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

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

Intact Insurance is supporting the 24^th edition of the annual Quebec School Bus Safety Campaign, as principal partner with the Association du transport écolier du Québec (ATEQ). With the partnership, Intact Insurance follows in the footsteps of AXA, which had supported the campaign for nearly a quarter of a century.

The campaign, which runs from January 30 to February 10, raises awareness on school bus safety through this year’s Do you see me? theme.

The ATEQ has been promoting school bus safety in the province for more than two decades. Since 2006, no child has been killed in a school bus accident in Quebec, the association says.

“This is an enviable record, especially when you consider that half a million of our boys and girls – the people who represent our future – take those yellow buses to and from school every day,” said Denis Garneau, Senior Vice-President - Quebec, Intact Insurance. “The Do You See Me? campaign is an effective way to reinforce the ABCs of safety rules in children’s minds, while reminding all users of the road that they need to take special care driving in school zones and around school buses. Together, we can make the difference and get an A+ in traffic safety,” Mr. Garneau added.

Print

Navigators, a Lloyd’s syndicate, has launched a first-of-its-kind Directors and Officers (D&O) product to protect corporate directors for defence costs.

The policy – NavDefence – offers dedicated defence costs coverage for directors where a charge has been placed on the main D&O policy, and it’s available for directors of private and publicly-traded corporations domiciled in Australia and New Zealand – and for international corporations operating within the region.

Lloyd’s said since introducing the product just one month ago, the number of new clients buying NavDefence is in the double-digits.

Navigators said it recognized the opportunity for such a product following an Australian High Court judgment against directors of Bridgecorp, a company that had gone bankrupt in 2007. The company owed $500 million to creditors and directors were not able to use defence costs under the company’s $20 million D&O policy, leaving them without cover for their criminal defence costs.

“In light of the recent Australian Institute of Company Directors (AICD) survey results and the recent judgment by the Auckland High Court in the Bridgecorp case, directors have felt vulnerable to the potential of funding their own defence costs despite having traditional D&O policies in place,” says Carl Bach, Head of Syndicate 1221′s Navigators Pro division.

Lloyd’s said that while the target market for NavDefence remains Australia and New Zealand, there could be opportunities for the product to be rolled out in other areas if the law in those jurisdictions could make directors vulnerable to being without cover.

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

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

Swiss Re’s Board of Directors has appointed Michel M. Liès, currently Chairman Global Partnerships at Swiss Re, as new Group Chief Executive Officer as of 1 February 2012. Michel M. Liès succeeds Stefan Lippe who is retiring after nearly three decades at Swiss Re.

The Board of Directors also announced that Moses Ojeisekhoba will join Swiss Re as CEO Reinsurance Asia and Regional President Asia, effective 15 March 2012. Martyn Parker, currently CEO Reinsurance Asia, will return to Europe.

“The Board of Directors is delighted that Michel M. Liès will assume the position of Group CEO as of 1 February 2012,” said Walter B. Kielholz, Chairman of the Board of Directors, in a statement. “Michel M. Liès’ proven track record in reinsurance and broad international experience will support our mission to become the leading player in the wholesale re/insurance industry, while ensuring strategic and operational continuity. He brings with him in-depth knowledge of all facets of the business, an excellent reputation with clients as well as with governmental organizations and tremendous insights into the growth area of emerging markets, one of our main strategic pillars”.

Moses Ojeisekhoba joins Swiss Re from Chubb Group of Insurance Companies where he has been Head for Asia-Pacific since 2009, responsible for the strategy and repositioning of Chubb’s business in this region. Chubb is a leading Property and Casualty insurer based in the US. Ojeisekhoba has spent 16 years with Chubb in various roles in the US, Europe and Asia. Prior to this, he worked with Unico American Corporation and Prudential in the US.

“Moses Ojeisekhoba’s strategic leadership, primary market experience and fresh perspective make him ideal to lead Swiss Re Asia into the next phase of growth and strengthen our position as a partner of choice for local, regional and global clients”, said  Kielholz.

Martyn Parker, who has been serving as CEO Reinsurance Asia since June 2006, will return to Europe. His future role will be announced in due course.

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

In its latest list of best employers in the Greater Toronto Area (GTA), Aon Hewitt Human Resources included a number of insurance and financial services companies, including TIC Travel Insurance Coordinators Ltd. This is the third consecutive year travel insurer TIC, ranked 19^th for 2012 (50 – 399 employees), has been included in the list.

