Western Financial Group has acquired Brown & Ward Insurance Ltd., a long-time leader in insurance services in the City of Lacombe, Alberta.

Owned and operated by Lorne and Heather Rye, Brown & Ward has been in business since 1938. The company will continue to operate with the same friendly staff from the same historic location at 5024 – 51 Street under the Western Financial Group banner.

“The only difference our customers will see is access to a wider variety of products and services at very competitive prices,” said Lorne Rye. “This move means we’re joining a strong network with an excellent offering, including financial services such as banking.”

“We’re very happy to welcome Lorne and Heather and their team to our growing Western network,” said Scott Tannas, President and CEO of Western Financial Group. “We’re looking forward to rolling out a greater variety of services to our residential and commercial clients in and around Lacombe and we are truly excited to be a part of this thriving community. To me, Lacombe’s proud heritage and brilliant future are as good an example as you can find of the true Alberta spirit. It is an honour to see Western’s name grace the lovely old building on 51 Street, and you can count on us to be good neighbours as we grow in step with the city.”

Print

On February 2, the Ontario Superior Court of Justice has ordered the winding-up of Union of Canada Life, saying that the life insurer has insufficient capital to ensure long-term viability.

Grant Thornton Limited has been appointed by the court as liquidator.

“The company faced unique challenges, business risks and insufficient capital to ensure long-term viability, which caused it ultimately to seek court protection,” said a statement from Grant Thornton.

“We will be focused on arranging the transfer of the policies to another life insurance company expeditiously in order to ensure the policyholders continue to be served seamlessly.  In the interim, operations of Union of Canada Life will continue from its head office in Ottawa”, said Michael Creber, the Grant Thornton partner in charge of the liquidation.

Union of Canada Life, incorporated in Ontario, services approximately 22,000 policies across Canada with most policies being in Quebec.

The Liquidator will be working closely with Assuris, the not for profit organization that protects Canadian policyholders in the event their life insurance company fails.  In general, during the transition period, policies will continue and benefits will be paid.  It is also anticipated that the policyholders will suffer no loss of benefits.

“However, if full recovery of policyholders’ benefits is not achieved in the transfer process, Assuris is committed to providing its protection to all policyholders” said Gordon Dunning, President and CEO of Assuris.

“Union of Canada Life was faced with unique challenges that caused the company to seek court protection,” Dunning added. “Our analysis indicates this company had extremely high strategic, market and operational risks and insufficient capital to ensure the long-term viability of the company in a low interest rate environment.”

“The Canadian life insurance industry is very stable,” Dunning said, “and Canada has one of the best regulatory systems monitoring financial institutions. The Financial Services Commission of Ontario (FSCO) has been closely monitoring Union of Canada Life and has kept Assuris fully informed of all developments.” He added, “Assuris and FSCO’s priority has been, and continues to be, the protection of policyholders.”

All policyholders will be receiving a letter directly from the Liquidator on how their respective benefits are protected.  Other parties affected by the liquidation order will also be receiving a separate letter.  In the interim, policyholders are advised to continue paying their premiums as usual in order to ensure there is no interruption in their insurance coverage.

Policyholders with questions can visit www.GrantThornton.ca/Union_Canada_Life, call the Liquidator Information Centre at 1-855-390-4200 or email the Liquidator at Union_Canada_Info@ca.gt.com.

Print

ICBC is making changes to its bonus system.

“Given our recent financial performance and general economic conditions, we have taken proactive steps to adjust and add more rigor to our performance pay plan,” Adam Grossman, ICBC’s Senior Media Relations Advisor told ILSTV in an email.

Radio station CKNW reports that a memo sent to ICBC employees says full bonuses will only be paid if the company meets its 2011 target of $217 million profit.

In the first nine months of 2011, ICBC reported net income of $52 million, down from $331 million from the same time period in 2010.

Grossman said “If there is a performance plan payout for 2011, the greatest reductions in payout will apply to our CEO and members of the Executive.”

The memo to staff, according to CKNW, states if there’s a net loss, there will be no bonuses. If profits only reach $35 million, there will be no payout for the CEO or executives, and profits between $35 million and$ 217 million will mean discounted bonuses.

Print

Staged accidents have become common ploys used to defraud Canadian auto insurers. The collisions, which are car accidents deliberately set up to cash in on payouts from insurance claims. They often involve innocent drivers as they may be seen as more authentic.

