Intact announces executive changes and a new appointment

Press Release

Intact Financial Corporation (TSX: IFC) announced changes to the roles and responsibilities of members of the company’s leadership team. The new executive appointments are effective January 1, 2020.

“We are announcing executive changes to build on the experience of our talent and advance on our goals of strengthening our leadership position in Canada and building a leading North American specialty insurer,” said Charles Brindamour, Chief Executive Officer. “These changes will better position our teams to outperform from a combined ratio perspective, expand our specialty solutions in Canada and the U.S. and continue to participate in consolidation.”

Leveraging his wealth of knowledge from previous roles, Pete Weightman will take on a newly created role of Senior Vice President and Chief Underwriting Officer, Specialty Solutions, North America. Pete will focus on achieving Intact’s goal of a sustainable low 90s combined ratio in North American Specialty Solutions. Pete will also assume responsibility for all managing general agent operations for Intact.

Carla Smith will assume the role of Senior Vice President, Specialty Solutions, Canada. Drawing on her strong operational background in claims, direct distribution and broker channels, Carla will focus on growing and expanding Intact’s specialty solutions distribution channel and strengthening relationships with brokers.

Ken Anderson will be promoted to Senior Vice President, Investor Relations & Corporate Development. In his new role, Ken will continue to lead the investor relations team while building on the strong track record of merger and acquisition success that has supported Intact’s growth and outperformance over the past decade.

About Intact Financial Corporation

Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada and a leading provider of specialty insurance in North America, with over $10 billion in total annual premiums. The Company has approximately 14,000 full- and part-time employees who serve more than five million personal, business and public sector clients through offices in Canada and the U.S.

In Canada, Intact distributes insurance under the Intact Insurance brand as well as The Guarantee Company of North America brand, through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Intact also provides specialized insurance programs to public entities through its wholly-owned subsidiary, Frank Cowan Company.

In the U.S., OneBeacon Insurance Group, a wholly-owned subsidiary, provides specialty insurance products through independent agencies, brokers, wholesalers and managing general agencies.

SOURCE Intact Financial Corporation

For further information: Media Inquiries: Hazel Tan, Manager, External Communications, 416 341-1464 ext. 48073, hazel.tan@intact.net; Investor Inquiries: Husayn Hirji, Manager, Investor Relations, 416 341-1464, ext. 45110, husayn.hirji@intact.net

Related Links

www.intactfc.com

Canadian insurance group snags second U.S. F&I company

The excerpted article was written by JACKIE CHARNIGA

Canadian insurance company iA Financial Group will acquire IAS Parent Holdings, a leading provider of finance and insurance products, for $720 million, both companies said last week. The deal is expected to close in the first half of 2020.

The acquisition will further ingrain iA Financial Group in the U.S., as the Quebec City company seeks to capture a larger share of the nation’s $39 billion service contract market. This is iA’s second acquisition of a U.S. F&I product company. It closed on Ohio-based Dealers Assurance Co. in January 2018.

The market for service contracts — sometimes referred to as extended warranty products — is “highly-fragmented,” according to a statement from iA Financial Group CEO Denis Ricard. Opportunities for growth and consolidation are significant, he added.

IAS, of Austin, Texas, is the parent company of F&I vendor Innovative Aftermarket Systems, which sells vehicle warranties and other F&I products and related software to a network of more than 4,300 dealers nationwide. The company employs more than 600 people.

IAS CEO Patrick Brown told Automotive News that the company will continue expanding its dealer network and product offerings under new ownership.

“Over the years, we’ve gone from being just an ancillary provider to a really full-blown, very broad set of products and services that we provide to dealers,” Brown said, noting that the company recently acquired an equity-mining platform. Equity-mining software, also referred to as data-mining software, allows dealerships to sort through proprietary and consumer data to make business decisions.

“We’re really a technology company that just happens to be in the F&I space. A lot of the work that we’re doing is using technology to try to improve either the experience or the throughput at dealership locations and be able to help consumers have a better experience,” he said.

