The Co-operators acquires Credit Union Advantage Insurance Brokerage Ltd.

The Co-operators is pleased to announce that they have reached an agreement with Central 1 Credit Union (Central 1) to purchase Credit Union Advantage Insurance Brokerage Ltd. (CUAIB).  Concurrent with this, CUMIS, a fully owned subsidiary of The Co-operators, will become the insurer for coverages currently underwritten by CUPP Services Ltd (CUPP Services) upon expiry of the current policy terms.

This acquisition is part of an ongoing commitment by CUMIS to the credit union system and will provide a direct servicing relationship with British Columbia credit union partners for their corporate insurance needs.  The portfolio is a program of insurance protection, including coverage for property and casualty, financial coverage and professional liability.

“This is another step forward for CUMIS in strengthening and growing our relationship with credit unions in British Columbia” says Bob Hague, President Credit Union Distribution, CUMIS. “Our team is excited to work directly with the credit unions to ensure they have the risk management and insurance protection they require.  We’re committed to bringing the same exceptional service that the credit unions experienced with CUAIB.”

CUMIS has been the excess insurer for the insurance program for many years and is knowledgeable of the credit unions needs.

CUMIS will maintain a local office in BC to service the insurance program and will be working with the BC credit union system to create an insurance advisory committee.

About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $41.7 billion in assets under administration. Through its group of companies, it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights’ Best 50 Corporate Citizens in Canada. For more information, visit www.cooperators.ca

SOURCE The Co-operators

Beazley launches specialist design build liability insurance

Beazley has launched a comprehensive professional liability insurance offering designed to meet the needs of construction contractors and design/build firms in Canada.

Design Build provides comprehensive first- and third-party liability cover including full access to Beazley’s market-leading breach response team, BBR Services, in the event of a cyber or data breach.

The policy covers firms’ costs to rectify defects arising out of work carried out by themselves or their subcontractors and for emergency pollution clean-ups that occur during the course of the building work.

Third-party liability coverage protects policyholders against claims arising from design work done either by their team or a sub-contractor. In addition to contractor’s pollution liability, transportation pollution and non-owned site pollution are included in the policy as well as coverage for mould and technology and advertising.

The cover is available to Canada-domiciled firms on a primary and excess basis.

Coverage enhancements also include:

  • Consent to settlement (softened hammer) clause – enables Beazley and insured to equally share costs incurred after insurer settles a claim
  • Asbestos and lead paint coverage
  • Mediation credit
  • Definition of insured – to also include licensed or similarly qualified professionals
  • Waiver of subrogation against the insured’s clients here contractually required
  • Worldwide territorial coverage for Canadian domiciled firms

With the threat of a cyber-attack now a reality for all organisations, Design Build provides firms that suffer a breach with access to BBR Services’ team of cyber breach professionals to assist at every stage of an incident investigation and breach response.

Nancy Brady, Beazley underwriter and product lead, said: “Over three decades of underwriting liabilities for building and design firms, Beazley has developed a deep understanding of the liabilities that design professionals and construction contractors face. In Canada, and globally, we help firms of all sizes, from sole proprietors to some of the country’s largest design firms, to manage the evolving risks they face. Bringing together underwriting, claims and risk management expertise across cyber, pollution and construction risk, the Design Build coverage provides extensive coverage to protect contractors and design/build firms in today’s highly regulated and often litigious environment.”

Note to editors:
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations 
in Europe, the US, CanadaLatin AmericaAsia and Australia. Beazley manages six 
Lloyd’s syndicates and in 2018 underwrote gross premiums worldwide of $2,615 million. All Lloyd’s syndicates are rated A by A.M. Best.

Beazley’s underwriters in the United States focus on writing a range of specialist insurance 
products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., 
an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.

Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.

For more information please go to: www.beazley.com

SOURCE Beazley

Insurance giant Great-West Life changing name to Canada Life

By  | Global News

An iconic Winnipeg insurance company is changing its name.

Great-West Life, which had its start in the city 128 years ago, is undergoing a rebrand under the Canada Life name, which is set to encompass all of the organizations under the current Great-West Life, London Life, and Canada Life brands.

