Saskatoon files insurance claim after $1.04M lost to fraudster

Excerpreted article was written By Laura Woodward, CTV News

The City of Saskatoon has filed a claim to its insurer in an effort to retrieve the $1.04 million it lost in a fraud scheme, a city spokesperson says.

Police investigators and banking institutions are also working with the city to try and recover the cash.

“The fraudsters are becoming more and more sophisticated all the time,” said Alyson Edwards, a Saskatoon police spokesperson.

Edwards was unable to go into detail about the investigation in finding the city fraudsters, but said officers are working with other victims of scams to draw parallels.

“You want to look at whatever evidence we have, compare it to whatever other cities have experienced and see if there are any similarities.”

The Saskatoon scam is one of the largest municipal scams in Canada,

Recovery ‘not impossible’

At least one IT expert has hope the cash will be recouped.

Jon Coller, the University of Saskatchewan’s chief information security officer, told CTV News it’s not impossible to recover the cash – as long as the money is still in a bank.

“Provided people act fast enough and the money hasn’t moved too far, it is definitely possible to recover,” Coller said.

In August 2017, Edmonton-based MacEwan University lost $11.8 million in an email scam. Officials transferred the funds into an account believed to be a university vender. In April 2018, the university announced it had recovered $10.92 million.

However, city manager Jeff Jorgenson told reporters Thursday that recouping the money would be a challenge.

“There is no guarantee that any of the funds can be recovered or will be recovered.

“What I can say is we’re doing everything we can do recover as much funding as we possibly can.”

Mayor Charlie Clark said he believes there is a chance the funds will be recovered, but for now he hopes the incident can serve as a cautionary example.

Chubb Expands Water Damage Coverage to Personal Homeowner Insurance Clients in Canada

TORONTO, Aug. 15, 2019 /CNW/ — Chubb has launched its Overland Water Coverage offering to Canadian homeowner insurance clients. This newly-enhanced and expanded water risk management solution is designed to offer an add-on coverage for Chubb Masterpiece® home insurance policyholders. This coverage complements the existing water damage coverages, such as sewer back up, found in the base policy.

“We feel it’s important to provide Chubb clients with the option to purchase enhanced water damage coverage to further protect their homes,” said Paul Johnstone, Senior Vice President for Chubb Personal Risk Services, Canada. “As always, we want to help protect them  from water damage in the first place to the extent possible, but if a loss happens, our priority is doing what it takes to help Chubb clients restore their lives and homes as quickly as possible.”

Chubb’s Overland Water Coverage provides the following benefits:

Expanded coverage: Chubb clients who are eligible for this coverage will now have added protection from losses that result from freshwater occurrences such as overflow of natural or artificial inland waters, mudflow and collapse of land along a body of water.

Enhanced protection: Not only does the Overland Water solution cover the replacement costs of the home, but will also pay to restore Chubb clients’ unique finishes and built-in features such as custom millwork, designer appliances, and repurchase contents like TVs and home theatre systems, pool tables, and exercise equipment.

Peace of mind:  This coverage will offer the same legendary claims service that Chubb clients are accustomed to receiving from their Masterpiece policies. If Chubb clients cannot stay in their home during rebuilding or repairs, Chubb will make sure that its additional living expense coverage applies so that  replacement accommodations are secured while their home is being restored.

Additional information on Chubb’s personal insurance and service offerings in Canada can be found at  Chubb.com/ca.

About Chubb
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris  and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: chubb.com.

Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada. For additional information, visit: chubb.com/ca.

SOURCE Chubb

Intact buying insurers Guarantee Co. and Frank Cowan for $1-billion

Intact Financial Corp. has signed a deal to buy The Guarantee Co. of North America and Frank Cowan Co. Ltd. from Princeton Holdings Ltd. for $1 billion in cash.

The Guarantee is a specialty lines insurer in Canada and the U.S., while Frank Cowan is a managing general agent focused on specialty insurance.

Intact is a provider of property and casualty insurance in Canada and a provider of specialty insurance in North America.

The company says the acquisition will bolster its position and add new products for the high net worth customer segment.

Princeton Holdings will continue to own Cowan Insurance Group, Cowan Asset Management and Fountain Street Finance.