U.S. FOOTPRINT

Publicly traded iA Financial Group reported net income of $183.7 million Canadian in the third quarter, an increase of 11 percent year over year.

Dealers Assurance Co.is roughly half the size of IAS but boasts more dealership partners. It sold half a million F&I products last year, compared with 1.6 million sold by IAS, through more than 5,300 dealership partners, according to a report on the acquisition for iA investors. DAC collected $375 million in F&I product insurance premiums last year, while IAS took in $540 million.

DAC, of Dallas and Albuquerque, N.M., has 152 employees.

iA Financial Group purchased IAS from Genstar Capital, a San Francisco private equity group that has owned a majority share in IAS since 2011.

The acquisition of IAS is subject to obtaining the usual regulatory approvals in Canada and the United States and other conditions. Founded in 1892, iA Financial Group is one of the largest life and health insurance companies in Canada as well as one of the largest F&I providers for auto dealerships in Canada.

Source: https://canada.autonews.com

CapriCMW has made a substantial equity investment in Rogers Insurance

Andrew Kemp and Lee Rogers are pleased to announce that CapriCMW has made a substantial equity investment in Rogers Insurance, and is now one of their largest shareholders.

CapriCMW and Rogers Insurance have been working closely together for over 15 years within the Canadian Broker Network (CBN) and this is the next stage of the CBN’s new business plan to achieve scale and additional capabilities by aligning the two companies even more.

Rogers and CapriCMW have many of the qualities we most value in common including:

  • Wide employee share ownership
  • Recognition as top employers
  • Business models that attract and retain talent for the long term
  • Creating customer value through independent employee ownership
  • Achieving significant returns for employee shareholders through organic growth and acquisitions

The partnership brings the two organizations even closer together as they collaborate to achieve scale and deeper relationships with insurers in alignment with the CBN mission – becoming the dominant platform in Canada to precipitate the success of independent brokerages.

“We are very excited to be formalizing this strategic relationship with Rogers Insurance,” said Andrew. “As CBN members, we have been collaborating for years, sharing best practices, resources and expertise to deliver innovative products, services and solutions to our clients across Canada. We believe this alliance is a natural fit, as both companies share a commitment to independence and employee ownership, as well as similar cultures that put our people first. We look forward to working together for many more years.”

“For the 70 employee-shareholders of Rogers Insurance as well as our other employees, our insurer partners and all of our clients, this partnership strengthens our firm in many ways,” said Lee. “We are very proud to be associated with CapriCMW.”

About CapriCMW

CapriCMW is a uniquely independent, locally and employee-owned company with strong roots in BC, created through the merger of CMW and Capri Insurance. With decades of experience and specialized expertise, CapriCMW advisors provide custom insurance and risk management solutions to personal and business clients across BC and Canada. With over 400 professionals in 14 offices, CapriCMW offers a wide range of professional expertise spanning a multitude of industries, products and services.

About Rogers Insurance

Rogers Insurance Ltd. is based in Calgary, AB with nine offices across the country and over 400 employees. One of the largest independent brokerages in Canada, Rogers provides commercial, home and auto, life and benefits, and high net worth insurance services. Rogers is employee-owned and proud to be the most award-winning brokerage in Canada. Rogers is also a member of the Canadian Broker Network (CBN) and Intersure, giving it affiliated offices across Canada, the US, and Mexico.

For inquiries, please contact:

Andrew D. Kemp
President
CapriCMW

akemp@capricmw.ca
604-484-0204

Lee Rogers
President
Rogers Insurance

lrogers@rogersinsurance.ca
403-296-2471

 

Bob Lawrie Named CEO of the Lawrie Insurance Group

Press Release:

Bob Lawrie Named CEO of the Lawrie Insurance Group, David Leadbetter President Ensuring the Next Generation of Trusted Leadership

Hamilton, Ontario (December 13, 2019) – The Lawrie Insurance Group is pleased to announce that effective Jan 1, 2020, Bob Lawrie will assume the role of CEO
and David Leadbetter the role of President. Founder Dan Lawrie will serve as Chair over the next couple of years in the transition of the company leadership to the next generation.

