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ARLINGTON, Va.–(Business Wire)–Towers Watson (NASDAQ:TW), a global professional services company, announced it has signed a definitive agreement to acquire Brovada, a Canadian insurance technology business. The acquisition will enhance Towers Watson’s position as a leading insurance software provider.
Brovada focuses on streamlining the communications between insurance agents and brokers, and property & casualty insurance carriers, and provides a connectivity platform easily integrated with both modern and legacy policy administration systems to allow for seamless transactions.
“Brovada is a dynamic organization that has developed an exciting technology that will fit well with Towers Watson’s portfolio of software,” said Eric Speer, global leader for Towers Watson’s Risk and Financial Services business segment. “The addition of the BrovadaOne platform will enable us to offer insurers a broader suite of products via software-as-a-service and cloud-based technologies.”
Founded in 2003, Brovada is well known for the BrovadaOne platform, which provides a complete solution for integrating and automating interactions between insurers, and their agents and brokers. Brovada is headquartered in Rothesay, New Brunswick, Canada, with additional offices in Moncton and Toronto.
“We have experienced strong growth at Brovada by providing great software with a strong customer focus. Joining Towers Watson will enable Brovada to accelerate the reach of our software into new markets and continue that growth,” said Karl Greenlaw, founder and CEO of Brovada. “Additionally, our two firms have a common commitment to excellent client service and innovation that will benefit both our clients and employees.”
The purchase price is $15.24 million USD and the transaction will have no material impact to fiscal year 2016 earnings. The transaction is expected to close in the coming weeks.
About Towers Watson
Towers Watson (NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. With 16,000 associates around the world, the company offers consulting, technology and solutions in the areas of benefits, talent management, rewards, and risk and capital management. Learn more at towerswatson.com.
Brovada specializes in connectivity, integration, and business process improvement for property & casualty (P&C) insurance carriers, managing general agents, and insurance brokers and agencies. Our capabilities include portals, policy and claim system conversions and integrations, book portfolio transfers, and upload and download. As the leader in P&C connectivity, we are committed to transforming the way the insurance industry does business. Learn more at http://canada.brovada.com/.
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as “may,” “will,” “would,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,” “continue” or similar words, expressions, or the negative of such terms or other comparable terminology. These statements include, but are not limited to, the benefits of the business combination transaction involving Towers Watson and Willis Group, including the combined company’s future financial and operating results, plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of Towers Watson’s and Willis Group’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements.
The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the ability to obtain governmental approvals of the transaction on the proposed terms and schedule; the failure of Towers Watson stockholders and Willis Group shareholders to approve the transaction; the failure of the transaction to close for any reason; the risk that the businesses will not be integrated successfully; the risk that anticipated cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; the potential impact of the announcement or consummation of the proposed transaction on relationships, including with employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; significant competition; compliance with extensive government regulation; the combined company’s ability to make acquisitions and its ability to integrate or manage such acquired businesses. Additional risks and factors are identified under “Risk Factors” in Towers Watson’s annual report on Form 10-K filed on August 14, 2015, and under “Risk Factors” in the joint proxy statement/prospectus filed on August 27, 2015, each of which is on file with the Securities and Exchange Commission.
You should not rely upon forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. Neither Towers Watson or Willis Group undertakes an obligation to update any of the forward-looking information included in this document, whether as a result of new information, future events, changed expectations or otherwise.
When your child moves away from home for college or university, there are important changes and responsibilities to consider. Along with the emotional stress of having your young graduate leave home, you also need to consider what the move means for your finances and insurance policies.
Being informed about your insurance coverage is crucial for your child’s protection and wellbeing. While many policies extend parents’ coverage to kids in university, other policies encourage college students to purchase their own insurance.
“Parents need to know whether their insurance extends to their children when they are buying a car or moving into an apartment or residence,” says Wayne Ross, insurance expert at Aviva Canada. “You could find yourself facing a financially-stressful situation that could easily have been avoided.”
For a stress-free transition, Ross offers the following helpful tips:
- Scope out apartments—Living off-campus can help students develop a sense of independence and save some money.
- Consider tenant insurance—Many students may consider this an unnecessary expense, but think about what it would cost to replace everything a student has in their apartment – clothing, electronics, music, furniture etc and it really adds up. A tenant policy can be had for around $25 per month.
- Keep track of their finances—University life goes hand-in-hand with expensive purchases like computers and other electronics. Stick to a budget, keep track of your purchase and verify what your insurance covers.
- Check your car insurance—Whether your child takes his or her car to university or intends to drive on visits home, call your insurance company to check what your policy includes.
Following these tips can help you breathe a little easier during this time of transition. More information is available from your insurance broker.
A family from Wirral, N.B., regrets contacting their insurance company after their house was struck by lightning earlier this year.
Fearing permanent damage after the strike, the Muzzeralls called their insurance broker of eight years.
