Rogers Insurance partners with Megson FitzPatrick Insurance


Rogers Insurance Ltd.

Rogers Insurance Ltd. is pleased to announce they have partnered with Victoria, BC based Megson FitzPatrick Inc. effective May 5th, 2017. This partnership will begin with Rogers Insurance obtaining a minority shares purchase of Megson FitzPatrick.

Rogers Insurance COO, Bruce Rabik, says, “This partnership strengthens both organizations tremendously. Our market access and capabilities are expanded even further than before”.

Both brokerages are committed to strengthening the independent broker model and believe Rogers Insurance and Megson FitzPatrick Insurance will benefit from the expertise and capabilities of each brokerage – providing more comprehensive expertise and service offerings to their clients in addition to an expanded network of insurers to work with.

Jay Tuson, CEO, Megson FitzPatrick, adds, “We have long been searching for a brokerage model that provides the strength of scale, a willingness to invest in the future, a commitment to building a great culture for our team and the ability to provide competitive perpetuation solutions.  Rogers Insurance has allowed us to customize a partnership that I believe is unique in the market and speaks to addressing many of the challenges small to medium size brokers are facing today.  We are proud to partner with Rogers Insurance and look forward to the prosperity of both brokerages moving forward”.

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 insurance, home and auto insurance, 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 a member of the Canadian Broker Network (CBN) and Intersure, giving it affiliated offices across Canada, the US, and Mexico.

Megson FitzPatrick Insurance is based in Victoria, BC with six locations, including one in Vancouver, and over 100 employees.  Their vision is to transform and expand into an even stronger, more agile, independent broker, where decisions are always based on delivering the best customer experience. Megson FitzPatrick provides commercial, home & personal, auto, life and benefits insurance. They have several insurance programs that are distributed through British Columbia.

The new partnership of Rogers Insurance and Megson FitzPatrick Insurance will bring the collective employee count to over 500.

SOURCE Rogers Insurance Ltd.

For further information: Bruce Rabik, COO, Rogers Insurance, 403.296.2484,; Jay Tuson, CEO, Megson Fitzpatrick, 250.595.5212,

Aviva boss promises to overhaul the way his firm sells insurance

By Victoria Bischoff and James Burton For The Daily Mail

Britain’s biggest insurer last night vowed to end a rip-off hitting millions of families.

In a victory for the Daily Mail, the boss of Aviva said it was wrong to charge loyal customers more every year.

Mark Wilson admitted the market was dysfunctional and promised to overhaul the way his firm sells insurance to ensure that all his 16million customers would have the best prices.

He called on the rest of the industry to follow suit.

The boss of LV=, which is the biggest car insurer, rallied to his call last night, admitting more needed to be done to help customers who stay with the same provider.

A Money Mail investigation revealed on Monday that loyal customers routinely pay three times the lowest market price for car and home cover.

In the worst cases they are charged £1,000 more than new customers, whose cut-price deals they effectively subsidise.

Speaking at Aviva’s annual meeting yesterday, chief executive Mr Wilson said: ‘There’s the broader problem of steep price rises when artificially low introductory discounts come to an end.

‘This means across the whole industry in the UK, when customers come to renew, they often get quoted more.

‘The market is broken. I don’t like it and neither do our customers. This dysfunctional market is a problem for the whole industry. And it requires an industry-wide solution. But we aren’t waiting for that.’

Mr Wilson promised to introduce a new product to ensure customers always got the best deal.

However, the firm would not reveal any more details. Richard Rowney, chief executive of LV=, told the Mail: ‘We agree that more needs to be done to support loyal consumers and we strongly believe that we need to tackle this together as an industry.

‘We will work to ensure that we continue to do what’s in the best interests of consumers, focusing on providing them with value for money and a great service.’

A spokesman for Direct Line said: ‘We will look at this new launch with interest.’

Mr Wilson told the Mail last night: ‘We’ve been working for the last 12 months on a product which rewards loyalty and offers our best prices to our existing customers and we plan to launch this later this year.

‘It’s time to tackle the broken system of steep price rises for insurance after artificially low introductory discounts end and we congratulate the Daily Mail on its campaign.’

Former pensions minister Baroness Altmann said: ‘Well done to the Daily Mail.

‘I’m delighted to see that Aviva is acknowledging these problems and it’s a really good step forward. It’s very often the most vulnerable people – the elderly and disabled – and those who work too many hours of the day who lose out because they don’t switch.’