The Lawrie Insurance Group Inc. known as The Name You Can Trust for Insurance, is one
of Canada’s leading, privately owned, multi-disciplined insurance brokerages, specializing in personal and commercial insurance, employee benefits, life and group retirement solutions. The company also has a long history of community involvement. In 2007 the company donated $125,000 toward Mohawk College’s new Centre of Excellence in Insurance and Financial Services. To increase the public’s accessibility to visual arts Dan Lawrie established the Dan Lawrie Family Foundation in 2013.

“Dan has been an incredible mentor both in the leadership of the company and within our community. As his business partner it has been an honour to work with him over the past 30 years as we have grown the company into one of the largest and most trusted
insurance brokers in Canada,” said Bob Lawrie, incoming CEO. “With the talent of our team of over 100 dedicated professionals and through fierce broker independence, we are strategically focused and well-positioned to achieve long-term exponential growth domestically and internationally through our multi-disciplined, holistic approach in working with clients.”

The appointment to President of David Leadbetter marks an exciting time in the history of the Lawrie Insurance Group. Since joining the company in 2017, David Leadbetter has brought vital expertise and dynamic leadership to the team.

Leadbetter said he is looking forward to his new role. “Our combination of caring for employees, clients and insurers make for a complete circle of security. I pledge to maintain the Company’s high level of stewardship and to expand it as we go forward, ensuring the high standards established by Dan Lawrie since 1982 and build upon them in a way that will ensure the strength of the brokerage in the years ahead.”

In his new role as Chair, Dan Lawrie will continue to be involved in both leading the company and supporting several ongoing, company and community projects.

“As Chair, I look forward to working closely with Bob Lawrie, CEO and David Leadbetter, President over the next couple of years to ensure the continuance of the vision of the Lawrie Insurance Group to remain in the top 5% of independent brokers in Canada and to be the most trusted multi-disciplined insurance and risk management firm in the region.”

About Lawrie Insurance Group

The Lawrie Insurance Group Inc., is one of Canada’s leading, privately-owned, multi-disciplined insurance brokerage, specializing in commercial and personal insurance, employee benefits and group retirement solutions. With a staff of over 100 dedicated professionals, the Lawrie Insurance Group has become one of the largest and most trusted insurance organizations in Canada and ranks in the top 5% of insurance brokerages in Canada. The Lawrie Insurance Group is a member of the Canadian Broker Network (CBN), Intersure and Globex International, giving it affiliated offices across Canada, the United States and globally.

[PHOTOS ATTACHED]
To learn more, visit danlawrie.com.

Canada’s farms reap precision data to cut lending, insurance costs

Ashley Robinson, Bloomberg News

Canadian farmers — grappling with lower crop income, adverse weather and a trade dispute with China — are using precision-agriculture technology aimed at reducing lending and insurance costs.

Collecting intricate crop data allows individual farmers to outline potentially limited risk to banks and insurers, Tristan Skolrud, an assistant professor in the agricultural and resource economics department at the University of Saskatchewan, said in a telephone interview.

In an industry facing tight margins, the savings can mean the difference between making a profit and wrestling with lower income or losses for grain and canola. Companies including Bayer AG, Deere & Co. and Cargill Inc. have expanded in precision agriculture.

Farmers Edge, a Winnipeg, Manitoba-based precision agriculture company, is debuting a platform to allow customers to use data for bank loans. The new offering, along with the firm’s InsurTech product that began in July, takes the focus away from equity and spotlighting “best-in-class farmers” with top yields, Chief Executive Officer Wade Barnes said in a phone interview.

 

Halloween Storm Across Eastern Canada Caused Over $250 Million in Insured Damage

TORONTO, Dec. 10, 2019 /CNW/ – The storm that hit Eastern Canada between October 30 and November 1, caused over $250 million in insured damage, according to Catastrophe Indices and Quantification Inc. (CatIQ).*

Province

Insured Damage

Ontario

$55 million

Quebec

$189 million

New Brunswick

$3 million

Nova Scotia

$2 million

Prince Edward Island

$150,000

Newfoundland & Labrador

$480,000

TOTAL

$250 million

Significant rainfall and damaging winds hit much of Eastern Canada causing power outages and leaving nearly one million Hydro-Québec customers without power. The Niagara and Montreal areas were the hardest hit, both in terms of wind and water damage.