An adjuster was sent out to examine the building and the couple didn’t file a claim.
But they believe something the adjuster found led them to lose their coverage because two months later, they were told their insurance wouldn’t be renewed until a number of matters were fixed.
They were also told their insurance rates would go up because the house wasn’t within 13 kilometres of a fire station.
When Jennifer Muzzerall told the insurance company their home was seven kilometres from a fire hall they asked if it was a real one.
“I said, ‘Well it’s a volunteer fire department.’ And she said, ‘Is there people there all the time?'”
When Muzzerall told her that wasn’t the case, the insurance representative said it isn’t considered a “real fire hall.”
Policy wouldn’t be renewed
The Hoyt Fire Hall has a high rating according to the Fire Underwriters Survey, which provides data on public fire protection for insurance purposes and grade all fire stations. Twenty firefighters are on call every day, including Muzzerall’s husband.
On Aug. 16, the Muzeralls then received another letter saying, regardless of what they fixed, their policy wouldn’t be renewed.
Insurance broker, GoToInsure’s Fredericton manager Jeff Daniels says they tried to look for another insurer for the Muzzerall family, but all declined for the same reasons as was outlined in the letter.
Andrew McNair, CEO of the Insurance Brokers Association of New Brunswick, says companies can choose not to insure for whatever reason, and don’t have to say why.
“They typically will give you reasons, but there’s nothing that states they absolutely have to with homeowners,” he said.
The Muzzeralls may never know why they were dropped.
It took them two weeks of scrambling to find another insurer.
JASON TCHIR | The Globe and Mail
My daughter is getting married in B.C. and many guests are coming from Europe. I’ve spent several days trying to determine what insurance is provided by the rental company. I did not expect it to be a nightmare . Having talked to Enterprise, Avis Canada and the Insurance Bureau of Canada (IBC), I’m totally confused as to what is included. The IBC says cars come with a minimum of $200,000 third party liability insurance and some companies have $1-million. The rental companies say absolutely no insurance is provided and renters need to buy their collision damage waiver (CDW), third party liability and personal accident insurance at the counter. — Mick, Vancouver
“The customer is usually responsible for the full value of the rented automobile regardless of fault,” says Craig Hirota, Member Services Manager with the Association of Canadian Car Rental Operators (ACCRO) in an email. “Plus additional costs such as loss of use, administrative fees, diminishment of value, tow and storage fees, etc.”
The only thing included with a car rental is the mimimum $200,000 third party liability required by law in B.C. for all vehicles. It covers you for up to the limit if you’re at fault in an accident that caused property damage, injury or death. But it doesn’t cover damages to the car.
For a daily charge — on Avis’s website, it starts at $29 — car companies offer damage waivers that cover all, or part, of the costs of damage to a rental vehicle.
But you might not need to buy that waiver if you have enough insurance coverage with your credit card to cover the cost of the rental car — as long as you used that card to pay for the rental. Not all credit cards automatically cover rental car damage.
You might also have coverage for Canada and U.S. rentals with your Canadian car insurance. For example, in B.C. some Insurance Corporation of British Columbia policies offer rental car insurance automatically — and you can also purchase it when you need it for $10. But only if you’re a resident.
You’ll notice we’re using the word might — you’ll have to check with the rental company, your credit card company and your insurance company to see exactly what you’re covered for.
“Typically, personal auto policies from Europe may not transfer to a rental vehicle — therefore, any damage or loss of the rental vehicle is the customer’s responsibility.” says Lisa A. Martini, spokesperson for Enterprise Holdings, which owns National, Enterprise and Alamo. “The European renter is protected for damages or injuries caused to someone else or someone else’s property at a minimum of $200,000 per occurrence.”
Damage to a rental vehicle might also be covered by travel insurance.
Renting and raving
Even if you buy the damage waiver, you could still be on the hook for repairs. In B.C., there were reports Budget charged renters for repairs even though they’d purchased loss damage waivers. In one case, the waiver was voided because the renter broke the law — he got a traffic ticket in a collision. It was all there in the fine print.
Enterprise’s Martini says the waiver is “subject to the terms and conditions of the rental agreement.”
“Read the fine print,” she says.
Rental companies also sell supplemental liability protection (SLP), personal accident insurance (PAI) and personal effects coverage (PEC).
SLP gives you extra liability coverage. For example, a Budget Avis Group spokesperson said their B.C. cars come with $1-million in third party liability but renters can purchase an extra $4-million in coverage.
PAI covers you if you’re injured or killed in accident. PEC covers some personal belongings.
Again, you might already have coverage for both of these in your existing travel or home insurance.
“It’s really important to do your research ahead of time — there’s not much time to decide when you’re there,” says John Karapita, director of public affairs for the Ontario Trial Lawyers Association. “That’s why its important to be armed with this information.”
Uber Drivers can soon get their own special insurance from one Canadian insurance company – Intact