Slice and SOMPO Announce ICS Proof-of-Value Contract Bringing On-Demand Insurance to Asia

Slice ICS platform now used by top insurers in the U.S., Canada, UK, and Asia Pacific

NEW YORK – August 14, 2019 – (BUSINESS WIRE) — Slice Labs Inc., the first on-demand insurance cloud platform provider, announced today that it has entered into a proof-of-value contract with Sompo Holdings Asia (SOMPO), regionally headquartered in Singapore and part of Sompo Holdings, a top Japanese insurer.

This new partnership brings on-demand insurance to the fast growing Asia Pacific region of Asia, the first of its kind. SOMPO will license the Slice Insurance Cloud Services (ICS) platform to quickly deploy and test new digital insurance products. Compared to other, more traditional solutions, the Slice ICS platform allows insurers, like SOMPO, to leverage the flexibility, scalability, and security of ICS through a high-value subscription model.

There are a number of new risks in mobility, travel, and leisure on-demand economy segments that are impacted by emerging technologies. Large social platforms also represent new opportunities for digital on-demand insurance products to be embedded in the overall experience. The companies plan to roll out various on-demand products across Asia throughout their partnership. Slice will be opening an office in Singapore to support this and other initiatives in the region.

“The future of satisfying insurance customers in any country and product segment hinges upon the cooperation of insurers and insurtechs,” said Tim Attia, CEO of Slice. “SOMPO is a strong example of how this can work as they have helped our cloud technology quickly scale into another global region and ICS is helping them reimagine insurance customer experiences.”

About Sompo Holdings (Asia)

Based in Singapore, Sompo Holdings (Asia) Pte. Ltd. is the holding company for its Asia Pacific entities, except Japan and is part of Sompo Japan Nipponkoa Insurance Inc, which is a member of the SOMPO Holdings headquartered in Tokyo, Japan. With a trusted presence in Asia since 1942, our business spreads with over 4,000 employees across the region. We are now the Top 10 Largest Non-Life Insurance Companies in Indonesia and Malaysia, and we have forged strategic partnerships to access a wider network of resources and distribution.

Learn more about the Group by visiting www.sompo-asia.com

About Slice:

Slice Labs is the insurance engine behind tomorrow’s cloud-based, on-demand digital services ecosystems for the new economy. Through Slice’s Insurance Cloud Services (ICS) platform, Slice is enabling insurers, technology companies, and other service providers to build truly intelligent and intuitive, pay-as-you-go digital insurance products protecting the insured anytime and anywhere.

Intact inks deal for The Guarantee Co. of North America and Frank Cowan Co. Ltd

TORONTO — Intact Financial Corp. has signed a deal to buy The Guarantee Co. of North America and Frank Cowan Co. Ltd. from Princeton Holdings Ltd. for $1 billion in cash.

The Guarantee is a specialty lines insurer in Canada and the U.S., while Frank Cowan is a general managing agent focused on specialty insurance.

Intact is a provider of property and casualty insurance in Canada and a provider of specialty insurance in North America.
The company says the acquisition will bolster its position and add new products for the high net worth customer segment.
Princeton Holdings will continue to own Cowan Insurance Group, Cowan Asset Management and Fountain Street Finance.
To finance the transaction, Intact says it has access to its own capital resources and bank facilities and may evaluate capital markets alternatives.

“The acquisition of The Guarantee Co. of North America and Frank Cowan Co. is strongly aligned with our strategic and financial objectives,” Intact chief executive Charles Brindamour said in a statement.
“We are delivering on our objectives to grow in Canada and build a leading North American specialty platform. I’m enthusiastic about what we will accomplish by leveraging the combined expertise of our teams and our expanded offering.”

The deal, which is subject to regulatory approvals, is expected to close in the fourth quarter of this year.
Specialty lines insurers typically underwrite more difficult and unusual risks or higher-risk accounts, such as professional liability, marine and aviation.

Companies in this story: (TSX:IFC)

The Canadian Press

Gore Mutual Named Leading Financial Services and Insurance Workplace

CAMBRIDGE, ON, Aug. 13, 2019 /CNW/ – Gore Mutual Insurance continues to receive national recognition for its workplace culture. Earlier this year the company was named an Employee Recommended Workplace and also certified as a Great Place to Work. Now Gore Mutual is excited to announce that it has been included on Canada’s 2019 list of Best Workplaces in Financial Services and Insurance.

