La Capitale and SSQ Insurance announce their intention to combine operations

QUEBEC CITY, Jan. 29, 2020 /CNW Telbec/ – La Capitale Insurance and Financial Services and SSQ Insurance are announcing today their decision to combine operations. The new entity will become an influential player and the biggest mutual insurance company in Canada. From day 1 it will have 4,700 employees and more than 3.5 million members and clients.

La Capitale and SSQ Insurance are two companies of similar size with complementary operations. La Capitale is a leader in property and casualty insurance while SSQ Insurance is well known for group insurance. The merger of equals, which brings the two companies together as equals, will be a driving force for each organization. The new company will be poised for faster growth and improved competitiveness at a time when the insurance industry is evolving rapidly.

Both entities are seizing a unique opportunity to join forces and build a new company with nationwide reach and a head office that will remain in Quebec City for the long term. The company will build on a solid foundation of skilled employees, strong mutualist values, sound finances, and a broad range of expertise.

Combined assets under management for the new company will total more than $20 billion, and consolidated premiums will be worth $5 billion.

Stages of the merger

At this time no changes will be made to either company’s operations. There are still steps to complete before the merger of equals can be finalized, including approval from the regulatory authorities and the mutualist members at their respective meetings as well as amendments to each company’s private bills. Ideally, the merger of equals will be finalized quickly in the upcoming parliamentary session.

A process will be set up to decide on the name and image of the new company.

Once the new entity is in place, Jean St-Gelais is expected to serve as Chair of the Board of Directors and Jean-François Chalifoux as CEO. Jean St-Gelais is currently Chair of the Board and Chief Executive of La Capitale, while Jean-François Chalifoux is CEO of SSQ Insurance.

Quotes

“We’re delighted to combine our strengths and work as a team to create the biggest insurance mutual in Canada. Together, we’ll be better able to meet current challenges of staying competitive and versatile, developing our workforce, and keeping up with technology. Both our companies are on solid financial ground. Together, we will be even stronger.”

-Jean-François Chalifoux
CEO, SSQ Insurance

“In the rapidly changing world of insurance, we concluded that an alliance between La Capitale and SSQ Insurance is the best way forward for both our organizations. It’s a strategic positioning. We have a genuine desire to work together and create a major new Quebec insurance company with more power for faster growth. It’s a promising—and substantial—undertaking.”

Jean St-Gelais
Chair of the Board of Directors and Chief Executive, La Capitale

About La Capitale

La Capitale Insurance and Financial Services, created in 1940, has a strong presence across Quebec and throughout Canada. With close to 2,700 employees and guided by the values of mutualism on which it was founded, La Capitale works with clients to build, protect, and manage what they consider critical to their financial security. The company offers insurance products and financial services to the general public as well as to Quebec public service employees. With assets of $7.4 billion, La Capitale features prominently among leading insurers in Canada.

About SSQ Insurance

Founded in 1944, SSQ Insurance is a mutualist company that puts community at the heart of insurance.  With assets under management of $12 billion, SSQ Insurance is one of the largest companies in the industry. Working for a community of over three million customers, SSQ Insurance employs 2,000 people. The company is a leader in group insurance and sets itself apart through its expertise in individual life and health insurance, general insurance, and the investment sector.

SOURCE La Capitale Insurance and Financial Services

For further information: Marc-André Tremblay, TACT, Cell: 581 994-5180, matremblay@tactconseil.ca

Related Links

www.lacapitale.com

The Co-operators and CSS Pension Plan reach longevity insurance deal

GUELPH, ON, Jan. 28, 2020 /CNW/ – The Co-operators and the Co-operative Superannuation Society (CSS) Pension Plan today announced a new longevity insurance agreement that will provide greater financial security to more than 6,300 CSS pensioners.

“CSS is very proud to have been providing an in-plan annuity option to our members for close to 50 years,” said Martin McInnis, Executive Director of CSS.  “Our agreement with Co-operators is a proactive and innovative approach that prudently protects our plan’s annuity offering against longevity risk and positions CSS to continue to meet the retirement income needs of our members well into the future.”

The CSS Pension Plan is a defined contribution plan that provides optional guaranteed lifetime retirement income. Under the new agreement, one of only three longevity deals announced in Canada, the CSS Pension Plan will transfer longevity risk for $660 million of pension plan liabilities to The Co-operators. In exchange for quarterly premium payments, The Co-operators will pay the actual pension benefit amounts to the plan on a quarterly basis and the CSS Plan will maintain full responsibility for monthly pension payments to pensioners.