In 2009, staged accidents caused more than $3 million in fraudulent insurance claims in the Greater Toronto Area alone. While police have been proactive in dismantling some of the organized crime rings that stage accidents, the sophistication of some groups makes it a daunting task.

Now, the Insurance Bureau of Canada (IBC) and the Canadian Police Knowledge Network (CPKN) are sponsoring training so police officers across the country can learn more about staged accidents.

“Insurance fraud is a serious problem right across Canada and we all pay for it in the form of increased premiums.  In terms of staged collisions, at times, innocent drivers are drawn into these dangerous situations and we hope this initiative will help police deal with the crime,” says Rick Dubin, Vice-President, Investigative Services, IBC. “The more informed police officers are on this issue, the more we can disrupt and disable these types of criminal operations.”

Ontario’s insurance industry, which has been hit the hardest, has initiated measures to counteract auto-related fraud.  In addition to recent reforms that have been put into place by the Ontario government to tighten auto insurance loopholes, IBC partnered with York Regional Police to develop online training to educate frontline officers on how to identify and investigate staged collisions. Identifying Staged Collisions is a 45-minute online course that uses videos to illustrate common types of staged collision scenarios and provides information on the various signs, indicators and behaviours that may characterize a staged collision.  It also describes investigation techniques police can use after a collision that is concerning.

“More and more, our officers are called out to suspect collision scenes,” says Sergeant Tony Cummins, York Regional Police Training and Education Bureau. “In cooperation with IBC experts, we’ve developed this course to address a growing problem in our region. But it also provides practical information that any responding officer, in any part of the country, can use to recognize and investigate a staged collision.”

“This course is just one line of defence against a litany of organized insurance scams,” adds Dubin. “But we believe that making it accessible to a national police audience will significantly improve the detection and conviction of fraudsters.”

You might also be interested in: How to avoid staged accidents

Print

As of February 1 and as part of a global brand transition, assistance and specialty insurance provider Mondial Assistance Canada is named Allianz Global Assistance.

Mondial Assistance Canada is a subsidiary of Allianz Global Assistance, an international leader in assistance and insurance services with operation centres in 28 countries, which in turn has been part of the Allianz Group for more than ten years.

According to Canadian CEO Scott McKellar, this rebranding will bring both enhanced brand recognition and business opportunities.

“Our company in Canada has been supporting Canadian travelers with value-added assistance services for over 24 years. We became a member of the Allianz Group 10 years ago, and have grown considerably as a result; this growth has positioned us as a true single source for specialty insurance and assistance products to the Canadian market,”Mr. McKellar said.

“We’re now excited to adopt the Allianz Global Assistance name in Canada as we continue to enrich, and care for, the brands of our partners. Taking on this globally recognized brand will exemplify strength and stability and provide our client with a sense of security, as they will be accompanied by one of the world’s leading insurance companies.”

Print

Monique F. Leroux has been reelected for a second mandate as Chair of the Board, President and Chief Executive Officer of Desjardins Group.

Leroux was elected Chair of the Board, President and Chief Executive Officer of Desjardins Group on March 15, 2008, and officially took office on March 29, 2008. On March 31, 2012 she will begin her second and last mandate, which will end in March 2016.

Leroux had announced her intention to renew her mandate in a communication transmitted on January 19 to the members of the Board of Directors and the members of the Election Committee of Desjardins Group.

“I am undertaking my second term with the support of the Board of Directors and all the elected officers, and together we will continue making progress on many projects already underway, in particular the Co-opme Education and Cooperation Program which we launched in 2011,” said Leroux. Co-opme is a group of concrete actions promoting personal commitment, education, responsible finance management, and recognition for cooperatives and cooperation. “We will be strengthening the role of Fondation Desjardins, revitalizing the Desjardins Cooperative Institute, and focusing particular attention on the development of individuals—our greatest asset,” added Leroux.

Desjardins Group is a leading cooperative financial group in Canada with assets of nearly $190 billion. Drawing on the strength of its caisse network in Québec and Ontario, and its subsidiaries across Canada, it offers a full range of financial products and services to its 5.8 million members and clients. Desjardins specializes in Wealth Management and Life and Health Insurance, in Property and Casualty Insurance, in Personal Services, in Business and Institutional Services.