Usually customers are offered better prices only if they threaten to leave.

At some insurers, as many as 80 per cent of customers roll over their insurance with their existing deal. The longer customers stay with their insurer, the more they are likely to be overpaying.

The renewal rip-off is thought to cost drivers £1billion a year.

James Daley, of consumer group Fairer Finance, said: ‘It’s great that Aviva are taking a stand and I hope that other insurers will follow suit … I’m sceptical that others will stop playing the game without heavy-handed intervention from regulators.’

A spokesman for the Association of British Insurers said: ‘The UK insurance market is highly competitive with most customers shopping around and lots of switching.’

Edited for ILSTV


Manulife Donates $25,000 to Spring Flood Support in Canada

Manulife has made a $25,000 donation to the Canadian Red Cross’ Spring Floods Appeal, which is being used to provide assistance and aid for those impacted by flooding across Canada. The company will also match employee donations up to $10,000.

Parts of Canada have been inundated with record-breaking rainfalls and mass flooding this spring. From B.C. to parts of Ontario, Quebec and Atlantic Canada, residents of many Canadian communities find themselves in distressing circumstances with significant damage to their homes, properties and livelihoods.

“These floods have had a devastating impact on many communities across the country,” said Marianne Harrison, President & CEO, Manulife Canada. “We are glad to help our fellow Canadians during this difficult time.”

About Manulife
Manulife Financial Corporation is a leading international financial services group that helps people achieve their dreams and aspirations by putting customers’ needs first and providing the right advice and solutions. We operate as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2016, we had approximately 35,000 employees, 70,000 agents, and thousands of distribution partners, serving more than 22 million customers. As of March 31, 2017, we had $1 trillion (US$754 billion) in assets under management and administration, and in the previous 12 months we made almost $26.3 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under ‘945’ in Hong Kong.


SOURCE Manulife Financial Corporation

Aviva sells stakes in Spanish insurance businesses

LONDON–Aviva PLC (AV.LN) said Wednesday it is selling its stake in life insurance and pension joint ventures Unicorp Vida and Caja España Vida, as well as in retail life-insurance business Aviva Vida y Pensiones, for 475 million euros ($515.9 million).

The sale follows a restructuring of the Spanish banking system, which started in 2010, the company said.

Aviva will still have some exposure to the insurance sector in Spain after this divestment, it said.

Intact Financial to buy OneBeacon Insurance

TORONTO, ONTARIO–(Marketwired – May 2, 2017) –


  • Creating a leading North American specialty lines insurer with over $2 billion in specialty lines premiums
  • Focuses on small to mid-size businesses where both organizations have deep capabilities and ability to scale up
  • Bolsters Intact’s existing Canadian business with new products and cross-border capabilities
  • Provides additional growth pipeline to leverage Intact’s consolidation expertise in a highly fragmented market
  • Accretive to net operating income per share within 24 months
  • Strong financial position maintained with MCT estimated above 200% at closing

Intact Financial Corporation (TSX:IFC) announced today that it has entered into a definitive agreement and plan of merger pursuant to which it has agreed to acquire OneBeacon Insurance Group, Ltd. (NYSE:OB), a leading US specialty insurer. Under the terms of the all-cash deal, OneBeacon shareholders will receive US$18.10 cash per common share, a 14% premium based on OneBeacon’s closing stock price on the NYSE of US$15.89 as of May 1, 2017 and a 15% premium to the volume weighted average price over the last 30 days. This represents an aggregate cash consideration of approximately US$1.7 billion ($2.3 billion). In addition, OneBeacon debt of approximately US$275 million will remain outstanding. The transaction has been unanimously approved by the Boards of Directors of both companies and is subject to approval by OneBeacon’s shareholders.

Intact’s acquisition of OneBeacon is creating a North American leader in specialty insurance, with over $2 billion of annual premiums. It combines Intact’s leading commercial lines track record and deep data, claims and digital expertise with OneBeacon’s high caliber team and specialty lines capabilities. The acquisition bolsters Intact’s Canadian business with new products and cross-border capabilities, and better positions Intact to compete with international insurers. Furthermore, this provides an additional growth pipeline to leverage Intact’s consolidation expertise in a fragmented specialty lines market.

