Hub International Acquires Certain Assets of Ontario-Based Mumby Insurance Brokers Inc

Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the property and casualty and employee benefits businesses of Mumby Insurance Brokers Incorporated (Mumby Insurance). Terms of the transaction were not disclosed.

Located in Waterloo, Ontario, Mumby Insurance has decades of expertise in working with professionals throughout Canada, with special focus on architects, landscape architects, engineers and specification writers. Douglas Pinnell, Vice President of Mumby Insurance, will join Hub International Ontario Limited (Hub Ontario) and report to Matt Lievers, President of Employee Benefits in the region. Anthea Mumby, President of Mumby Insurance, will remain directly involved in the business as a consultant and will report to Gerry De Lauro, President of Personal Insurance, Hub Ontario.

About Hub’s M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise.  For more information on the Hub M&A experience, visit WeAreHub.com.

About Hub International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. With more than 12,000 employees in offices located throughout North America, Hub’s vast network of specialists provides peace of mind on what matters most by protecting clients through unrelenting advocacy and tailored insurance solutions. For more information, please visit www.hubinternational.com.

SOURCE Hub International Limited

www.hubinternational.com

Canada’s hospitality businesses face new threat amid coronavirus – rising insurance

 

Canadian hospitality businesses, already reeling from the downturn sparked by the coronavirus pandemic, are facing yet another existential threat as insurance companies spike premiums or exit the space, citing losses and the sector’s risks.

Even before COVID-19, insurers globally were scaling back from riskier businesses to improve performance. The pandemic’s profit hits have accelerated the trend and led underwriters to exit from, or raise premiums in, select categories.

Hospitality businesses, particularly those needing coverage for accidents caused by alcohol-impaired clients, were already seen as higher risk, said Karen Ritchie, vice president at Baird MacGregor Insurance Brokers and president of the Toronto Insurance Council. The coronavirus exacerbated that.

“It’s a perfect storm,” she said.

Many hospitality companies were already operating on razor-thin margins before pandemic-driven lockdowns. An inability to access affordable insurance could spell the end for them, given they are barely managing to hang on amid distancing restrictions.

While these businesses carry the same risks as elsewhere, the Canadian hospitality industry has faced a bigger hit due to a much smaller insurance market dominated by Lloyd’s syndicates, Ritchie said. Far more domestic insurers cover the space in countries like the United States, spreading out risk, she said.

Toronto’s top doctor recommends lower music, reduced capacity in bars and restaurants

Toronto’s top doctor recommends lower music, reduced capacity in bars and restaurants

Lloyd’s is a marketplace that comprises various specialist insurers, or syndicates, who write policies.

Lloyd’s business volumes fell 8.6 per cent in the first half of 2020, reflecting an intentional reduction by several syndicates exposed to poorly performing business segments, the group said in a statement.

The Lloyd’s market lost 438 million pounds ($569 million), versus a 2.3 billion pound profit a year earlier, primarily driven by coronavirus-driven losses.

‘I would close’

Erik Joyal, co-owner of Ascari Hospitality Group in Toronto, was told last month that his Hi-Lo Bar’s policy would not be renewed as his insurer, part of Lloyd’s, was moving away from restaurants and bars.

His broker found a policy through another insurer at more than three times his current C$9,000 annual premium, even though the restaurant had never filed a claim.

“I would close the business before I signed on to that,” said Joyal, who is continuing to search for an affordable policy.

Insurers, like other businesses, need profits, said Pete Karageorgos, director of consumer and industry relations at the Insurance Bureau of Canada.

And there is still capacity and affordable coverage available for businesses that can show measures to minimize risks, he added.

Arron Barberian said his Harry’s Steak House in Toronto was dropped by his insurance company, Groupone Insurance Services, although he paid premiums when the business was shut.

Groupone declined to comment.

Barberian found a policy through Intact Financial Corp , which insures his other Toronto restaurant, Barberian’s Steak House. While cheaper, it offers slim, possibly inadequate, coverage, he said.

Intact’s underwriting criteria for restaurants haven’t changed, and it continues to renew policies and write new ones, a spokeswoman said by email.

B.C. bar and restaurant owners say mandatory 10 p.m. shutdown rule is seriously hurting business

B.C. bar and restaurant owners say mandatory 10 p.m. shutdown rule is seriously hurting business

A Nova Scotia hotel owner, who said he was quoted a 50 per cent increase in premiums to renew his policy, also found more affordable coverage through Intact.

Even so, the owner, who declined to be identified as he is negotiating the return of some premiums paid during the shut-down, said he is bracing for thousands of dollars in additional expenses, as a change in insurers is accompanied by an inspection and, often, demands for changes.

His previous insurer, Wawanesa Insurance, attributed the premium increase to higher fire and storm-related losses even before the pandemic.