Print

Crawford & Company (Canada) Inc. has made three appointments to lead several regional claims and Global Technical Services (GTS) operations across the country.

Jules Giasson has been named branch manager for the Winnipeg, Brandon, Regina and Saskatoon offices. Giasson joined Crawford last year from a management role with TEIG in Calgary and has been working closely on management, customer and employee recruitment initiatives.

Randy LaBrash has been appointed as director, GTS in western Canada. LaBrash will focus primarily on commercial large loss file handling within the region, as well as assume responsibility for growing the GTS product line in western Canada, both in terms of claims and personnel recruitment and advancement.

Shelley Upton-Landry has joined the company as director of operations for the Atlantic region. Upton-Landry is a bilingual claims insurance professional who has worked as a telephone and road adjuster and held various roles such as team lead and director of claims. She also has managed corporate services, including administration and information technology.

“Jules, Randy and Shelley bring a great deal of experience, knowledge and passion to their new roles in our organization,” said John Sharoun, chief executive officer of Crawford & Company (Canada) in a statement. “We are looking forward to the leadership they will provide to our claims and GTS operations.”

Print

Amid a challenging year ahead, there are opportunities for success in the Canadian insurance industry, provided insurers make the right moves, says Ernst & Young.

On the life insurance side, a volatile market poses challenges. ”Equity markets continue to be unpredictable, and we’re seeing a low interest rate environment, which increases risks for insurers. Ongoing changes in regulatory and accounting standards also pose new hurdles,” said Doug McPhie, Ernst & Young’s Canadian insurance industry leader.

The property and casualty (P&C) side of the industry is in a similar situation. McPhie says volatile capital markets and expanding regulation could affect insurers’ risk and capital management programs.

Despite this tough climate, insurers from both sides of the industry who focus on key areas may still be able to achieve growth despite the relatively flat economy. Management should look to reinforce sound risk management standards, make better use of technology and the internet, and work hard to learn about the impact that changing market demographics has on how insurers engage their diverse customer groups.

“To reposition strategically for growth and remain high performers, insurers have to focus on innovation, taking data analysis to new levels and using social networks to better understand the customer,” McPhie advises. “Streamlining cost structures and using a variety of stress testing scenarios to get a better grasp on cash flow could also generate competitive advantages in this environment.”

Ernst & Young suggests Canadian insurers will need to focus on the following to remain competitive in 2012:

Life insurance industry:

1. Manage the company for the current volatile market. Evaluate investment opportunities by using a variety of stress tests to improve asset/liability matching and management processes to better align organizations to new realities.
2. Get a firmer grasp on cost containment. Streamline cost structures. Essentially, do more with less.
3. Prepare for accounting and regulatory convergence. Create products and services suitable to the new regimes, and reduce costs to bolster bottom-line earnings.
4. Drive efficiency and risk management improvement through technology. Implement data analytics to get a better sense of consumer behaviours and risk scenarios.
5. Embrace the internet. Make the brand more visible, reach out to new audiences and develop stronger relationships with consumers through internet applications like social media.

P&C insurance industry:

1. Manage low interest rates and asset liability matching. Set appropriate risk tolerances by identifying relevant stress tests and measuring exposure to risks.
2. Make better use of technology to increase business intelligence and improve efficiencies. Improve cash flow across the business, and tighten operational efficiencies through advanced analytics, cloud computing and social networks.
3. Transform core insurance systems. Transform billing systems to improve customer experiences and cash flows.
4. Strengthen risk management infrastructure to respond to regulatory challenges. Move towards internal capital models for internal risk management, capital management, regulatory reporting requirements and rating agency assessments to improve risk management standards.
5. Adapt to the changing face and voice of the customer. Develop marketing plans composed of multi-channel strategies including online and offline channels to suit demographically diverse customer expectations.

Print

ACE Canada, the Canadian-based operating division of the ACE Group, has appointed Steven Lucas as Vice President, National Accounts.

Lucas will be responsible for leading the business development strategy and will act as the principal contact for ACE Canada’s national account segment. Lucas will report to David Brosnan, Country President, ACE Canada.

Lucas started his career with ACE Canada in 2005 as a senior underwriter specializing in Directors and Officers coverage. More recently, he served as Assistant Vice President for ACE Canada’s Management

“This role clearly demonstrates ACE’s commitment to deploy our global coverage and risk management capabilities to meet the specialized needs of our large account brokers and clients,” said Mr. Brosnan.  “Steve is exceptionally adept at client and producer stewardship and will act as their principal advocate.”