“Today, we’ve taken an important step in building a world class P&C insurer. The addition of OneBeacon is creating a leading North American specialty lines insurer focused on small to mid-sized businesses,” said Charles Brindamour, CEO of Intact Financial Corporation. “OneBeacon is a strong strategic fit for Intact, with deep expertise in commercial and specialty lines, and shared values. We see significant growth potential from the combination of our specialty lines operations and we look forward to welcoming OneBeacon employees to the Intact family.”

Mike Miller, CEO of OneBeacon Insurance Group, said, “We are all very excited to join the Intact family. The opportunity to leverage Intact’s deep technical, financial and technology capabilities makes this combination the perfect next step in the OneBeacon journey. Together, we will accelerate our pursuit in creating a leading specialty insurer in North America. We look forward to working with our US and Canadian independent agents and brokers to deliver market-leading capabilities to our targeted customers. Both companies are dedicated to ensuring a seamless transition and look forward to profitably growing our specialty portfolio going forward.”

Attractive Shareholder Returns and Conservative Financing Structure

The transaction is expected to be neutral to net operating income per share in 2018 and generate mid-single digit NOIPS accretion within 24 months after close. Intact expects to also benefit from top and bottom line growth opportunities resulting from broader geographic and line of business diversification.

Intact secured the conditional purchase of a reinsurance agreement pursuant to which a major reinsurer will assume 80% of any negative development in excess of US$74 million with respect to OneBeacon’s claims liabilities as at December 31, 2016. The maximum amount payable by the major reinsurer is US$200 million and is subject to some exclusions and limitations.

Intact intends to finance the acquisition and related transaction expenses using a combination of $700 million of equity financing, approximately $700 million of excess capital and approximately $1.0 billion of financing comprised of bank term loans, medium term notes and preferred shares. Intact has hedged the purchase price against the exposure associated with USD/CAD exchange rate fluctuations. Intact will maintain its strong capital position with an estimated MCT above 200% on closing and expects its debt-to-total capital ratio to return below the target level of 20% within 24 months following the closing of the acquisition.

Intact will cancel the automatic share purchase plan announced on March 27, 2017 and suspend its normal course issuer bid in order to maintain excess capital prior to the closing date of the transaction. Following closing, Intact plans to use excess capital for deleveraging in line with its conservative transaction financing plan.

The $700 million of equity financing is being completed through a combination of a $360 million bought deal subscription receipt offering and $340 million of subscription receipts issued on a private placement basis to three Canadian institutional investors, namely Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan (collectively, the “Private Placement Subscribers”).

In connection with the bought deal subscription receipt offering, Intact has entered into an agreement with a group of underwriters, led by CIBC Capital Markets and TD Securities Inc. for the issue of 3.9 million subscription receipts at a price of $91.85 per subscription receipt (less an underwriting fee) pursuant to a bought deal public offering in Canada and to qualified institutional buyers in accordance with Rule 144A of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). Each subscription receipt will entitle the holder to receive one common share of Intact upon closing of the acquisition. Intact has also granted the underwriters the option to purchase an additional 0.6 million subscription receipts exercisable at the offering price for a period of 30 days after the closing of the offering for additional gross proceeds of up to $54 million. The gross proceeds (net of the initial underwriters’ fee) from the sale of the subscription receipts will be held in escrow until the acquisition close date. The offering is expected to close on May 11, 2017.

Intact has separately agreed with the Private Placement Subscribers to issue an aggregate of 3.7 million subscription receipts at a price of $91.85 per subscription receipt (less a private placement fee). The escrow release provisions of the private placement subscription receipts are substantially equivalent to those applicable to the public offering of subscription receipts and the private placement is expected to close concurrently with the public offering.

Completion of the concurrent private placement is subject to a number of conditions including the closing of the bought deal subscription receipt offering. Completion of the bought deal subscription receipt offering is conditional upon the closing of the concurrent private placement.

The subscription receipts and the common shares of Intact have not been, and will not be, registered under the U.S. Securities Act, or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, within the United States, except in certain transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these subscription receipts within the United States.

Additional Details, Closing and Approvals

The transaction was unanimously approved by the Boards of Directors of both companies (Mr. Yves Brouillette, who is a director of Intact Financial Corporation and White Mountains Insurance Group, Ltd., the controlling shareholder of OneBeacon, was excluded from board meetings, deliberations, votes and related communications regarding the transaction). The transaction is expected to close in the fourth quarter of 2017, subject to satisfaction of customary closing conditions, including OneBeacon shareholder approval and receipt of required regulatory approvals. In connection with the entering into of the acquisition agreement, White Mountains Insurance Group, Ltd. has entered into a voting agreement pursuant to which it has agreed to vote in favour of the transaction. The voting agreement can be terminated by White Mountains Insurance Group, Ltd., if the acquisition agreement is terminated by OneBeacon. OneBeacon has the ability to terminate the acquisition agreement, subject to the procedures set forth therein and the payment of a US$85.1 million termination fee and reimbursement of Intact’s expenses up to US$22 million, in order to enter into a definitive agreement for a superior proposal with a third party.