To finance the transaction, Intact says it has access to its own capital resources and bank facilities and may evaluate capital markets alternatives.

“The acquisition of The Guarantee Co. of North America and Frank Cowan Co. is strongly aligned with our strategic and financial objectives,” Intact chief executive Charles Brindamour said in a statement.

“We are delivering on our objectives to grow in Canada and build a leading North American specialty platform. I’m enthusiastic about what we will accomplish by leveraging the combined expertise of our teams and our expanded offering.”

The deal, which is subject to regulator approvals, is expected to close in the fourth quarter of this year.

Specialty lines insurers typically underwrite more difficult and unusual risks or higher-risk accounts, such as professional liability, marine and aviation.

Gore Mutual Named Leading Financial Services and Insurance Workplace

CAMBRIDGE, ON, Aug. 13, 2019 /CNW/ – Gore Mutual Insurance continues to receive national recognition for its workplace culture. Earlier this year the company was named an Employee Recommended Workplace and also certified as a Great Place to Work. Now Gore Mutual is excited to announce that it has been included on Canada’s 2019 list of Best Workplaces in Financial Services and Insurance.

This is Gore Mutual’s third consecutive year being chosen as a Best Workplace in Financial Services and Insurance. The designation came after a thorough and independent analysis conducted by Great Place to Work – the global authority on building, sustaining and recognizing high-performing workplace cultures. Only 36 organizations received this honour and winners were selected based on direct employee feedback from hundreds of organizations across the country surveyed by Great Place to Work.

“Our industry is filled with companies that are doing amazing things and being recognized as one of the Best Workplaces in Financial Services and Insurance is an accomplishment that we’re very proud of,” said Catherine Leclair, Vice President of Human Resources at Gore Mutual. “This award is a tribute to each and every one of our employees. Innovation and collaboration have been vital to our success over the past 180 years. We’re lucky to have so many talented and passionate people who work hard to create an inclusive, forward-thinking environment where everyone’s ideas are heard and valued.”

Based in Cambridge, Ontario and Vancouver, British Columbia, Gore Mutual is Canada’s oldest property and casualty insurer and in June celebrated its 180th anniversary. The organization continues to introduce additional resources to support employees and is in the midst of a multi-year program of renovation and modernization of all of its work environments. Already a Best Workplace in Financial Services and Insurance, Gore Mutual is working hard to be even better.

Watch Gore Mutual’s new workplace culture video here: https://youtu.be/o7N1x3wFKXo

About Great Place to Work:
Great Place to Work is the global authority on high-trust, high-performance workplace cultures. Conducting the world’s largest workplace study, Great Place to Work provides tremendous understanding of effective business cultures and the increasingly complex marketplace. Through proprietary assessment tools, advisory services, and certification programs, it provides the benchmarks, framework and expertise needed to create, sustain and recognize outstanding workplace cultures. Learn more at greatplacetowork.ca.

About Gore Mutual:
Founded in 1839, Gore Mutual is Canada’s oldest property and casualty insurer, with over $442M in premiums and over $1BN in assets as of December 31, 2018. Based in Cambridge, Ontario and Vancouver, British Columbia, this Canadian-owned and operated mutual company employs over 350 people and is known for its investment in people, technology and innovation. With a long-standing commitment to genuine personal service, and with InsurTech partnerships such as BrokerLift, Gore Mutual is an unwavering supporter of its network of insurance brokers, who offer the highest standards of service, choice and advocacy to Canadian customers. Gore Mutual was voted the #1 insurance company by the Insurance Brokers Association of Ontario (IBAO) in 2014, certified as a 2018 Best Workplace Canada and named a 2019 Best Workplace in Financial Services and Insurance. The Gore Mutual Foundation strengthens Canadian communities by supporting local initiatives and has donated more than $10M to over 650 charities over the past 20 years. Learn more at goremutual.ca.

SOURCE Gore Mutual Insurance Company

OmbudService for Life & Health Insurance appoints a new Chief Executive Officer & Ombudsman

TORONTO, Aug. 13, 2019 /CNW/ – The OmbudService for Life & Health Insurance (OLHI) announced today that its Board of Directors has appointed Mr. Glenn O’Farrell as Chief Executive Officer and Ombudsman. He will assume his functions in the Toronto office on August 19, 2019.