Print

Kingsway Financial Services Inc. announced that it is implementing an action to effect a reverse stock split of the Company’s common stock.  The action is intended to ensure that Kingsway remains in compliance with the New York Stock Exchange (NYSE) continued listing standards.  Under NYSE listing standards, the closing price of a stock cannot be under USD $1 for more than 30 consecutive trading days. Kingsway’s stock has been recently trading in the $0.63 range.

Kingsway said the reverse stock split has been approved in principal by the Company’s Board of Directors and remains subject to final Board action and shareholder approval.  The insurer says the reverse stock split is being planned in conjunction with “reviewing various other strategic alternatives including possible acquisitions or mergers to enhance shareholder value.”

Print

In the last two months, three Canadian churches have been damaged by fire and Ecclesiastical Insurance says that in each case, an electrical fire was deemed the likely cause.

The three damaged churches – one in Port Alberni, B.C., one in Stoney Creek, Ontario and one on Newfoundland’s Avalon Peninsula – have highlighted the risk that older buildings have.

Colin Robertson, VP Risk Control at Ecclesiastical Insurance, points out that electrical issues are among the leading causes of fires in North America and that older churches – whether they were built with wood frames or as masonry buildings with wood joisted roofs – are particularly vulnerable. “Faulty wiring, overloaded electrical circuits, and improperly grounded equipment are among the hazards that pose significant threats,” he says. “Unless they are updated and regularly maintained, electrical installations in older churches can’t handle today’s increased demands.”

Robertson says that in some cases, electrical systems are simply overburdened.

“A professional inspection of incoming service, breaker panels and fuse boards, and wiring and grounding,” he emphasizes, “is a critical first step to identifying the risks and avoiding potential disasters. In addition to inspections, professional electricians should undertake electrical updates and repairs.”

Ecclesiastical also advises faith customers to create a checklist and conduct regularly scheduled inspections, looking at such areas as:

• The number of appliances – computers, battery chargers, coffee machines, and electric heaters – plugged into outlets. Too many will overload the circuits and cause the installation to overheat.
• Older wiring that may be damaged due to insulation breakdown, mechanical damage, and rodents exposing live wires through extensive chewing. Any combustible material in the vicinity should be removed immediately and the damaged wiring replaced.
• Overuse and misuse of temporary wiring or extension cords. For example, extension cords should not pass through walking areas, nor should carpets or furniture rest on them.
• Outlets and switches that may be cracked or broken. If they are hot to the touch, it may indicate a problem.

Print

Canadian commercial insurance rates are likely to remain stable across most lines of business in 2012, continuing a trend that began in the second half of 2011, said Marsh.

Substantial catastrophe losses and reduced investment returns prompted many insurers to seek rate increases in 2011, Marsh said in its report, Navigating the Risk and Insurance Landscape: Canada Insurance Market Report 2012.

Property insurance rate reductions will likely cease in 2012, especially for Canadian insureds with significant loss histories or U.S. catastrophe exposures, the report notes. Companies with U.S. catastrophe exposure will likely see rate increases of up to 15 percent. Rates for financial and professional lines, including for directors and officers (D&O) liability, are expected to remain stable in 2012, although some rate decreases are still achievable.

“Entering 2012, the Canadian insurance market remains in a state of transition,” said Alan Garner, President and CEO, Marsh Canada Limited. “Insurers are expected to be extremely disciplined in their underwriting and seek rate increases where they can. Those insureds that are able to provide insurers with complete, accurate, and quality data will be best positioned to secure more competitive rates at renewal.”

Marsh’s report also noted:

• Generally, market rate reductions are expected to cease in 2012; most companies will see flat renewals to small increases—of 5 percent to 7 percent—in the first half of 2012. There may be some rare exceptions to this trend for insureds with superior risk profiles.
• Rate reductions for property and casualty may still be possible within the small and midsize commercial market, where competition among insurers remains strong.
• The directors and officers (D&O) insurance marketplace remains highly competitive as a result of new market entrants; attempts by some carriers to rebalance portfolios that are over-exposed to U.S. litigation; and the overall financial health of the Canadian insurance industry.
• Many insurers continue to view Canada as a good place to do business, which has continued to fuel competition in the marketplace; however, mergers and reorganizations in the insurance industry could negatively impact available capacity in 2012

Print

Plugging in a car is a reality for many Canadian winter drivers, but it can be dangerous. Manitoba Public Insurance (MPI) reports that several dozen of the province’s vehicles catch on fire every winter due to a fault extension cord or corroded block heater plugs.