Goldman, Sachs & Co. LLC is acting as financial advisor to Intact Financial Corporation. Skadden, Arps, Slate, Meagher & Flom LLP and Blake, Cassels & Graydon LLP are acting as legal advisors to Intact Financial Corporation in this transaction. Davies Ward Phillips & Vineberg LLP is acting as legal advisor to the Private Placement Subscribers. McCarthy Tétrault LLP is acting as counsel to the underwriters in the bought deal subscription receipt offering.

About Intact Financial Corporation

Intact Financial Corporation (TSX:IFC) is the largest provider of property and casualty (P&C) insurance in Canada with over $8.0 billion in annual premiums. Supported by over 12,000 employees, the Company insures more than five million individuals and businesses through its insurance subsidiaries and is the largest private sector provider of P&C insurance in British Columbia, Alberta, Ontario, Québec, Nova Scotia and Newfoundland & Labrador. The Company 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.

About OneBeacon Insurance Group

OneBeacon Insurance Group, Ltd. is publicly traded on the New York Stock Exchange under the symbol “OB.” OneBeacon’s underwriting companies offer a range of specialty insurance products sold through independent agencies, regional and national brokers, wholesalers and managing general agencies. Each business is managed by an experienced team of specialty insurance professionals focused on a specific customer group or industry segment, and providing distinct products and tailored coverages and services. OneBeacon’s solutions target group accident and health; architects and engineers; commercial surety; entertainment; environmental; excess property; financial institutions: financial services; healthcare; management liability; ocean and inland marine; programs; public entities; technology; and tuition refund. For further information about our products and services visit: and to remain up to date on OneBeacon news, follow us on Twitter @OneBeaconIns or visit our online newsroom:


  • Intact Media Inquiries:
    Stephanie Sorensen
    Director, External Communications
    +1 (416) 344-8027
    stephanie.sorensen@intact.netIntact Investor Inquiries:
    Samantha Cheung
    Vice President, Investor Relations
    +1 (416) 344-8004
    samantha.cheung@intact.netOneBeacon Media Inquiries:
    Carmen Duarte
    Director Marketing & Communications
    +1 (781) 332-7268
    cduarte@onebeacon.comOneBeacon Investor Inquiries:
    Paul McDonough
    Executive Vice-President and CFO
    +1 (952) 852-6020

Andrew Agencies Purchases Waggoner Insurance Effective May 1, 2017

News Release

May 2, 2017, Virden, MB and Winnipeg, MB – Scott Andrew, President and CEO of Andrew Agencies Ltd and Ed Waggoner, President and CEO of Waggoner Insurance are pleased to announce that Andrew Agencies has acquired Waggoner Insurance located in Winnipeg effective May 1, 2017.

The three Waggoner locations, which will be rebranded to Andrew Agencies, will be the first for Andrew Agencies in the city of Winnipeg and will increase to 19 the number of locations in its network across Manitoba, Saskatchewan and Alberta. The current Waggoner staff will remain and will be complemented with existing product specialists from Andrew Agencies.

“Andrew Agencies is excited to be entering the Winnipeg marketplace especially with having the opportunity to acquire an established well ran brokerage like Waggoner” said Scott Andrew.

“Our decision to sell to Andrew Agencies was based on what we felt was best for our staff and our loyal clients” stated Ed Waggoner.

About Andrew Agencies Ltd.

Andrew Agencies Ltd. was established in 1913 as a general insurance and travel agency in Virden, Manitoba by the Andrew family. Today, it is a busy multi-line brokerage operating in Manitoba, Saskatchewan and Alberta selling insurance and financial services.

About Waggoner Insurance

Waggoner Insurance is an insurance broker located in Winnipeg with three locations throughout the city. It is a family-owned, full service insurance brokerage that has operated independently since 1995 and is proud members of the Insurance Brokers Association of Manitoba.


Jacy Whyte
Chief Marketing Officer
Andrew Agencies Ltd.

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