Rain, snow and high winds in Ontario brought over 60 mm of rain to Cornwall and 17 cm of snow to Sudbury.

Heavy precipitation was widespread across southern Quebec. The most rainfall occurred in the Eastern Townships: Stratford received 109 mm and Sherbrooke 93 mm. Montreal and Laval both recorded 63 mm, and Quebec Cityreceived 71 mm. Val-d’Or and Chibougamau recorded 19 and 30 cm of snow, respectively.

Newfoundland and Labrador (NL) also received heavy amounts of precipitation. The highest amount recorded in the province was 82 mm in Cow Head. Goose Bay, Labrador, recorded 24 cm of snow.

Damaging wind gusts exceeded 100 km/h in multiple locations along the shores of eastern Lake Erie and eastern Lake Ontario, causing high waves and storm surges. In Port Colborne, a 129 km/h wind gust was recorded. Strong winds affected southern Quebec: Montreal and Trois-Rivières recorded winds gusts of 105 km/h and 104 km/h, respectively. In Atlantic Canada, gusts of 107 km/h and 100 km/h were felt in Wreckhouse and St. John’s, NL, respectively. Halifax Stanfield International Airport recorded a maximum gust of 102 km/h and Charlottetown recorded 91 km/h. The strong winds downed trees, damaged roofs and siding, and led to road closures and power outages.

As the financial cost of severe weather rises, Insurance Bureau of Canada (IBC) is advocating that all orders of government increase their investments in mitigating the impact of extreme weather and building resilience against its damaging effects. This includes investing in upgraded infrastructure to protect communities from floods and fires, improved building codes, better land-use planning, and incentives to shift the development of homes and businesses away from areas at highest risk of flooding.

IBC reminds Canadians that it is not only insurers that foot the bill for severe weather damage, but also taxpayers. That’s why all stakeholders should come together to reduce the financial strain caused by flood events. For every dollar paid out in insurance claims for damaged homes and businesses, Canadian governments and their taxpayers pay out much more to repair public infrastructure damaged by severe weather.

Visit IBC’s website for information on how to prepare for a disaster and ways to prevent flood damage to your home.

*CatIQ estimated the amount of insured damage under licence to IBC. For more information on CatIQ, visit www.catiq.com.

Quotes

“Severe weather events driven by climate change are happening more regularly and with greater strength. In particular, heavy rainstorms that cause flooding are becoming more common. While the insured damage from these storms is significant, the total economic cost to homeowners and governments is even greater. It is important that property owners take precautions to minimize potential damage. They should also understand their insurance policies and know what type of flooding and water damage their policies cover.”
Kim Donaldson, Vice-President, Ontario, IBC

“As a society, we have to adapt to this changing climate that’s resulting in an increase of extreme weather events. Better building codes, increased risk awareness and infrastructure improvements are all needed to make our communities more resilient. Homeowners will also benefit from a better knowledge of what they can do in and around their homes to protect against the wrath of Mother Nature.”
Pierre Babinsky, Director of Communications and Public Affairs, Quebec, IBC

“With climate change, we’re seeing extreme storms that involve floods and severe wind more frequently, and they are hitting with greater intensity. The insured damage from these storms is just part of the equation; the economic cost to homeowners and governments also needs to be factored into the total cost to society, not to mention the disruption to people’s lives and the emotional cost of seeing personal property destroyed. Consumers need to take precautions and secure their property to minimize potential damage.
Amanda Dean, Vice-President, Atlantic, IBC

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.

If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.

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

SOURCE Insurance Bureau of Canada

For further information: Media contacts: Vanessa Barrasa 416-550-9062 vbarrasa@ibc.ca; Québec: Pauline Triplet 514 288-1563, poste 2277 PTriplet@bac-quebec.qc.ca

Related Links

www.ibc.ca

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