“Our employees make the difference in how we meet travelers’ needs, so we strive to provide them with a well-rounded employee experience,” said TIC President David Hartman in a statement. “Our environment is engaging and dynamic, which helps ensure they have an enjoyable and positive workplace where they can grow professionally and personally while contributing to our business success.”

TIC employees also have the opportunity to share in common values by participating in volunteer, wellness, sustainability and other committees. The company supports employee community involvement in several ways, including providing two paid volunteer days annually, donating to their charity of choice, and sponsoring participation in international development projects with Leave for Change.

“Our focus on people is reflected in and outside of our organization. We care about travel insurance, and our employees have a lot to do with conveying that to everyone we serve. We couldn’t have been named a 50 Best GTA Employer without their help so to them, we say thank you.”

Print

Standard Life has appointed Charles Guay to the role of President and Chief Executive Officer of Standard Life Canada, effective February 1, 2012. He joins Standard Life from National Bank of Canada where he is currently Senior Vice President, Strategies, Marketing and Investment Solutions, Wealth Management; and President and Chief Executive Officer, National Bank Securities.

Standard Life appoints new CEO in Canada (CNW Group/STANDARD LIFE)

Standard Life plc Chief Executive, David Nish, described Charles as “an outstanding candidate for the position.” Guay will be based at the Group’s Canadian head office in Montréal.

Guay will replace Joseph Iannicelli who announced in May 2011 that he is leaving Standard Life.

“I’m very pleased to be welcoming Charles to Standard Life,” said Nish. “He is an outstanding candidate for the position and greatly impressed us with his experience, enthusiasm and leadership credentials. Canada is a very important market for Standard Life and our business is performing well. Following the launch of our repositioned brand in Canada in September, we’re creating momentum in the marketplace. We’re strengthening our growth in the long-term savings and investment market and continuing our transformation of the business, which Charles will now lead.”

“Standard Life has a proud heritage in Canada and I’m delighted to have been asked to lead the company. We have a big opportunity for the business thanks to the investment that Standard Life has made in the Canadian market,” said Guay.

Thirty-nine year old Charles Guay was born in Quebec City and is a graduate from Université Laval (Québec City), Bachelor of Business Administration, major in finance and marketing (1994). A fellow of the Canadian Securities Institute and Board Director with the Investment Funds Institute of Canada, he is  actively involved with various not-for-profit organisations, including Forces AVENIR, Foundation of Stars and Jeune Chambre de commerce de Montréal. He will be joining the Standard Life Group Executive team along with the Executive Committee and Board of Directors in Canada.

Print

The new leader of Sun Life Financial Inc. (TSX:SLF) is making some major changes just weeks after stepping into his role, including an exit from insurance products that caused it to suffer a deep financial loss and laying off 800 employees, mostly in the United States.

Chief executive Dean Connor said Monday that Canada’s third-biggest insurer plans to discontinue selling variable annuity and individual life policies in the U.S. starting Dec. 30. The layoffs will be related to those businesses.

The decision came after Connor began a strategic review of its business last summer, shortly after it was announced he would take the reins of the insurer.

“Our main focus for the last four or five months has been our strategy and the path going forward,” Connor said in an interview.

“It’s received an awful lot of focus, dialogue and debate… and we’ve come out in a place that I personally, and I know our executive team and our board, are very enthusiastic and energized (about).”

Sun Life said the move will not affect existing policyholders and is not expected to have a material impact on its 2012 operating net income.

The insurer will book a one-time, before tax charge of between $75 million and $100 million, some of which will be accounted for in the fourth quarter of 2011 and the rest in 2012.

Shares of the company were 52 cents higher in late morning trading at $18.84 on the Toronto Stock Exchange.

One of the attractions of variable annuity products to investors is that they offer a minimum rate of return guaranteed, which can cost the insurer when markets are underperforming.

The combination of a market downturn with a substantial increase in the amount of capital required by regulators, has made variable annuities less attractive, Connor said.

“That kind of volatility in interest rates and equities and hedge costs, when it’s applied to our business, has created too much volatility for our shareholders,” he said.

Sun Life faced massive charges in the third quarter as it hedged against future liabilities related to the insurance products, dropping it to its first quarterly loss in two years. The impact was mostly a result of U.S. operations which took a more than half-billion-dollar hit due to stock market chaos.