MPI’s fire experts say a cracked extension cord – or a block heater cord with a corroded plug – can sometimes lead to “electrical arching” which can quickly spark a fire.

“Fire experts are specially trained to determine the source of a fire,” said Clem Cormier, Manager of MPI’s Special Investigations Unit, which consists of three fire experts. “Many vehicle fires are a direct result of electrical arching, caused directly by a compromised cord or plug.”

The insurer said about 1,000 vehicles suffer fire damage each year, and the majority of incidences take place in the winter. During bitterly cold winter temperatures, Manitobans will plug in their vehicles to heat various engine fluids (anti-freeze/oil), allowing for easier starting. Extension cords which are cracked or have exposed wires should be replaced, said Cormier.

“Many vehicle owners should take a few seconds to also inspect the block heater plug,” Cormier says. “If the plug in is broken, or has obvious corrosion, it should be replaced immediately.”

Corrosion can be caused by exposure to moisture, dirt and road salts. With personal safety in mind, people are advised not to plug in their vehicles within a garage or any other enclosed structure.

MPI offers the following safety tips for extension cords/block heater plugs

• Don’t drive over your extension cord. This can cause cracking/breaking during bitterly cold weather.
• Cover your block heater plug in with its protective cover.
• Unplug your block heater by using the hard, rubber end. Pulling on the electrical cord can cause breakage and potential electrical issues.
• Have your block heater cord inspected each fall by a qualified mechanic.

Print

Twelve community initiatives are benefiting from a total $1 million donation from Aviva Canada, as part of the most recent Aviva Community Fund competition.

After several rounds of nominating and online voting from the Canadian public, an independent panel of judges was tasked with reviewing the causes and selecting the winners. This year, the winning projects include school yards in Ontario and Alberta, an animal rescue facility in British Columbia and a youth camp in Quebec, among others.

“We’re proud to be able to support such a great group of organizations in their efforts to improve communities across Canada,” said Maurice Tulloch, President and CEO of Aviva Canada. “We’d like to thank our broker partners who stepped up and got involved in the competition this year, along with our vendors and all Canadians that supported the Aviva Community Fund.”

The winners of the 2011 Aviva Community Fund:

Kitchen Equipment to Help Feed Bodies and Soul: Kamloops, BC – The PIT (People In Transition) Stop team serves meals to over 150 less fortunate members of the community every week at the Kamloops United Church. Support from the Aviva Community Fund will enable the PIT Stop team to add much needed equipment to their kitchen which is also used by community organizations and after school programs.

Northern Lights Wildlife Society, Bear Rescue Facility: Smithers, BC – NLWS is a volunteer based charity dedicated to rehabilitating injured and/or orphaned juvenile wildlife back into the wild.  To aid in the growing demand on the bear rescue facility, the Aviva Community Fund will provide the resources to add fencing for a 10,000 square foot area, a shelter space and activity opportunities for the bears.

Holyrood School Courtyard Classroom: Edmonton, AB – With support from Aviva Canada, Holyrood Elementary School will create a vibrant outdoor courtyard classroom. The classroom will be used by the students, a local senior’s centre, an extended care facility and group home. The classroom will include vegetable gardens, native shrubs, small trees, log seating and pathways.

G.S. Lakie Convertible Theatre/Summer Arts Institute: Lethbridge, AB - Support from the Aviva Community Fund will allow G.S. Lakie Middle School to add lighting and other technical requirements to transform their multi-use foyer into a theatre to house summer arts programs, workshops and festivals for youth across Western Canada. The space can accommodate up to 700 spectators and is used by the school, various arts groups and the community at large.

Yorkton Skateboard, Bike and Walking Park: Yorkton, SK – Yorkton was hit hard by flood waters in 2010, causing severe damage to many homes and businesses. As part of the Brodie Avenue Redevelopment Project, funding from the Aviva Community Fund will be matched by the City of Yorkton for the construction of a skateboard, bike and walking park.

