The Co-operators donates $75,000 to three organizations in Regina

REGINA, Dec. 17, 2015 /CNW/ – The Co-operators Life Insurance Company announced donations totalling $75,000 to three organizations working to address unmet needs in its hometown of Regina. The Regina Food Bank, Regina Palliative Care and the Saskatchewan Cancer Agency each received $25,000 gifts.

“We are proud to support these three exceptional organizations that provide much-needed services to so many people in our community,” said Kevin Daniel, executive vice-president and chief operating officer of Co-operators Life Insurance Company. “Reginais a community where people come together to help one another in times of need, and we’re pleased to support three organizations that make that happen on a daily basis.”

The Co-operators has long been a supporter of the Regina Food Bank. Last year, the two organizations partnered to introduce the food bank’s Reclamation program. It accepts unwanted cleaning, hygiene and other small household items from retail businesses and distributes them to other community based-organizations such as women’s shelters and addiction services. This helps the recipient organizations focus their financial resources on their programs and services, while diverting thousands of pounds of material from landfill. Today’s donation will allow the Regina Food Bank to expand the program.

Regina Palliative Care improves the quality of life for palliative care clients, supports their families and operates the Greystone Bereavement Centre as a means of providing specialized and accessible bereavement care and support. The $25,000 donation will help the organization continue to provide education and support, free of charge, to those who require its services.

With its $25,000 gift from The Co-operators, the Saskatchewan Cancer Agency will be able to purchase a Total Body Precision Patient Immobilization Unit for the Allan Blair Cancer Centre. The unit will be used for radiation therapy that requires precise patient positioning and extremely accurate radiation delivery to treat tumours, allowing local residents to receive the treatment in Regina, rather than having to travel out of town as they currently do.

About The Co-operators:
The Co-operators Group Limited is a Canadian-owned co-operative with more than $40 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the 50 Best Employers in Canada by Aon Hewitt; Corporate Knights’ Best 50 Corporate Citizens in Canada; and the Top 50 Socially Responsible Corporations in Canada by Sustainalytics and Maclean’s magazine. For more information visit www.cooperators.ca.

SOURCE The Co-operators

Co-operators Insurance rejects church’s bid to forego trial

By Jennifer Choi, CBC News

The lawyer representing Co-operators General Insurance is asking a judge to reject the Archdiocese of Moncton’s request to forego a trial.

Danys Delaquis is acting on behalf of Co-operators Insurance. (CBC)

Danys Delaquis told Justice Stephen McNally Monday that the case merits a trial.

“We reject a summary judgement,” Delaquis said in the Court of Queen’s Bench in Moncton.

The Archdiocese of Moncton is suing Co-operators General Insurance for $4.2 million. It wants to recover some of the $10.6 million it has paid out to victims of abuse through a confidential compensation process.

The archdiocese had a policy with the insurer between 1977 to 2000, and it believes that’s the amount of money the insurer should pay.

One reason the archdiocese is requesting a summary judgement is because it is “less expensive.”

If McNally agrees to a summary judgement the two sides would forego a trial and he would review evidence and make a decision.

Lawyer Chris Blom is representing the Diocese of Moncton, said claims need to be settled by 2016. (CBC)

“There are no other documents that the parties have that should have been brought before the court in a trial, no further evidence that will assist us,” said Chris Blom, one of the lawyers representing the diocese.

Blom’s co-counsel Mark Fredrick also told McNally the archiocese is under “pressure.”

Frederick told the court that the archdiocese has commitments to settle some claims of abuse by June 2016. The archdiocese is requesting McNally render a decision by that date, so in the event the archdiocese is awarded some or all of the $4.2 million it wants from Co-operators, it can use that money to pay claimants.

McNally stressed that is a tight timeline and “a bit unfair to other people that have been waiting in the queue for trial dates, that will be a consideration.”

McNally said he would look into dates and see what he can do, but he made no guarantees.

Files lost

One of the main issues in this case is the lack of insurance policy records.

Both the Archdiocese of Moncton and the Co-operators have been unable to locate the policy records.

The lawyers for the archdiocese argue that according to a former policy writer with Co-operators, the maximum coverage limit is $500,000 per occurrence between April 1977 to February 1992. After that the policy limit changed to $2-million per occurrence of abuse.

Delaquis told the judge without the records there is no way of knowing with certainty the exact annual limits to the policies.