“We’re thrilled to have partnered with the Co-operative Superannuation Society (CSS) to develop a customized solution for their longevity risk,” said Rob Wesseling, President and CEO, The Co-operators. “The Co-operators is well positioned to offer longevity solutions to the Canadian market, and we recognize this risk is a growing concern for Canadian retirees and pension plan providers throughout the country.”

As the successful applicant in a competitive bid process, The Co-operators negotiated the terms of the customized insurance contract with Aon plc who advised the CSS Pension Plan.  One of the unique features of the contract for a group of this size is the fact that it is expected to operate on a non-collateralized basis.

“I congratulate CSS on their foresight in considering the longevity risk faced by their members and taking action to address it. This agreement is a testimony to what can be achieved when there is a willingness to consider innovative solutions to improve member security” said William da Silva, Canadian national Director, Retirement Solutions at Aon.  Aon advised CSS throughout all aspects of this transaction—from strategy to ultimate placement of the longevity insurance.

About Aon
Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $46.7 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 ranked as the Corporate Knights’ #1 Best 50 Corporate Citizen in Canada and listed among the Best Employers in Canada by Aon Hewitt. For more information, visit www.cooperators.ca.

About CSS Pension Plan:
The CSS Pension Plan provides competitive, value-added retirement products and services exclusively to co-operative and credit union employees. Pioneered in 1939, it is one of the oldest and largest defined contribution pension plans in Canada with over $4 billion in assets under administration. Today, it has grown to serve over 330 employers and 48,000 current and past co-operative and credit union employees across Canada. For more information, visit www.csspen.com.

SOURCE The Co-operators

Related Links

www.cooperators.ca

Mastercard to open $510M cyber-security centre in Vancouver

The excerpted article was written by Tyler Orton Business in Vancouver

Ottawa is putting up nearly $50 million to boost the presence of Mastercard Inc. in Vancouver with the launch of a $510 million cyber security centre.

The credit card company announced Thursday (January 23) that the West Coast city would be the home of its sixth global technology centre — one focused on developing technologies to thwart cyber attacks in the payments arena.

In a bid to entice the financial giant to B.C., the federal government dipped into its Strategic Innovation Fund to the tune of $49 million.

A February 2019 analysis from The Logic revealed just over half the fund’s recipients were foreign firms, at the time the story was published.

Mastercard CEO Ajay Banga said in a statement, “The Vancouver centre will help us meet the growing demand for technology solutions to reduce the cost of cyber-attacks, enable today’s connected devices to become tomorrow’s secure payment devices and address the growing vulnerabilities associated with the Internet of Things.”

Mastercard’s new Intelligence and Cyber Centre will be based at The Exchange office tower on Howe Street, which counts Amazon.com Inc. among its tenants.

The Mastercard office houses Vancouver-founded cyber security firm NuData Security Inc., which Mastercard acquired in 2017.

Mastercard said in a statement the new centre will be “creating and maintaining” a total of 380 jobs, while the federal government estimated the new sit would create 100 new co-op positions.

NuData already employs about 100 workers in its downtown office, leaving Mastercard to hire about 300 more workers to meet the needs of the cyber centre.

Jill Tipping, CEO of the B.C. Tech Association, told Business in Vancouver Mastercard was clearly enticed by access to talent and the city’s connections with key markets around the world.

“I’m thrilled that they’re recognizing Vancouver as a great place to launch, but it makes it even more important that we put the investment into supporting our local homegrown companies,” she said.

Mastercard is the most recent international company to show an interest in Vancouver.

Earlier this week, Silicon Valley-based fintech company Tipalti Inc. announced it was opening an office in the city next month, while fellow California tech firm Grammarly Inc. opened a 3,000-square-foot site in Gastown last fall.

READ FULL ARTICLE HERE: 

BrokerTech Ventures Hires John Jackovin as Accelerator Executive Director

DES MOINES, Iowa, Jan. 20, 2020 (GLOBE NEWSWIRE) — BrokerTech Ventures (BTV), the industry’s first broker-led investor group and accelerator program, is pleased to announce the hiring of John Jackovin as its new accelerator executive director.

“John brings with him a unique skillset, which we believe will add tremendous value to our BTV Accelerator Program as we embark on our inaugural year,” said Susan Hatten, BTV interim executive director. “His lens into the startup world, including his own first-hand experience going through the Techstars Accelerator, will prove invaluable in creating the kind of experience we hope to deliver through the BTV Accelerator.”