Kate’s Kause Accessible and Inclusive Playground: Elmira, ON – Elmira does not currently have a playground that is accessible for those with disabilities. Through funding from Aviva Canada, Kate’s Kause will build a playground structure with access for those with physical limitations, while addressing the needs of children with cognitive, visual, sensory and auditory disabilities.

St. John School’s Field of Dreams: Guelph, ON – St. John School has a vision to see their entire playground and surrounding green space transformed into a shady, more naturalized and stimulating outdoor environment for students and the community. With support of the Aviva Community Fund, the school will add a junior kindergarten enclosure, outdoor classroom, outdoor reading room and a volleyball court.

St. Joseph’s Villa/S.I.M Gym (Seniors in Motion): Dundas, ON – The SIM Gym at St. Joseph’s Villa is a fitness program that supports active aging and reduces the impact of age-related injuries and health problems.  Funding from Aviva Canada will allow St. Joseph’s to increase their space and SIM program by 75%, accommodate a growing wait list, add new programs, expand hours of operation and increase membership.

Cameron Street Public School’s Yard Revitalization: Collingwood, ON - Cameron Street Public School, with Funding from Aviva Canada, will create natural play spaces where children can play and learn throughout their property. Improvements include an outdoor classroom with a sensory and vegetable garden, landscaping, resurfaced baseball diamonds, tarmac areas and a natural playground.

Give our Lions a Place to Roar (Lincoln Centennial Public School): St. Catharines, ON – After over five years with no outdoor play structure, Lincoln Centennial Public School will use funding from the Aviva Community Fund to create an outdoor playground for their community and students, including a special-needs class.

The Cascades Club: Chelsea, QC – The Cascades Club is an active waterfront community organization that has been operating summer camps, as well as swimming and various boating programs, since 1920. Support from Aviva Canada will assist in securing a 1/3 acre waterfront property so the 800 members and hundreds touched through outreach programs may enjoy and benefit from waterfront activities on the Gatineau River.

All Natural Play Area – Centre de plein air Domaine-Notre-Dame: Sainte-Catherine-de-la-Jacques-Cartier, QC – The Centre de plein air Domaine-Notre-Dame is a camp facility that encourages education, respect and accountability. The camp uses science workshops, cooking creation and expression, physical games, horseback riding and general camping to help youth aged 2 to 14 to develop. Funding from Aviva Canada will help create a cooking laboratory, recycling amenities, resurfacing of sport areas as well as the addition of picnic tables and change room facilities.

Aviva Canada said would like to thank the numerous community partners that contributed to the Aviva Community Fund this year including Abilities Foundation, Benevity, Canadian Mental Health Association, Child Welfare League of Canada, Diabetes Hope Foundation, Essential Accessibility, Food Banks Canada, Free The Children, Learning for a Sustainable Future, March of Dimes, National Alliance for Children and Youth, ParticipACTION, Psychology Foundation of Canada, Seeds Foundation and Volunteer Canada.

Print

A Williams Lake, British Columbia man may be thinking twice about what he posts on social media websites after a series of Facebook posts and messages led to an ICBC fraud investigation.

After drinking at a New Year’s Eve party, Corbin Joseph was driving home with three passengers and rolled his truck near Springhouse, B.C. There were no injuries reported but the truck was a total loss. A prohibited driver, Joseph convinced a friend to tell ICBC that she was the driver. ICBC paid Joseph $18,350 for the truck.

However, ICBC’s special investigation unit (SIU) soon realized that Joseph was bragging on his Facebook page, saying that he had rolled his truck and got a big payout from ICBC.

SIU investigators interviewed Joseph’s friends who quickly admitted that it was in fact Joseph, the suspended driver, who had been driving and did put his truck into the ditch twice that night.

Joseph found out that SUI officers were investigating the woman who said she was driving. He sent her text messages and Facebook messages offering her “considerable sums of money and legal assistance” if she stuck with the story. She refused and cooperated with ICBC’s SIU and provided them with copies of the messages.

Joseph admitted to his lies and received a fine of $2,000 in addition to having to pay over $18,000 in restitution. The Williams Lake Provincial Court judge also gave Joseph a three-month conditional sentence and six months of probation.

Print

Glenn Williams have been appointed President and CEO of Western Financial Insurance Company (WFIC), a wholly-owned subsidiary of Western Financial Group which provides pet insurance under the Petsecure brand. Williams is replacing Randy Valpy who is leaving the company to pursue other opportunities, the company said.

