Masterpiece. Masterpiece® coverages offer industry-leading protection and outstanding service to individuals looking for one-of-a-kind insurance
ARLINGTON, Va.–(Business Wire)–Towers Watson (NASDAQ:TW), a global professional services company, announced it has signed a definitive agreement to acquire Brovada, a Canadian insurance technology business. The acquisition will enhance Towers Watson’s position as a leading insurance software provider.
Brovada focuses on streamlining the communications between insurance agents and brokers, and property & casualty insurance carriers, and provides a connectivity platform easily integrated with both modern and legacy policy administration systems to allow for seamless transactions.
“Brovada is a dynamic organization that has developed an exciting technology that will fit well with Towers Watson’s portfolio of software,” said Eric Speer, global leader for Towers Watson’s Risk and Financial Services business segment. “The addition of the BrovadaOne platform will enable us to offer insurers a broader suite of products via software-as-a-service and cloud-based technologies.”
Founded in 2003, Brovada is well known for the BrovadaOne platform, which provides a complete solution for integrating and automating interactions between insurers, and their agents and brokers. Brovada is headquartered in Rothesay, New Brunswick, Canada, with additional offices in Moncton and Toronto.
“We have experienced strong growth at Brovada by providing great software with a strong customer focus. Joining Towers Watson will enable Brovada to accelerate the reach of our software into new markets and continue that growth,” said Karl Greenlaw, founder and CEO of Brovada. “Additionally, our two firms have a common commitment to excellent client service and innovation that will benefit both our clients and employees.”
The purchase price is $15.24 million USD and the transaction will have no material impact to fiscal year 2016 earnings. The transaction is expected to close in the coming weeks.
About Towers Watson
Towers Watson (NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. With 16,000 associates around the world, the company offers consulting, technology and solutions in the areas of benefits, talent management, rewards, and risk and capital management. Learn more at towerswatson.com.
Brovada specializes in connectivity, integration, and business process improvement for property & casualty (P&C) insurance carriers, managing general agents, and insurance brokers and agencies. Our capabilities include portals, policy and claim system conversions and integrations, book portfolio transfers, and upload and download. As the leader in P&C connectivity, we are committed to transforming the way the insurance industry does business. Learn more at http://canada.brovada.com/.
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as “may,” “will,” “would,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,” “continue” or similar words, expressions, or the negative of such terms or other comparable terminology. These statements include, but are not limited to, the benefits of the business combination transaction involving Towers Watson and Willis Group, including the combined company’s future financial and operating results, plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of Towers Watson’s and Willis Group’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements.
The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the ability to obtain governmental approvals of the transaction on the proposed terms and schedule; the failure of Towers Watson stockholders and Willis Group shareholders to approve the transaction; the failure of the transaction to close for any reason; the risk that the businesses will not be integrated successfully; the risk that anticipated cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; the potential impact of the announcement or consummation of the proposed transaction on relationships, including with employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; significant competition; compliance with extensive government regulation; the combined company’s ability to make acquisitions and its ability to integrate or manage such acquired businesses. Additional risks and factors are identified under “Risk Factors” in Towers Watson’s annual report on Form 10-K filed on August 14, 2015, and under “Risk Factors” in the joint proxy statement/prospectus filed on August 27, 2015, each of which is on file with the Securities and Exchange Commission.
You should not rely upon forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. Neither Towers Watson or Willis Group undertakes an obligation to update any of the forward-looking information included in this document, whether as a result of new information, future events, changed expectations or otherwise.
Zurich, On September 04, 2015 Zurich Insurance Group (Zurich) announced that Kristof Terryn, currently CEO of Global Life, will take over as CEO of General Insurance, effective October 1, 2015. He replaces Mike Kerner, who is stepping down for personal reasons and will be leaving the company at the end of this year. Kristof Terryn will continue to run the Global Life business until a replacement is announced.
Kristof Terryn has been CEO of Global Life since August 2013, and a member of Zurich’s Group Executive Committee since his appointment to his previous position as Group Head of Operations in 2010. He has held a number of senior executive positions, including COO for the General Insurance business and, before that, COO of Global Corporate. Prior to joining Zurich in 2004, he had a successful career in the financial services industry, initially in banking where he worked in capital markets, and later with McKinsey & Company’s financial services practice in Brussels and Chicago.
Martin Senn, Zurich’s Chief Executive Officer, said: “Kristof Terryn has an impressive track-record as a leader. Under his management, our Group Operations team delivered significant improvements and efficiencies and, as our recent results demonstrate, Global Life continues to execute against its strategy and meet its targets. We are very fortunate to have somebody with his expertise, deep industry knowledge and senior leadership experience to take over General Insurance.”
“I would like to thank Mike Kerner for his dedication and service to Zurich over the past 23 years. He has served this company well in a number of important senior roles and will be widely missed. I respect his decision to spend more time with his family and wish him all the best for the future.”
For biographical information about Kristof Terryn please click on the following link: CV Kristof Terryn
Canadian auto insurance giant working with Uber on new products for ridesharing
Amalgamation of North Waterloo Farmers Mutual Insurance and Oxford Mutual Insurance Creates a New Stronger Company
GUELPH, ON, Aug. 21, 2015 /CNW/ – The Co-operators is pleased to introduce L’Alliance des caisses populaires de l’Ontario as its newest member organization. The board of directors approved its membership, effective October 1, 2015, at which time the Canadian insurance and financial services co-operative will have 43 members, including co-operatives, credit union centrals and representative farm organizations.
“We’re pleased to welcome L’Alliance des caisses populaires de l’Ontario as our newest member, and look forward to strengthening the mutually-beneficial relationship between the two organizations,” saidKathy Bardswick, president and CEO of The Co-operators. “Caisses populaires and credit unions have a long history of involvement with The Co-operators, and we’re excited to be building upon that legacy of partnership.”
L’Alliance des caisses populaires de l’Ontario is a federation representing 12 member organizations that provide financial services and products in 23 communities in northeastern Ontario. Each affiliated caisse is a financial services co-operative that is owned and democratically controlled by its members. Through the provision of centralized services to its members, L’Alliance helps the caisses better meet the financial needs of their 55,000 members.
“We look forward to a long and successful partnership with The Co-operators. We believe that by working together we will share responsibilities, resources, competencies and benefits which will be valuable to our members and to our respective organizations,” said Lucie Moncion, president and CEO of L’Alliance des caisses populaires de l’Ontario.
A co-operative is owned and democratically controlled by members who use its services or products. The membership of The Co-operators consists of 43 organizations from every region of the country, representing the agriculture, finance, retail/consumer, service, health, and labour sectors of the Canadian economy.
About The Co-operators:
The Co-operators Group Limited is a Canadian-owned co-operative with more than $40 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 50 Best Employers in Canada by Aon Hewitt; Corporate Knights’ Best 50 Corporate Citizens in Canada; and the Top 50 Socially Responsible Corporations in Canada by Sustainalytics and Maclean’s magazine. For more information visit www.cooperators.ca.
SOURCE The Co-operators
For further information: Leonard Sharman, The Co-operators, 519-767-3937; Danielle Gagné, L’Alliance des caisses populaires, 705-474-5634