“Co-operators can’t confirm what the wording is for the entire policy period,” Delaquis told the judge.

McNally will now deliberate and make his decision on how to proceed.

Intact Foundation Provides Local and International Support for Syrian Refugees

TORONTO, On Dec. 16, 2015 /CNW/ – In response to the growing need for humanitarian aid and relief for Syrian refugees, the Intact Foundation announced that it has donated $100,000 to UNICEF Canada to support displaced youth remaining overseas. The Foundation will also be donating $75,000 to immigrant employment centres across Canada.

“It’s important to recognize the magnitude of this crisis and the impacts felt at home and abroad,” said Monika Federau, Senior Vice President & Chief Strategy Officer of Intact Financial Corporation. “The support of the Intact Foundation recognizes there is still much work to be done overseas, in addition to welcoming new Canadians to communities across Canada.” The Intact Foundation has partnered with UNICEF Canada by providing a donation to support Syrian refugee youth in countries including Lebanon and Jordan.

“We’re extremely grateful for Intact’s generous donation of $100,000 to support UNICEF’s life-saving work with Syrian children and families,” said David Morley, UNICEF Canada President and CEO. “As the UN agency for children, we’ve been responding to this crisis since it began in 2011. It has become the greatest humanitarian crisis of our time with 8.25 million Syrian children at risk today. With the support of Intact and other generous Canadian donors we are reaching the most vulnerable children with critical health, education and protection programs to ensure a whole generation of children is not lost.”

Donations will be made to five regional immigrant employment centres in Halifax, Montreal, Toronto, Edmonton and Vancouver to help support immigrant placement through mentorship programs. Intact Insurance and belairdirect will also work with the centres to provide employees the opportunity to mentor immigrants who have expressed an interest in finding employment in the insurance industry.

About the Intact Foundation
Since 2004, the Intact Foundation has contributed over $26 million in charitable funding to over 1,300 organizations nationally. The Intact Foundation, governed by employees of Intact Financial Corporation, Intact Insurance, and belairdirect, focuses its resources in two arenas – climate change adaptation and supporting at-risk youth.

About Intact Financial Corporation
Intact Financial Corporation (www.intactfc.com) is the largest provider of property and casualty insurance in Canada with over $7.3 billion in annual premiums. With over 11,000 employees, the company insures more than five million individuals and businesses through its insurance subsidiaries and is the largest private sector provider of P&C insurance in Alberta, British Columbia, Ontario, Québec and Nova Scotia. The company distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly owned subsidiary, BrokerLink, and directly to consumers through belairdirect.

SOURCE Intact Financial Corporation

For further information: Media Inquiries: Stephanie Sorensen, Director, External Communications, +1 (416) 344-8027, stephanie.sorensen@intact.net; Investor Inquiries: Samantha Cheung, Vice President, Investor Relations, +1 (416) 344-8004, samantha.cheung@intact.net

CP Rail sweetens Norfolk Southern takeover offer with “insurance policy”

By Ian Bickis

THE CANADIAN PRESS

CALGARY _ Canadian Pacific Railway’s chief executive says he’s not averse to a bare-knuckled takeover brawl as the company proposed an enhanced bid for Virginia-based Norfolk Southern that adds up to $3.4 billion in potential payouts.

“If this is going to be a street fight then so be it,” Hunter Harrison said Wednesday. “The clock is ticking and it’s ticking down. And it’s time for some of us to take some action here if we’re going to see this transaction through.”

The revised deal would give Norfolk shareholders a security with a maximum payout of $25.

The value of the security would depend on the value of the combined company’s stock on Oct. 25, 2017, with no payment if the combined share price is above $175.

Activist investor Bill Ackman said shareholders should think of the security as an insurance policy that can be sold like an option.

“It’s a way to put your money where your mouth is and give shareholders an insurance policy, and give shareholders something of value they can sell immediately,” said Ackman on an investor conference call Wednesday.

He said the securities, which would trade on the New York Stock Exchange, add the equivalent to a $9.50 increase in the bid price for Norfolk Southern and represents a 61 to 78 per cent premium.

But he said CP Rail believes that the combined company would be valued at more than $175 per share, and so no payout will be required.

Meanwhile, the core terms of the offer remain the same as last week’s revised proposal with CP Rail (TSX:CP) offering to pay Norfolk shareholders US$32.86 in cash and 0.451 shares of stock.