Despite limited ability to operate, “many bars and restaurants https://www.alignedinsurance.com/restaurant-insurance-overview still had contractual obligations and real risk that needed to be insured and insurance had to be maintained,” said Andrew Clark, chief executive of mortgage broker ALIGNED Insurance.

“The unfortunate reality is that the insurance companies aren’t willing to insure some businesses right now and they don’t really have many other options than to close,” Clark said.

Source: Global News

Existing policy holders received rebate cheques, but drivers seeking new policies saw higher average prices

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Benefits By Design (BBD) Inc. partners with PocketPills to provide digital pharmacy services to CDN businesses

SURREY, BCOct. 5, 2020 /CNW/ – PocketPills, Canada’s leading digital pharmacy, today announced their partnership with Benefits by Design (BBD) Inc., to provide cost-effective benefit plans to its members by leveraging PocketPills digital pharmacy platform. Through the partnership, members filling their prescriptions at PocketPills will get higher coverage and their copay will be lower than going to a traditional pharmacy.

“We’re thrilled to bring convenience and affordable medication to Canadians across the country with BBD,” said Harj Samra, COO of PocketPills. “The devastating impact of COVID-19 has demonstrated a great need for safe and affordable access to medication. PocketPills has never been prouder to provide free doorstep delivery of medication and virtual access to pharmacists throughout all of Canada.”

Through digital collaboration between both partners, members are able to share their medication and insurance information with PocketPills for a seamless experience. BBD members can then instantly connect with pharmacists and manage their medications online. In addition to free medication delivery Canada wide, PocketPills sorts members’ medications by dose into easy-to-open PocketPacks. Each PocketPack includes the date and time, making it easier to take medications as prescribed. Automation technology improves the pharmacy workflow, making pharmacists more accessible to patients via phone or live chat, 7 days a week.

“After receiving positive feedback from our staff on their use of PocketPills, we are excited to bring that same experience to our customers,” said Mike McClenahan, Managing Partner at BBD. “PocketPills provides plan members with a unique combination of convenience and prescription medication management at an extremely affordable price. Their digital service is especially valuable during a time like COVID-19, allowing for the ordering and delivery of prescriptions to the plan member’s home.”

About PocketPills:
PocketPills is Canada’s first digital pharmacy, using state of the art technology to save time and provide convenience to the patients, allowing them to fill prescriptions online and get their medications delivered for free. Established in 2018 by two pharmacists and an engineer, PocketPills was formed with the vision that medication should be managed in a simplified, safer and more cost-effective way. A low $7 dispensing fee and free delivery make medications affordable, and the PocketPacks system and app help patients manage their medications and take them on time as prescribed.
For more information, please visit  www.pocketpills.com

About BBD:
Benefits by Design (BBD) Inc. is a proud Canadian success story. Established in 1996, we are on a mission to help working Canadians promote and protect their health, wealth, and happiness by delivering employee benefits by design.

Follow us on social media @bbdcanada, or visit www.bbd.ca for more information.

SOURCE PocketPills

For further information: Media Contact: Nik De Sequera, media@pocketpills.com

Related Links

www.pocketpills.com

Novacap Acquires Interest In AGA Financial Group

MONTREALOct. 5, 2020 /CNW/ – Novacap, one of Canada’s leading private equity firms, announced that it acquired an interest in AGA Financial Group Inc. (“AGA”), one of Quebec’s leading employee benefits advisory firms and third-party administrators of group insurance and retirement plans.

AGA helps businesses across Canada develop and administer tailor-made group insurance plans. AGA was founded in 1978 and has been owned and operated since 2013 by veteran insurance executives Martin Papillon, Chantal Dufresne and Gabriel Gagnon. AGA serves more than 1,200 clients across the spectrum from small and medium-sized businesses to those with national footprints. It employs more than 100 professionals, including a team of actuaries and a network of external brokers, with offices in Montreal and Quebec City.

“AGA has built a first-class franchise that combines passionate experts with a culture of innovation,” said Marcel Larochelle, Managing Partner, Financial Services, at Novacap. “This is a unique attribute in any business, and it is what fascinated us from the very beginning of our conversations. It speaks to the strength of the Novacap platform that we have been able to attract such a renowned group of partners in Martin, Chantal, and Gabriel.”

AGA is the third investment of the Novacap Financial Services I fund since its first closing in November 2019. Novacap is the first private equity firm in Canada to launch a fund dedicated to investing in financial services businesses.

“Novacap is excited to assist AGA with our deep operational expertise, our experience in executing mergers and acquisitions and in developing new markets across Canada and beyond,” added Rajiv Bahl, Senior Partner, Financial Services, at Novacap. “We look forward to working with the management team to power AGA’s continued growth.”

“Partnering with Novacap is a privilege for my partners and all AGA employees, as we all have exactly the same ambitious vision for the future of the company,” said Martin Papillon, President and Chief Executive Officer of AGA. “Our mission is to facilitate access to group insurance and pension plans, and to streamline their administration for our customers. This pledge is reflected not only in exceptional service, but also strategic advice that allows us to provide more in terms of solutions, products and services. With Novacap as our partner, these capabilities will only be enhanced.”

