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

More Than Half of Tech Leaders in Canada Plan to Expand Teams in 2020

More Than Half of Tech Leaders in Canada Plan to Expand Teams in 2020

Toronto, ON — Technology recruitment in Canada will grow in the first half of the new year, but hiring challenges persist, suggests a new survey from staffing firm Robert Half Technology. According to the latest State of Tech Hiring research from Robert Half, 54 per cent of IT decision makers anticipate expanding their team in the next six months. Almost all (95 per cent) tech leaders surveyed are confident in their company’s prospects for growth in the first half of 2020.

Respondents cited the following technical skills as immediately needed for their organizations:

  1. Cybersecurity
  2. Cloud (computing, security, architecture)
  3. Business intelligence and reporting services
  4. Enterprise Resource Planning (ERP) implementation (Oracle/PeopleSoft, SAP)
  5. DevOps

Nearly all IT managers polled (96 per cent) said they plan to bring on interim professionals. Of those, 60 per cent say hiring consultants is part of their overall hiring strategy and 55 per cent will look to temporary staff if a role becomes vacant and isn’t filled quickly.

View an infographic of national hiring plans.

Below, technology leaders ranked their strategic and staffing priorities for the first half of 2020:

Strategic

Staffing

  1. Maintaining security and safeguarding company information
  1. Training and upskilling current talent
  1. Automating processes to increase productivity and reduce costs
  1. Attracting new talent
  1. Digital transformation projects/initiatives
  1. Retention of my existing team

“Top tech candidates are receiving multiple job offers simultaneously, which means IT leaders need to make quick hiring decisions or risk losing skilled talent to competitors ― an adaptive and efficient process is key,” said Deborah Bottineau, district president of Robert Half Technology. “To avoid prolonged vacancies, managers should consider bringing on project-based tech professionals who can help keep productivity up in the interim and prevent heavier workloads from overwhelming the rest of the team.”

“With the rising need for professionals with cybersecurity, cloud and business intelligence skills, tech leaders need to make sure they’re providing an attractive overall package to skilled applicants,” added Bottineau. “In addition to offering competitive compensation and benefits, fostering a strong organizational culture that promotes professional development goes a long way for companies looking to boost recruitment and retention of in-demand IT workers.”

About the Research 
The online survey was developed by Robert Half Technology and conducted by a leading independent research firm. The biannual report is based on responses from more than 270 IT decision makers in Canada. Respondents were screened to have hiring authority for the information systems or information technology department of a company.

About Robert Half Technology
With more than 100 locations worldwide, Robert Half Technology is a leading provider of technology professionals for initiatives ranging from web development and multiplatform systems integration to network security and technical support. Robert Half Technology offers online job search services at roberthalf.ca/technology. Visitors can also request a copy of the Robert Half Technology 2020 Salary Guide.

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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.

Brown & Brown, Inc. Enters into Agreement to Acquire Special Risk Insurance Managers, Ltd.

DAYTONA BEACH, Fla., Dec. 09, 2019 (GLOBE NEWSWIRE) — J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Mark Woodall and Tom Willie, the principals of Special Risk Insurance Managers, Ltd. (“Special Risk”), today announced that Brown & Brown Programs (CA), Inc. has entered into an agreement to acquire the assets of Special Risk.  The transaction is expected to close effective January 1, 2020, subject to certain closing conditions.

Founded in 1991, Special Risk has grown to a preeminent player in the MGA industry in Canada, recognized as MGA of the Year in 2018.  The acquisition of Special Risk is a strategic step forward for Brown & Brown in establishing a presence in the Canadian insurance brokerage market.  Special Risk will operate as a part of Brown & Brown National Programs, which, under the leadership of Chris Walker, consists of over sixty specialty niche programs and collectively represents over $3 billion in written premium.  Special Risk will become a distinct operating division in the National Programs Division alongside specialist operations such as Arrowhead General Insurance Agency and Bellingham Underwriters.  Mark Woodall will continue to lead the Special Risk team and will be part of the leadership team of the National Programs Division, reporting to Chris Walker.  Tom Willie will continue to the lead the underwriting team of Special Risk.

Chris Walker, President of Brown & Brown National Programs stated, “We are delighted to bring Mark, Tom and their exceptional team of professionals to our operation. We are excited about the opportunities in Canada and believe with Special Risk we now have the talent, reputation and platform to succeed.”

Mark Woodall stated, “I see this partnership as an exceptional marketing advantage going forward for Special Risk.  Brown & Brown will bring us new major insurer opportunities, enhanced Lloyd’s relationships and new and innovative products to offer our retail broker network.  We are very excited about our future within Brown & Brown National Programs.”

Brown & Brown, Inc. is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses. With Brown & Brown’s 80 years of proven success and thousands of teammates, we offer knowledge you can trust and strive to deliver superior customer service.  For more information, please visit bbinsurance.com.

This press release may contain certain statements relating to future results which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts, but instead represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. Such factors include those factors relevant to Brown & Brown’s consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process, and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.

R. Andrew Watts
Chief Financial Officer
(386) 239-5770

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