Over the years, Jackovin’s companies have produced millions in revenue and have serviced thousands of customers. In 2014, he took a company through Techstars, one of the most prominent and successful technology accelerators in the world. Since then, Jackovin has consulted for many organizations in the world of Fintech and InsurTech, most recently Des Moines-based Dwolla, where he managed the Growth and Internal Services Product teams.

“The need for an agent-broker-specific accelerator at this time is clear,” said Jackovin. “To be able to help shape the first program specifically for investors and innovators building the next generation of tech solutions for insurance agencies and brokerages is truly a dream.”

Jackovin’s hiring comes as BTV’s top 20 selected broker-centric, early-stage startups prepare to descend on Des Moines on February 4. These top 20 startups will be pitching to BTV’s nine super-regional owners and partners during “Selection Series Days” at Holmes Murphy’sheadquarters.

The startups, who are based all over the U.S., Canada, and Mexico, cover an expansive amount of technology needs that serve the property and casualty (P&C), employee benefits, and clinical solutions spaces, and include:

  • Agentero, Oakland, CA
  • Briza, Inc., Toronto, Ontario, Canada
  • Broker Buddha, New York, NY
  • Careignition, LLC, Chicago, IL
  • ChalkBites, Inc., Davenport, IA
  • CogniSure, Warrenville, IL
  • ConsumerOptix, Dayton, OH
  • Equal Health, Detroit, MI
  • Goldfinch Health, Austin, TX
  • HazardHub, San Diego, CA
  • InsuranceMenu, Canton, MA
  • Kwema, St. Louis, MO, and Mexico City, Mexico
  • Loss Run Pro, LLC, Missoula, MT
  • MakuSafe Corp., West Des Moines, IA
  • OnRisk, Princeton, NJ
  • ProNavigator, Kitchener, Ontario, Canada
  • Serious Social Media, Inc., Des Moines, IA
  • Talage, Inc., Reno, NV
  • TRUSTLAYER, INC., San Francisco, CA
  • Wunderite, Inc, Boston, MA

When the Selection Series is complete, BTV will select the top firms to take part in the first BTV Accelerator cohort. In addition to access to BTV Partners and distribution platforms, each of the selected startups will receive $50,000 in the form of a convertible note.

“This is an exciting time for the InsurTech movement, and especially for Central Iowa, as we now call home to the BTV Accelerator, the Global Insurance Accelerator, the AgriTech Accelerator, and Techstars,” said Dan Keough, Holmes Murphy chairman and CEO and BTV co-founder.

About BrokerTech Ventures (BTV)
Based in the insurance nucleus of Des Moines, Iowa, BrokerTech Ventures is the first broker-led investor group and accelerator program focused on delivering innovation to the insurance agent-broker industry. Founded in 2019, BrokerTech Ventures provides a venue for the best minds in insurance and technology to collaborate and bring to market leading-edge ideas and solutions. BrokerTech Ventures invests in the research and testing for each of the chosen startups, provides access to veteran industry mentors, and helps scale the technology to market through broker distribution channels. Learn more at www.brokertechventures.com

Brad Riddell Appointed Vice President, CyberSecurITy at FlexITy, Canada’s leading Systems Integrator

TORONTO, Jan. 20, 2020 /CNW/ – Brad Riddell has been appointed Vice President, CyberSecurITy at FlexITy, Canada’sleading Systems Integrator and Digital Transformation Solutions, by CEO Peter Stavropoulos.

As Vice President of CyberSecurITy Solutions, Brad Riddell is responsible for rapid expansion and growth while managing FlexITy’s emerging CyberSecurITy business. He brings more than 20 plus years of IT risk management, systems integration, and managed services, sales and delivery experience to the FlexITy organization.

“Brad is astute at understanding the cybersecurity challenges faced by Canadian companies and developing pragmatic solutions to effectively manage cybersecurity risk. He has a proven track record of building high performing teams that attract top cybersecurity talent that our clients require. As a longstanding trusted advisor to clients across many industries, Brad quickly earns their trust and develops long-lasting relationships,” said Peter Stavropoulos.

“FlexITy is a proven and trusted Systems Integrator focused on attracting and retaining top IT engineering talent and delivering robust, high performance and reliable solutions to their clients. We are applying this winning approach to cybersecurity to create Canada’s leading end-to-end cybersecurity services business. FlexITy will build tailored solutions targeted at solving the most daunting challenges such as ransomware, securing IoT devices, ensuring the safety of critical infrastructure, enabling secure electronic commerce, and ensuring the privacy of patient medical records,” said Brad Riddell.