Fasken Martineau DuMoulin LLP acted as legal advisor to Novacap.

Gowling WLG (Canada) LLP acted as legal advisor to AGA.

About Novacap
Founded in 1981, Novacap is a leading Canadian private equity firm with CA$3.6 billion of assets under management. Its distinct investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous portfolio companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class businesses. Backed by leading global institutional investors, Novacap’s deals typically include leveraged buyouts, management buyouts, add-on acquisitions, IPOs, and privatizations. Over the last 39 years, Novacap has invested in more than 90 companies and completed more than 140 add-on acquisitions. Novacap has offices in Brossard, Quebec and Toronto, Ontario. For more information, please visit www.novacap.ca.

About AGA Financial Group Inc.
Since its inception in 1978, AGA has helped clients across Canada develop and administer tailor-made group insurance plans. AGA is also one of Quebec’s leading third-party administrators and third-party payers (TPA / TPP) of group insurance and retirement plans. Its clients include over 1,200 small, medium and large businesses, as well as financial security and group insurance consultants wishing to make a group insurance plan available to their clients. AGA has a Quebec-wide distribution network and more than 100 employees across its offices in Montreal and Quebec City.

SOURCE Novacap Management Inc.

Related Links

http://www.novacap.ca

 

Onlia and Ultimate Dining Card® Team Up to Reward Canadians for Good Driving Behaviour

ORONTO, Oct. 05, 2020 (GLOBE NEWSWIRE) — Onlia, Ontario’s fast-growing provider of online home and auto insurance, announced a new collaboration today with Ultimate Dining Card®. Effective October 1, users of Onlia’s safe-driving app, Onlia Sense™, can now unlock rewards that can be redeemed at Recipe Unlimited Corporation’s participating restaurants.

“For years, Onlia has promoted road safety through Onlia Sense™, a driving app available free to all Canadians, that coaches safe driving and provides rewards like gift cards and cashback for good behaviour,” said Pieter Louter. “By teaming up with The Ultimate Dining Card®, we’re now able to celebrate safe road usage and inject funds in our user’s entertainment budgets.”

The Onlia Sense™  app uses an innovative coaching approach based on nudge theory and behavioural economics. Using telematics to track driving behaviour, it helps users proactively develop safer habits while earning rewards for improved driving behaviour. Now, rewards for safe driving can be redeemed at restaurants across the country, helping to fulfill Onlia’s mission to make Canada safer.

On a monthly basis, Onlia Sense™ users can earn Ultimate Dining Cards valued between $5 – $100 by unlocking everyday driving badges, completing monthly safe-driving challenges and ranking among top drivers on the in-app leaderboard.

“Ultimate Dining Card® is proud to partner with Onlia to encourage and reward safe driving habits for all Ontarians” said Michael Griffin, Brand Manager of Ultimate Dining Card. “Each user who redeems their Onlia Sense™ safe driving points for a UDC will have 1000+ Canadian owned and operated restaurants to choose from. Whether it’s dine-in, take out or delivery, a great dining experience awaits”

Beginning October 1, 2020, Ultimate Dining Card® replaced Onlia’s Starbucks® Gift Card rewards. Existing Starbucks® Gift Cards can still be used if they’ve already been earned.

About Onlia

Onlia Holding Inc., through its wholly owned subsidiaries Onlia Agency Inc. & Onlia Services Inc., offers innovative digital home and auto insurance and a safe-driving mobile app to the Canadian market. Onlia’s mission is to create a community around making Canada a safer place, and to provide tools and motivation to facilitate safer behaviours. Launched in 2018, Onlia is a joint venture between Achmea Canada Holding Inc., a wholly owned subsidiary of Achmea B.V. the largest insurance group of the Netherlands, and Fairfax Financial Holdings Limited, a Canadian holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management. Using proprietary and award-winning technology, Onlia is rethinking the way Canadians approach safety and insurance. Join the community at  Onlia.ca and on Facebook, Twitter and Instagram.

About Ultimate Dining Card®

Ultimate Dining Card® is valid at any participating Swiss Chalet, Milestones, Montana’s, Kelseys, Harvey’s, Bier Markt, East Side Mario’s, New York Fries, Fionn MacCools, D’Arcy McGee’s, Paddy Flaherty’s, Tir nan Og, Original Joe’s, Elephant & Castle, State & Main, The Landing Group of Restaurants and Pickle Barrel locations across Canada. That means there are over 1,000+ locations across Canada waiting to welcome you and your friends or family for lunch, dinner, or drinks. Visit recipeunlimited.com to find a restaurant location near you. ® Registered Trademark of Recipe Unlimited Corporation.

 

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Julia Stein
Onlia 
416 435 2380
julia.stein@onlia.ca

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