Canada Life’s president said Wednesday the change isn’t expected to impact any of the group’s 11,000 employees in Winnipeg and four other Canadian cities.

Great-West made the news in 2017 after slashing 1,500 jobs across Canada, including 450 here in Winnipeg.

“Our employees are central not only to our companies’ growth, but to the relationship of trust that we’ve built with our customers, advisors and consultants,” said Jeff Macoun.

“Under the new Canada Life brand, we’ll make it easier for them to deliver for our customers, advisors, consultants, and their communities.”

The rebranding is expected to take place over the next year, with the three companies’ offices across the country – including Winnipeg’s Osborne Street landmarks – taking on the new name and logo.

Hub International Acquires Alberta-Based Del Fisher Insurance Inc.

Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired Del Fisher Insurance Inc. (Del Fisher Insurance). Terms of the transaction were not disclosed.

Based in Calgary, Alberta, Canada, Del Fisher Insurance is an independent insurance broker providing personal and commercial insurance solutions, including home, auto, business and contract bonding to area residents and businesses since 1981. Del Fisher Insurance represents some of the largest and most respected insurance companies in Canada.

Jeff Alderman, Office Manager/Partner of Del Fisher Insurance, will join Hub International Barton Limited and will be a member of the Prairie Arctic leadership team. John Dewit, President/Partner of Del Fisher Insurance, and L.M. (Mike) Santiago, Vice President/Partner of Del Fisher Insurance, will be retiring.

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 11,000 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

Cowan Insurance Group Awarded Platinum Status by Canada’s Best Managed Companies

CAMBRIDGE, Ontario, March 07, 2019 (GLOBE NEWSWIRE) — Cowan Insurance Group, a leading Canadian insurance brokerage and consulting firm, was recognized for the seventh consecutive year by the prestigious Canada’s Best Managed Companies program, earning Platinum Club status.

Now in its 26th year, Canada’s Best Managed Companies is one of the country’s leading business awards programs recognizing Canadian-owned and managed companies for innovative, world-class business practices.

“Best Managed Platinum winners have exceptional insights and knowledge into business management practices. They are an inspiration and really take their game to a new level,” Peter Brown, Partner. Deloitte Private and Co-Leader, Canada’s Best Managed Companies Program.

Cowan has proven itself as a market leader through its commitment to innovation and excellence and a client-centric approach to doing business in the commercial and personal insurance, group benefits and wealth management space.

“To be recognized in the Platinum category for this award is truly an honour,” said Heather McLachlin, President of Cowan Insurance Group. “Achieving this milestone is a testament to our employees, the commitment they demonstrate on a daily basis and their ability to consistently deliver an outstanding client experience through their knowledge, collaboration, and innovative thinking.”

Applicants are evaluated by an independent judging panel comprised of representatives from program sponsors in addition to special guest judges. 2019 Best Managed companies share commonalities that include a clear strategy and vision, investment in capability and commitment to talent.

Winners will be honoured at the annual Canada’s Best Managed Companies gala in Toronto on April 17, 2019.

The Best Managed program is sponsored by Deloitte Private, CIBC, Canadian Business, Smith School of Business, and TMX Group.

Aon Says It’s No Longer Pursuing Willis Towers Acquisition

Aon Plc said it’s no longer pursuing a combination with rival insurance brokerage Willis Towers Watson Plc, a day after confirming that it was considering a tie-up.

The company said on Tuesday that it was in the early stages of exploring an all-share tie-up with Willis Towers after Bloomberg reported the potential plans. The companies held preliminary talks and Aon was preparing to submit a bid in the coming weeks, people familiar with the matter had said, asking not to be identified as the details aren’t public.

Aon shares fell 7.8 percent in New York on Tuesday, its biggest decline since 2009. A potential combination with Willis — which gained 5.2 percent and had a market value of $23.5 billion at the close of trading — could have been the industry’s largest-ever merger. Willis’s shares declined about 4 percent in early trading Wednesday.

Source Bloomberg | By Nick Lichtenberg and Amy Thomson

Read more here: 

 

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