The appointment became effective on January 20, 2012.

Williams has served WFIC since March 2010 as Vice President of Operations and, since May 2011, as Chief Operating Officer.

“Glenn brings focus, depth and operational expertise to Petsecure.  In his new role, he builds upon a successful foundation of leadership and change management both here at Western and throughout his career,” said Scott. Tannas, President and CEO of Western Financial Group. “Glenn’s experience in shepherding WFIC through a time of rapid change while energizing and motivating his team has been impressive. WFIC and the Petsecure brand are well positioned for rapid growth, and Glenn’s skills and leadership will help accelerate this progress.”

Earlier in his career, Williams served in various CFO, VP and other leadership roles at a variety of firms including Arnold Bros. Transport, the Winnipeg Free Press, and Thomson Newspapers.

A lifelong Winnipegger, Williams will continue to be based at the WFIC Winnipeg head office.

Print

As of January 23, 2012, Unity Life of Canada, a Foresters company, has changed its name to Foresters Life Insurance Company.

Unity Life was acquired by Foresters in 2008. The company says the new name change “symbolizes the continuing evolution and growth of the company.”

“The name change will allow us to present a contemporary and unified brand to our clients and business partners. Operating as Foresters Life Insurance Company, we will now be recognized in the marketplace as part of the overall Foresters family of companies and the excellence Foresters stands for, both in terms of our products and our commitment to the well-being of Canadian families and communities,” said Anthony Poole, President & CEO, Foresters Life Insurance Company, in a statement.

The name change does not change clients’ insurance coverage, policy values, premiums or policy dividends.

Print

The chair of the Insurance Corporation of B.C. (ICBC) has stepped down.

Nancy McKinstry announced her resignation as chair on Friday, January 20, saying she wishes to pursue “other professional opportunities.”

McKinstry, an Order of Canada recipient in 2005, took the position of ICBC chair in May 2010.

Nancy McKinstry announced her resignation as chair of ICBC on January 20.

The Globe and Mail reports that in an email to staff on Friday, ICBC President and CEO Jon Schubert wrote “Nancy has provided wise and professional leadership to the Board since her appointment as Chair in 2010 and her strong commitment to the governance of ICBC has been outstanding,” he said.

“I will personally miss Nancy, as will others at ICBC who have had the chance to work with her, and I wish her all the best as she moves on to new opportunities.”

ICBC Tweeted a message about McKinstry’s departure. “We’d like to wish Nancy McKinstry all the best as she moves on to new opportunities. She was a great asset to ICBC & will be missed,” the January 20 Tweet read.

McKinstry has served on corporate, university and non-profit boards in recent years, and spent more than two decades with Odlum Brown Ltd., most recently as a senior vice-president and director.

Her board experience includes serving as chair of Simon Fraser University, the Investment Dealers Association’s B.C. District and the Minerva Foundation for BC Women, where she was a founding member.

Nancy received a Distinguished Alumni Award from BCIT in 2003 and an honourary Doctor of Laws degree from SFU in 2004.

Print

Derek Iles, Senior Vice President of Intact Insurance in Western Canada is retiring. Iles will step down from his position at the insurance company on February 1, 2012.

“Over the years, Derek has played a key role on the Intact Financial Corporation executive team, contributing to the development of strategies, managing operations and playing aninstrumental role in the creation and development of Intact Insurance,” said Intact Financial Corporation’s CEO Charles Brindamour in a statement. “As Vice Chair of Intact Financial Corporation, Derek helped through his leadership of the operations committee coordinating the activities of three business units, the implementation of strategic initiatives and the integration of multi-channel initiatives.”

Iles assumed the role of Senior Vice President in Western Canada in December 2008. Prior to that,  Iles had served as President of Intact Insurance beginning in January 2007, and as EVP in charge of our operations in Ontario and in the Western provinces, beginning in May 2004. Iles was President, Central/Atlantic Region from 2001, and previously was President and Chief Operating Officer of ING Western Union Insurance Company located in Calgary, Alberta.

Jennie Moushos will be assuming Iles’ responsibilities for the Western Division.  Moushos was previously responsible for AXA business operations in Western Canada and the Northwest Territories. She is a Certified Management Accountant and a Chartered Accountant and has a Bachelor of Commerce Degree and a Diploma in Public Accountancy.

Print