.  Westland’s core values are very much aligned with the culture we have built at Farrell Agencies over the past 45 years.  We are excited to become part of such a well-respected independent Canadian-owned insurance brokerage.” – Jason Farrell, President, Farrell Agencies Ltd.

The agency will continue to operate under the Farrell name to ensure a smooth transition.

About Westland Insurance Group Ltd.

Westland Insurance Group was established in 1980 in Ladner, B.C. and is one of Canada’s largest independent Property & Casualty insurance brokerages.  The Company has over 90 offices throughout British Columbia, Alberta and Saskatchewan and is considered a leader in Home, Business, Auto and Farm insurance.

About Farrell Insurance Agencies Ltd.

Since 1974 Farrell Agencies has strategically evolved and expanded to consistently provide unmatched products and services to their customers.  Putting our customer’s needs first has resulted in a growing customer base which requires more employees to service our expanding trading area.

Returning home to High Level, Alberta – Insurance tips from IBC

EDMONTON, June 3, 2019 /CNW/ – Thousands of residents of High Level and surrounding areas are returning to their homes following the evacuations triggered by the Chuckegg Creek Wildfire.

This will be a difficult time for many of the residents who were evacuated. They will likely have a number of questions. That’s why Insurance Bureau of Canada (IBC) is available with insurance tips and information to help residents over the coming days and weeks.

“We appreciate that residents may feel overwhelmed as they re-enter their community, and we are here to help,” said Celyeste Power, Vice-President, Western, IBC. “The insurance industry has mobilized to help residents manage what will be a very difficult time.”

When returning to a community after an evacuation, residents’ primary concerns typically relate to their living expenses, how to file an insurance claim, claims for smoke damage and how to dispose of spoiled food from fridges and freezers that have been without electricity.

IBC reminds residents to retain all receipts from food purchases, accommodation and other related expenses in case they are eligible for reimbursement under their insurance policy. Most homeowner’s and tenant’s insurance policies provide coverage for reasonable living expenses during an evacuation. Contact your insurance company for details.

If residents cannot remember or reach their insurance provider, they can contact IBC at 1‑844‑2ask-IBC or by email at askIBCwest@ibc.ca.

For information about understanding fire insurance coverage, visit IBC’s website.

For more on filing an insurance claim, read this IBC brochure.

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 126,000 Canadians, pays $9 billion in taxes and has a total premium base of $54.7 billion.

For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow us on Twitter @IBC_West 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.

If you require more information, IBC spokespeople are available to discuss the details in this media release.

SOURCE Insurance Bureau of Canada

Child’s emergency near takeoff time voids rebooking despite ‘Flex’ airfare

Family purchased Transat’s Option Flex, which allows flight changes up to 3 hours prior to departure

Kate Bueckert · CBC News ·

A family from Fergus, Ont., had a vacation dream dashed after a medical emergency and now they’re warning others to pay close attention to the differences between flexible tickets and travel insurance.

Mark and Nicole Ruzycki and their two children were at the airport early in the morning on May 22, set to celebrate their daughter’s 8th birthday in Cuba. But about an hour before boarding, 3-year-old Jake developed a rash.

Airport paramedics recommended they not fly and instead, go right to the hospital.

“This has never happened to us, it was quite the scare,” Mark Ruzycki said.

The doctor at the Toronto-area hospital where they first went said it appeared to be a virus and sent them home. On the way home, Jake’s conditioned worsened and his face swelled up. They went to the emergency facility at the Fergus hospital, where doctors determined it was an allergic reaction.

It’s unclear what Jake reacted to and he has recovered, but the family missed their flight.

When Ruzycki tried to rebook their flight, Air Transat said they couldn’t rebook without further payment.

Credit offered

Ruzycki says the family paid $5,000 for the trip, including $59 per ticket for Option Flex through Air Transat. Option Flex allows people to change their flight up to three hours before the scheduled departure.

Because Jake had to go to the hospital less than three hours before takeoff, Air Transat has said the family cannot rebook without payment and will not get a full refund.

“When you book your dream vacation, you want to make sure you enjoy the ultimate level of flexibility should something unexpected happen. Option Flex lets you,” the airline states on its web page.

Air Transat has offered the family a $2,000 travel voucher, which is equivalent to the tax and fuel surcharge from their unused tickets.

The website also notes, “Option Flex allows travellers to change their departure date, destination or hotel up to three hours before departure, or to transfer their vacation package to a family member or friend up to 30 days before departure. They can also cancel their trip and obtain a full refund.” A footnote explains that the three-hour notice period also applies to cancellations.

Not insurance

The airline declined an interview request with CBC but in a statement said it’s “important to distinguish” between travel insurance and the Option Flex service.

“Option Flex is not a travel insurance and does not replace such insurance coverage, both of which should be purchased prior to departure,” Air Transat’s marketing director of social media and public relations Debbie Cabana told CBC in an email.

“The purchase of travel insurance could have prevented these customers from losing the value of their package.”

They did not purchase travel insurance, Ruzycki said, because they didn’t expect they’d have to cancel for any reason and if something were to happen, they’d just want to rebook the trip.

‘Feels for the passengers’

Ruzycki said his wife worked part time to pay for the trip.

“My wife was in tears,” he said. “Every penny she saved for this has gone down the toilet.”

The family says it’s considering taking the $2,000 travel voucher so they don’t lose all their money.

Gábor Lukács, founder and co-ordinator of Air Passengers Rights, says he “feels for the passengers.”

But unless an illness happens while on board the flight or is caused by the airline, it’s not the airline’s responsibility. He said the airline is within its rights in this case.

Lukács also said this kind of situation would not fall under the new airline passenger bill of rights recently introduced by the federal government. Lukács has been critical of the new bill of rights, saying it favours the private interests of airlines over legitimate concerns of travellers.

‘It just breaks your heart’

The Ruzycki family took a smaller vacation to Collingwood to celebrate their daughter’s birthday.

Ruzycki says his daughter was upset about not going to Cuba, but she understood the situation.

“We keep saying, ‘Look honey, we will go another time. But right now we have to concentrate on your brother’s health,” he said.

“But even our boy, now that he’s getting better, he goes, ‘So are we going to go on a plane now?'” he said. “It’s hard. It just breaks your heart.”

Ruzycki says he hopes Air Transat will change its mind and allow them to rebook their tickets rather than giving them money back.

“We just want to go on our family vacation that our kids and my wife were just so ecstatic to go on,” he said.

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