This is Gore Mutual’s third consecutive year being chosen as a Best Workplace in Financial Services and Insurance. The designation came after a thorough and independent analysis conducted by Great Place to Work – the global authority on building, sustaining and recognizing high-performing workplace cultures. Only 36 organizations received this honour and winners were selected based on direct employee feedback from hundreds of organizations across the country surveyed by Great Place to Work.

“Our industry is filled with companies that are doing amazing things and being recognized as one of the Best Workplaces in Financial Services and Insurance is an accomplishment that we’re very proud of,” said Catherine Leclair, Vice President of Human Resources at Gore Mutual. “This award is a tribute to each and every one of our employees. Innovation and collaboration have been vital to our success over the past 180 years. We’re lucky to have so many talented and passionate people who work hard to create an inclusive, forward-thinking environment where everyone’s ideas are heard and valued.”

Based in Cambridge, Ontario and Vancouver, British Columbia, Gore Mutual is Canada’s oldest property and casualty insurer and in June celebrated its 180th anniversary. The organization continues to introduce additional resources to support employees and is in the midst of a multi-year program of renovation and modernization of all of its work environments. Already a Best Workplace in Financial Services and Insurance, Gore Mutual is working hard to be even better.

Watch Gore Mutual’s new workplace culture video here: https://youtu.be/o7N1x3wFKXo

About Great Place to Work:
Great Place to Work is the global authority on high-trust, high-performance workplace cultures. Conducting the world’s largest workplace study, Great Place to Work provides tremendous understanding of effective business cultures and the increasingly complex marketplace. Through proprietary assessment tools, advisory services, and certification programs, it provides the benchmarks, framework and expertise needed to create, sustain and recognize outstanding workplace cultures. Learn more at greatplacetowork.ca.

About Gore Mutual:
Founded in 1839, Gore Mutual is Canada’s oldest property and casualty insurer, with over $442M in premiums and over $1BN in assets as of December 31, 2018. Based in Cambridge, Ontario and Vancouver, British Columbia, this Canadian-owned and operated mutual company employs over 350 people and is known for its investment in people, technology and innovation. With a long-standing commitment to genuine personal service, and with InsurTech partnerships such as BrokerLift, Gore Mutual is an unwavering supporter of its network of insurance brokers, who offer the highest standards of service, choice and advocacy to Canadian customers. Gore Mutual was voted the #1 insurance company by the Insurance Brokers Association of Ontario (IBAO) in 2014, certified as a 2018 Best Workplace Canada and named a 2019 Best Workplace in Financial Services and Insurance. The Gore Mutual Foundation strengthens Canadian communities by supporting local initiatives and has donated more than $10M to over 650 charities over the past 20 years. Learn more at goremutual.ca.

SOURCE Gore Mutual Insurance Company

OmbudService for Life & Health Insurance appoints a new Chief Executive Officer & Ombudsman

TORONTO, Aug. 13, 2019 /CNW/ – The OmbudService for Life & Health Insurance (OLHI) announced today that its Board of Directors has appointed Mr. Glenn O’Farrell as Chief Executive Officer and Ombudsman. He will assume his functions in the Toronto office on August 19, 2019.

“The Board believes that his extensive experience in management, collaborating with stakeholders and leading organizational change in this age of technology will be essential attributes in executing OLHI’s mission” said Dr. Janice MacKinnon, Chair. “We are fortunate to have someone of Glenn O’Farrell’s caliber and experience to lead OLHI.  Glenn is a skilled communicator with deep leadership capabilities and has a proven track record of execution. His vast experience with the media will help further the development of the organization and promote its services by raising consumer awareness while continuing to strengthen OLHI’s relationships with their members and various stakeholders.”