Norfolk Southern has rejected the previous offers made by CP Rail as “grossly inadequate.”

canada-press

Economical mutual policyholders vote to move forward with demutualization

"Our new look is very distinct and will help to further differentiate our brand in the marketplace," said Economical's President and CEO Karen Gavan

WATERLOO, ON, December 14, 2015 – Mutual policyholders of Economical Insurance participated in an historic vote today, paving the way for Economical to become the first property and casualty insurer in Canada to demutualize.

At a special meeting in Kitchener, Ontario, mutual policyholders overwhelmingly voted in favour of commencing negotiations with non-mutual policyholders on the allocation of demutualization benefits through court-appointed policyholder committees, surpassing the required two-thirds majority (of those voting) required for a successful vote.

“We would like to thank our mutual policyholders for their support, today and during the past few years. The work ahead to demutualize the company is significant, but the opportunity to build for growth is equally important,” said John Bowey, chair of the special committee on demutualization at Economical. “Our board and management teams are focused on taking the steps needed to enhance our competitiveness and improve access to capital. This is an exciting time for our company and we look forward to completing a successful process that will unlock our full potential.”

The next step in the regulatory process will see Economical prepare and mail a formal notice to all eligible policyholders. The notice has to be approved by the Office of the Superintendent of Financial Institutions (OSFI), our federal regulator. After approval by OSFI and mailing of the notice, Economical will file an application with the court for an initial order setting out the procedure for the negotiations.

“We have built a strong business within our current structure and are pleased with our progress. Through demutualization, we will be able to drive growth in new and exciting ways,” said Gerald Hooper, chair of the board of directors.

Economical encourages all stakeholders to stay informed on demutualization and to visit www.joininourfuture.com for updates. This website will be updated regularly and provides information about the latest news and access to demutualization-related resources.

Read More Here: 

About Economical
Founded in 1871, Economical Insurance is one of Canada’s leading property and casualty insurers, with $2.0 billion in annual premium volume and $5.3 billion in assets as at September 30, 2015. Based in Waterloo, this Canadian-owned and operated group services the insurance needs of more than one million customers across the country. Economical Insurance conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Family Insurance Solutions, Federation Insurance and Economical Financial.

For media inquiries, contact:
Doug Maybee
http://www.economicalinsurance.com/
(T) 519.570.8249
(C) 519.404.0989
doug.maybee@economical.com

For general policyholder inquiries, contact :
1-866-302-6046 (toll-free) or 1-514-982-8708 (local/international)
joininourfuture@economical.com

The Co-operators pitches in to welcome Syrian refugees to Canada

GUELPH, ON, Dec. 14, 2015 /CNW/ – The Co-operators announced today that it has committed $250,000 in funding, and is encouraging its employees to volunteer, as part of the nation-wide effort to welcome Syrian refugees to Canada. A special one-time grant program has been created through The Co-operators Foundation’s Community Economic Development Fund to support organizations’ initiatives aimed at preparing refugees for employability in Canada.

The Canadian government has announced that 25,000 Syrian refugees will settle in Canada, the first of whom recently arrived after a long and difficult journey. Efforts are underway to support the individuals and families arriving in Canada by arranging to meet immediate needs including transitional housing, job training and skills development.

“People and organizations throughout the country are lending a helping hand to support the resettlement of Syrian refugees as they begin a new chapter in their lives here in Canada,” said Kathy Bardswick, president and CEO of The Co-operators. “This is a national project of historic proportions that demands the support of not only government, but community organizations, private enterprises and individual Canadians.”

Through the Community Economic Development Fund, which was created in 1995, The Co-operators has provided more than $5 million to organizations helping marginalized people and communities build the capacity for economic self-reliance.

The Co-operators is also encouraging employees to volunteer to help the many initiatives underway in Canadian communities to welcome the newcomers. Employees are eligible to use two paid days a year to volunteer, and staff-led Volunteers In Action chapters across the country connect them with local organizations.

About The Co-operators:
The Co-operators Group Limited is a Canadian-owned co-operative with more than $40 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the 50 Best Employers in Canada by Aon Hewitt; Corporate Knights’ Best 50 Corporate Citizens in Canada; and the Top 50 Socially Responsible Corporations in Canada by Sustainalytics and Maclean’s magazine. For more information visit www.cooperators.ca.

SOURCE The Co-operators

For further information: Leonard Sharman, The Co-operators, 519-767-3937

 

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