“The Board believes that his extensive experience in management, collaborating with stakeholders and leading organizational change in this age of technology will be essential attributes in executing OLHI’s mission” said Dr. Janice MacKinnon, Chair. “We are fortunate to have someone of Glenn O’Farrell’s caliber and experience to lead OLHI.  Glenn is a skilled communicator with deep leadership capabilities and has a proven track record of execution. His vast experience with the media will help further the development of the organization and promote its services by raising consumer awareness while continuing to strengthen OLHI’s relationships with their members and various stakeholders.”

A native of St-Malachie, Québec, Glenn studied economics, law, business and corporate governance at St. Francis Xavier University in Nova Scotia, Université Laval in Québec City, Johnson School of Management, Cornell University, Ithaca, N.Y.and at Rotman School of Management, University of Toronto. He is a member of the Québec Bar, Canadian Bar Association and Institute of Corporate Directors. He also has served on numerous company boards of directors as well as not-for-profit corporations.

Glenn said, “I am honored and excited to lead OLHI. Its is a privilege to be part of an organization governed by a fair and valuable purpose – providing Canadian consumers an independent, cost-free forum for the resolution of their complaints about life and health insurance products. I am looking forward to share my ideas and expertise in order to help promote our services and enhance the consumer’s experience when dealing with OLHI.”

Until recently, he held the position of CEO of Groupe Média TFO. Prior to this role, Glenn served as Vice-President, Réseau Pathonic TVA, Québec City; General Counsel, Chief Regulatory Officer, Senior Vice-President at CanWest Global, Toronto; President of Global Québec, Montreal, and President & CEO of the Canadian Association of Broadcasters, Ottawa.

About the OmbudService for Life & Health Insurance
The OmbudService for Life & Health Insurance (OLHI) is Canada’s only independent complaint resolution service for consumers of Canadian life and health insurance. Canadians trust us to review their insurance complaints about life, disability, employee health benefits, travel, and insurance investment products such as annuities and segregated funds. OLHI’s free bilingual services are available to any consumer whose insurance company is an OLHI member – and, currently, 99% of Canadian life and health insurers are. OLHI also offers general information online about life and health insurance. To ensure impartiality, OLHI’s operations are overseen by the Canadian Council of Insurance Regulators (CCIR). For more information, visit www.olhi.ca.

SOURCE OmbudService for Life & Health Insurance

AXA XL Names New Senior Underwriter for Large Property Insurance in Canada

AXA XL has added Jennifer Arezes to its Property Insurance team in Canada. Ms. Arezes is based in Toronto and will work alongside Ian Rutherford, Head of Property, Canada and Urs Uhlmann, CEO and Country Manager AXA XL, Canada to grow AXA XL’s Property & Casualty Large Property business nationally.

“We’re very excited to have Jennifer join our growing team of experts in Canada,” said Mr. Uhlmann. “She is one of the best in the industry and her extensive experience will bolster not only our underwriting capabilities but will be a great asset to our strategic growth objectives in the large, international property risks space.”

In this new role, Ms. Arezes will be responsible for developing and structuring tailor-made risk solutions to win new business and retain existing customers with particular focus on Canadian clients with global exposures.

“As the largest commercial insurer in the world, we have a unique opportunity for continued growth across Canada. Jennifer’s expertise and in-depth knowledge of the market is a great asset to our team and most importantly, will enhance our ability to provide outstanding service to our clients and brokers,” added Mr. Rutherford.

Ms. Arezes joins AXA XL from Zurich where she most recently led the Commercial Property Insurance business.  She brings more than 15 years of industry experience focusing on property underwriting across a wide range of business lines. Ms. Arezes holds a degree in Biological Technology/Industrial Microbiology from Centennial College of Applied Arts and Technology.

AXA XL’s North America Property business meets the global and domestic property insurance needs for a wide variety of commercial businesses and industries. Coverages include Equipment Breakdown E&S Property and General Property, delivered by a dedicated team of underwriters, risk engineers and property claims managers who specialize in addressing large, complex property risks.

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