A native of St-Malachie, Québec, Glenn studied economics, law, business and corporate governance at St. Francis Xavier University in Nova Scotia, Université Laval in Québec City, Johnson School of Management, Cornell University, Ithaca, N.Y.and at Rotman School of Management, University of Toronto. He is a member of the Québec Bar, Canadian Bar Association and Institute of Corporate Directors. He also has served on numerous company boards of directors as well as not-for-profit corporations.

Glenn said, “I am honored and excited to lead OLHI. Its is a privilege to be part of an organization governed by a fair and valuable purpose – providing Canadian consumers an independent, cost-free forum for the resolution of their complaints about life and health insurance products. I am looking forward to share my ideas and expertise in order to help promote our services and enhance the consumer’s experience when dealing with OLHI.”

Until recently, he held the position of CEO of Groupe Média TFO. Prior to this role, Glenn served as Vice-President, Réseau Pathonic TVA, Québec City; General Counsel, Chief Regulatory Officer, Senior Vice-President at CanWest Global, Toronto; President of Global Québec, Montreal, and President & CEO of the Canadian Association of Broadcasters, Ottawa.

About the OmbudService for Life & Health Insurance
The OmbudService for Life & Health Insurance (OLHI) is Canada’s only independent complaint resolution service for consumers of Canadian life and health insurance. Canadians trust us to review their insurance complaints about life, disability, employee health benefits, travel, and insurance investment products such as annuities and segregated funds. OLHI’s free bilingual services are available to any consumer whose insurance company is an OLHI member – and, currently, 99% of Canadian life and health insurers are. OLHI also offers general information online about life and health insurance. To ensure impartiality, OLHI’s operations are overseen by the Canadian Council of Insurance Regulators (CCIR). For more information, visit www.olhi.ca.

SOURCE OmbudService for Life & Health Insurance

AXA XL Names New Senior Underwriter for Large Property Insurance in Canada

AXA XL has added Jennifer Arezes to its Property Insurance team in Canada. Ms. Arezes is based in Toronto and will work alongside Ian Rutherford, Head of Property, Canada and Urs Uhlmann, CEO and Country Manager AXA XL, Canada to grow AXA XL’s Property & Casualty Large Property business nationally.

“We’re very excited to have Jennifer join our growing team of experts in Canada,” said Mr. Uhlmann. “She is one of the best in the industry and her extensive experience will bolster not only our underwriting capabilities but will be a great asset to our strategic growth objectives in the large, international property risks space.”

In this new role, Ms. Arezes will be responsible for developing and structuring tailor-made risk solutions to win new business and retain existing customers with particular focus on Canadian clients with global exposures.

“As the largest commercial insurer in the world, we have a unique opportunity for continued growth across Canada. Jennifer’s expertise and in-depth knowledge of the market is a great asset to our team and most importantly, will enhance our ability to provide outstanding service to our clients and brokers,” added Mr. Rutherford.

Ms. Arezes joins AXA XL from Zurich where she most recently led the Commercial Property Insurance business.  She brings more than 15 years of industry experience focusing on property underwriting across a wide range of business lines. Ms. Arezes holds a degree in Biological Technology/Industrial Microbiology from Centennial College of Applied Arts and Technology.

AXA XL’s North America Property business meets the global and domestic property insurance needs for a wide variety of commercial businesses and industries. Coverages include Equipment Breakdown E&S Property and General Property, delivered by a dedicated team of underwriters, risk engineers and property claims managers who specialize in addressing large, complex property risks.

Intact Financial Corporation strengthens its supply chain network with acquisition of On Side Restoration

Intact Financial Corporation (TSX:IFC) and On Side Developments Ltd., the parent company of On Side Restoration (“On Side Restoration“) today announced that they are joining forces to strengthen repair and restoration services for personal and commercial property claims customers across Canada. With this acquisition IFC will deepen its claims expertise and strengthen its supply chain network. The transaction is expected to close on or before October 1, 2019 subject to certain conditions, including regulatory approval.

On Side Restoration is a national restoration firm, based in Vancouver, with more than 1,200 employees and 35 branches coast to coast. Its reputation for excellent customer service along with 40 years of claims experience makes it a strong strategic fit for IFC.