Last month, Sun Life said about $200 million of its third-quarter loss was related to an annual update of its actuarial methods and estimates – used to calculate the company’s obligations under various products sold. However, the insurer didn’t specify how much of the hit would be from equities and how much from interest rates.

“We will continue to drive growth in Sun Life Canada with more accelerated growth through the career sales force, growth in the retail wealth business and growth in our group pension and benefit businesses,” Connor said on a conference call.

“Over time, we will shift more of our capital into businesses that are growing, businesses that generate less volatility, and higher returns on shareholder equity.”

Connor pointed to Asia as a key area of growth for Sun Life in the coming years. With a presence in China, the Philippines, India, Indonesia and Hong Kong, the company generates about $100 million a year of run rate earnings.

“We see this as a significant opportunity that deserves a richer concentration of the company’s resources,” he said.

Connor took on the lead role at the end of November when former CEO Donald Stewart retired. He previous served at Sun Life’s chief operating officer.

Sun Life also appeared to hold steady on its quarterly dividend payments of 36 cents a share, though Connor suggested it could reconsider if the economy stumbles further. He said the company could look at selling non-core businesses as an alternative to cutting the dividend.

CIBC analyst Robert Sedran said the comments clarify Sun Life’s stance on dividend payments, which he said have been on somewhat uncertain ground lately.

“The support for that dividend, which, in our opinion, was clearly provided through management comments on the call, should be quite positive for the shares,” he wrote in a note, while keeping the company as a “sector performer.”

Sun Life employs about 16,000 people, including 7,000 in Canada, and has insurance, wealth management and mutual fund operations around the world.

Its shares were up 43 cents or 2.5 per cent at $18.75 in early trading on the Toronto Stock Exchange.

Print

Swiss Re’s Board of Directors announced on December 12 that the company’s CEO Stefan Lippe is stepping down in 2012.

A successor is planned to be appointed soon, the company said in a statement.

Walter Kielholz, Chairman of the Board of Directors, says: “The Board of Directors very much regrets Stefan Lippe’s decision to retire early after almost three decades at Swiss Re. Since becoming CEO in 2009, he has led Swiss Re through challenging times, during which we were able to turn around the company. Under his leadership we have restored our capital strength, repaid the convertible capital instrument to Berkshire Hathaway, regained the AA- rating with Standard & Poor’s and improved premiums earned as well as net income significantly. We are initiating the process to select a successor and will ensure a smooth transition.”

Stefan Lippe, Chief Executive Officer, says: “In the course of my career at Swiss Re, the company has offered me a series of exciting opportunities. Three years ago I took on the challenge of leading the company through turbulent times as CEO. Today we can say proudly that we have delivered on all of the ambitious targets that we set out at that time. This is thanks to the dedication and hard work of the outstanding Swiss Re team. Now that the turnaround has been achieved, a new era begins for Swiss Re with a new corporate structure and refined strategy. This was the right moment for me to choose to inform the Board about my intention to retire early. This lead time should be sufficient to allow for a smooth transition.”

Under Stefan Lippe’s leadership, Swiss Re established a new holding structure in 2011 that is fully aligned with the company’s strategic priorities. Three new Business Units have been created under the holding structure: the existing reinsurance business, as well as the two new Business Units, Corporate Solutions and Admin Re.

Print

Starting January 1, 2012, a new insurance plan for antique and classic car enthusiasts will be available. Aviva Canada and Hagerty Canada are introducing the Hagerty Silver Wheel Plan, new coverage that includes Agreed Value coverage – with no appraisal requirements – and access to other Hagerty products and resources.

Beginning January 1, 2012, all Silver and Custom Wheel policies will be transitioned to the Hagerty Silver Wheel Plan upon policy renewal. Current Silver and Custom Wheel clients will continue to receive all of the benefits afforded by their existing policy and there will be no changes to existing coverage.

“Some of the most passionate classic car enthusiasts in the world reside in Canada, and with the Hagerty Silver Wheel Plan, Canadians will have access to the same resources as classic car owners in the U.S.,” said McKeel Hagerty, CEO of Hagerty Insurance. “In partnership with Aviva Canada, we look forward to providing unique coverages and services tailored specifically to fit the needs of the Canadian classic car owner.”

Hagerty and Aviva originally partnered in 2009 to bring Hagerty’s classic car insurance program to the Canadian market.

“Making the best products available to our independent broker partners and customers is a key part of the value we provide,” stated Maurice Tulloch, President and CEO of Aviva Canada. “The Hagerty Silver Wheel Plan is best-in-class and we are proud to offer this to our brokers and car enthusiasts nation-wide.”