Canadian companies now have a single trusted provider to design, deploy, secure and manage critical IT networks, systems and applications. By taking a truly integrated approach to network and system design, integration and security, FlexITy offers a unique capability unmatched in the Canadian market.

Along with the depth of FlexITy’s Infrastructure team of architects, pre-sales engineers, highly skilled and cross-certified integrators and project managers, all with the highest of government security clearances, we work with our best-of-breed strategic partners to develop and deliver broad and deep sets of Managed and Hybrid CyberSecurITy Solutions that make an immediate impact with clients across Canada.

The range of FlexITy clients serviced over the past two decades span across some of Canada’s leading financial, government, public sector, legal, media, telecommunications, insurance and health care institutions.

About FlexITy

FlexITy is an award-winning integrator of smart technology, CyberSecurITy and service solutions, built on powerful and digitally advanced secure platforms, and delivered with decades of expertise, is headquartered in Richmond Hill, with offices in Toronto and Winnipeg.

FlexSecurITy is a next-generation cybersecurity offering enabling organizations to protect the way people work today from advanced threats and compliance risks. FlexSecurITy protects organizations from the advanced attacks targeting them and protects the critical information people create while arming organizations with the right intelligence and tools to respond quickly when things go wrong.

FlexHealth-Powered by FlexITy is a suite of patient-centric solutions that integrate interactive mobile applications, secure health IT and data, and optimize healthcare management. FlexHealth engages patients and families, empowers clinicians and delivers outcomes that matter.

FlexTEL, a leading and secure managed business provides Unified Collaboration Cloud Services for Enterprises seeking a holistic enterprise grade Collaboration Platform.


www.flexsecurity.com, www.flexity.com, www.flexhealth.ca

Wawanesa Insurance successfully implements CSIO’s My Proof of Insurance

Press Release:

(Toronto – January 20, 2020) – Wawanesa Insurance, Canada’s largest property and casualty mutual insurer, has successfully implemented CSIO’s My Proof of Insurance (MPOI). Wawanesa’s broker partners in Alberta, Ontario, and Nova Scotia can now send electronic pink slips directly to their customers using the MPOI solution.

CSIO’s My Proof of Insurance leverages mobile wallet technology to allow consumers to securely store, display and share their eSlips without having to download a separate app or sign into a company portal. Developed by CSIO, in collaboration with brokers and insurers, My Proof of Insurance was designed to meet the evolving consumer demands for a more seamless, digital experience with their insurance providers.

In the wake of the recent regulatory approvals on electronic proof of auto insurance, Wawanesa Insurance selected My Proof of Insurance as its preferred solution. With a soft roll out, they have seen tremendous success with thousands of customers electing to receive their insurance cards electronically. By providing a simple digital experience, Wawanesa is supporting its broker partners in enhancing the broker-client relationship.

“Making life easier for people is a critical part of delivering exceptional customer service,” says Jocelyne Prefontaine, Vice President Digital & Innovation, Wawanesa Insurance. “That’s exactly why Wawanesa worked with our broker partners and the experts at CSIO to bring in My Proof of Insurance. Since we launched in October, over 100 customers a day have signed up for this new, industry-leading option. Thank you to our broker partners and everyone at CSIO for working together to improve the customer experience.”

– 30 –

About Centre for Study of Insurance Operations (CSIO)
CSIO is Canada’s industry association of property and casualty insurers, service providers and over 38,000 brokers. CSIO is committed to improving the consumer’s ease of doing business within the broker channel by overseeing the development, implementation and maintenance of technology standards and solutions such as My Proof of Insurance, eDocs, and eSignatures. In addition, CSIO operates the industry-owned mail network service, CSIOnet. CSIO maintains offices in Toronto and Montreal. For more information, visit csio.com.

About Wawanesa
The Wawanesa Mutual Insurance Company, founded in 1896, is the largest Canadian Property and Casualty Mutual insurer with $3 billion in annual revenue and assets of more than $9 billion. Wawanesa Mutual, with executive offices in Winnipeg, is the parent company of Wawanesa General, which offers property and casualty insurance in California and Oregon; Wawanesa Life, which provides life insurance products and services throughout Canada; and Western Financial Group, which distributes personal and business insurance across Western Canada. With over 5,000 employees, Wawanesa proudly serves over two million policyholders in Canada and the United States. Wawanesa actively gives back to organizations that strengthen communities where it operates, donating well above internationally recognized benchmarks for excellence in corporate philanthropy. Learn more at wawanesa.com

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