“Our claims service is a key differentiator and is at the heart of what we promise. On Side Restoration is already an important part of our Rely Network of preferred vendors and they have a track record of providing excellent customer service and helping us deliver on that promise,” said Charles Brindamour, Chief Executive Officer, Intact Financial Corporation. “By taking ownership in the supply chain and combining our strengths we can ensure simpler, faster and consistently higher quality outcomes for property claims customers. This transaction will reduce claims handling costs and provide diversification to our property exposures with a new and counter cyclical earnings stream,” added Mr. Brindamour.

“With this agreement we are combining two leading companies who are keenly focused on providing the highest levels of professionalism, care, and exceptional customer service in property restoration,” said Craig Hogarth, Founder and President, On Side Restoration. “Becoming part of the Intact family is an exciting next step that will fuel another 40 years of growth as we continue to build our business and serve a wide variety of clients, including other key partners and insurers,” added Mr. Hogarth.

IFC has been steadily increasing collaboration over time with On Side Restoration to reduce cycle times and simplify processes for an improved customer experience. Through this acquisition IFC expects to further increase operational efficiencies and improve customer satisfaction by reducing the duplication of processes and controls, which will result in quick decision making and faster completion of repair and restoration work.

The property supply chain, namely restoration services, is a growing area of business, particularly as our communities are experiencing more frequent weather events. Intact will gain full ownership of On Side Restoration over a two-year period for a variable purchase consideration which is based in part on future profitability metrics. The purchase price will be financed from internal resources. The acquisition will provide immediate low single digit accretion to NOIPS, and mild accretion to ROE.

About On Side Restoration
On Side Restoration is one of the nation’s leading Canadian-owned restoration companies with 35 branches from Victoria, BC to St. John’s, Newfoundland. For the past 40 years the company has been restoring damaged homes and businesses 24 hours a day, 365 days a year. Proprietary internal systems include eClaim, a transparent web-based file management software program, and On Side LiVE, their 24 hour customizable emergency call centre. Experienced and certified crew operate On Side Restoration’s extensive fleet of emergency response vehicles and leverage their 13,000+ pieces of specialty equipment. Further information about On Side Restoration can be found at www.onside.ca.

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 through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. In the U.S., OneBeacon Insurance Group, a wholly-owned subsidiary, provides specialty insurance products through independent agencies, brokers, wholesalers and managing general agencies.

Forward Looking Statements
Certain statements included in this press release, including without limitation, the timing for completion of the proposed acquisition, management’s estimates and expectations in relation to resulting accretion, internal rate of return, net operating income per share, annual synergies, operational efficiencies and risk diversification are forward looking statements. The words “will”, “expected to” and comparable words or phrases are intended to identify forward looking statements. Forward looking statements are based on estimates and assumptions made by management in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes are appropriate in the circumstances.

Many factors could cause IFC’s actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward looking statements, including without limitation, the terms and conditions of, and regulatory approvals relating to, the proposed acquisition, timing for completion of the proposed acquisition and various other actions to be taken or requirements to be met in connection with the proposed acquisition and the factors discussed in IFC’s most recently filed Annual Information Form and annual Management’s Discussion & Analysis. These factors are not intended to represent a complete list of the factors that could affect IFC. These factors should, however, be considered carefully.

All of the forward-looking statements included in this press release are qualified by these cautionary statements. Although the forward-looking statements are based upon what management believes to be reasonable assumptions, IFC cannot assure investors that actual results will be consistent with these forward-looking statements. When relying on forward-looking statements to make decisions, investors should ensure the preceding information is carefully considered. Undue reliance should not be placed on forward-looking statements made in this press release. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise.

SOURCE Intact Financial Corporation

For further information: Media enquiries: Stephanie Sorensen, Director, External Communications, Intact Financial Corporation, 416-344-8027, stephanie.sorensen@intact.net; Sonia Manson, Communications Manager, On Side Restoration, 647-464-3092, media@onside.ca; Investor enquiries: Ken Anderson, Vice President, Investor Relations and Treasurer, Intact Financial Corporation, 855-646-8228, ext. 87383, kenneth.anderson@intact.net; Neil Seneviratne, Director, Investor Relations, Intact Financial Corporation, 416-341-1464 ext. 45156, neil.seneviratne@intact.net

Related Links

www.intactfc.com

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