Print

Can Canada afford an aging population? The question does not just apply to ballooning health care expenditures, but sponsors of defined benefit (DB) pension plans to employees are pondering the extra expenses that an increased life expectancy can bring.

Sun Life Financial has introduced a solution designed to lessen life expectancy risk for companies that offer DB plans.  Longevity insurance provides plan sponsors with protection from the extra pension costs that arise if their plan members live longer than expected – something that is a growing phenomenon.

“From a company perspective, longevity insurance reduces cash and earnings volatility, allowing management to focus its time and attention on running its core business,” said Brent Simmons, Senior Managing Director, Defined Benefit Solutions, Group Retirement Services, Sun Life Financial Canada.  “From a public policy and pensioner perspective, risk is transferred to a highly regulated insurance company, so plan members receive additional protection for their pensions.”

“As Canadians live longer due to advances in medicine and healthier living, many people can expect 30 or more years in retirement, making it more challenging for defined benefit plan sponsors to predict life expectancy,” Simmons said.

“Our customers told us there was a need to address this challenge, and we developed this innovative solution,” he said. “A miscalculation of longevity risk by a plan sponsor can be costly, resulting in higher pension payout levels than what a company or fund originally planned.”

“We’re extremely pleased to introduce longevity insurance to Canada,” Simmons said. “Sun Life Financial has been at the forefront of innovation in the defined benefit de-risking world. We created and sold the first next-generation annuity buy-in in Canada in 2009, and have been the market leader in annuities for defined benefit plans since 2008. Earlier this year, we were awarded a $400 million annuity buy-out, which is the largest Canadian single-day placement since LIMRA began keeping records in 1997.”

Sun Life launched Defined Benefit Solutions in late 2008 to help Canadian companies more effectively manage risks in their DB plans. These solutions allow plan sponsors to mitigate DB risk or transfer a portion of the DB risk from their balance sheet to Sun Life and take advantage of the Company’s investment, asset-liability management and longevity expertise.

Longevity insurance is issued by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies.

You might also be interested in: Longevity risk an issue in Canada 

Print

Canadian snowbirds who eschew the cold, northern winters in favour of a warmer few months have one more option for travel insurance.

PC Financial has expanded its Travel Insurance To Go for active seniors. The policy provides up to $1 million dollars in emergency medical travel coverage for seniors aged 60 to 74 (no coverage for pre-existing medical conditions not controlled for at least 180 days prior to departure). For less than $100, this includes single person coverage for up to eight days, when travelling to out-of-province and worldwide destinations. (No coverage for destinations to which a Canadian Foreign Affairs travel advisory applies.)

Launched earlier this year for families (two adults and up to four children under 18) and individuals under 60, PC Financial Travel Insurance To Go was the first in Canada to offer travelers the opportunity to buy emergency medical travel insurance in a retail setting.

You might also be interested in: Top three insurance claims for snowbirds 

Print

Scott Tannas, President and CEO of Western Financial Group, announced that he intends to seek the nomination of the Progressive Conservative Party of Alberta to stand for election to the Senate of Canada at the next opportunity.

In his announcement to his employees, Tannas said he intends to remain in place as President and CEO of the company through the election process and, if successful, until a Senate appointment is made, which could be as late as 2015. Tannas told employees that he would like to continue to serve in an “ongoing leadership capacity” at Western Financial Group while he serves as a Senator.

Print

Premier Marine has developed a new package for the Trades & Contractors Industry requiring broad insurance protection.  This product is tailored for Electricians, Plumbers, Air Conditioning & Refrigeration Contractors, Excavators, Carpenters and other Higher Hazard Classes acceptable, such as blasting, welding, roofers, demolition.

Premier Marine has become a name synonymous with product innovation and quality service for over twenty years.  Founded in Ontario and headquartered in Vancouver, Premier operates in Canada and the United States through branches in Toronto, London, and Seattle.  As one of Canada’s largest managing general agencies, this success has been attributed to Premier’s unique boutique approach to providing insurance products.  Premier’s products are developed by addressing the business realities and the contemporary exposures faced by specific industries.  Another significant factor in Premier’s success is its ability to access the very best insurers domestically and in London due to continuous and long standing successful relationships.  Premier provides full claim and underwriting services locally, thus providing their brokerage partners a high level of personalized service.

Print