Economical implements planned board chair succession

WATERLOO, ON, Jan. 4, 2016 /CNW/ – Economical Mutual Insurance Company announced that, effective January 4, 2016, John Bowey is the new chair of the board of directors following the decision by Gerry Hooper, board chair since March 2005, to step down. Mr. Hooper’s decision triggered the board chair succession plan. Mr. Hooper intends to continue serving on the board until the expiry of his current term in 2018.

In conjunction with this succession, David Wilson has been appointed chair of the board’s special committee on demutualization, a position Mr. Bowey held since July 2011. Mr. Bowey will continue to serve as a member of the special committee.

During Mr. Hooper’s 16-year tenure on the board of Economical, the company’s total equity has nearly tripled, from $632 million in 1999 to $1.72 billion at September 30, 2015.

Gary Hooper

“It was a privilege to have served as board chair these past 11 years,” said Mr. Hooper. “Having achieved pivotal milestones in the demutualization process, I felt the time was right to step back and hand over the reins to John’s capable hands.”

John Bowey, former chairman of Deloitte Canada, was appointed board vice-chair in December 2013 as part of the company’s board succession plan.

John Bowey - Economical Insurance

David Wilson has brought a wealth of experience in capital markets since joining the board in February 2012 and to his service on the board’s special committee on demutualization.

David Wilson - Economical Insurance

“We are fortunate to have benefitted from Gerry’s wisdom and leadership through a pivotal chapter in Economical’s history,” said John Bowey. “Economical has never been stronger and we are now poised to proceed with Canada’s first property and casualty demutualization as we pursue our vision to be one of Canada’s top P&C insurers.”

About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada’s leading property and casualty insurers, with approximately $2.0 billion in annualized premium volume and $5.3 billion in assets as at September 30, 2015. Based in Waterloo, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. Economical Insurance conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Family Insurance Solutions, Federation Insurance and Economical Financial.

SOURCE Economical Insurance

For further information: Doug Maybee, Economical Insurance (http://www.economicalinsurance.com/), (T) 519.570.8249, (C) 519.404.0989, doug.maybee@economical.com

Economical and its employees raise more than $447,000 for United Way programs and agencies across Canada

WATERLOO, ON, December 17, 2015 – Employees at Economical Insurance offices across the country dug deep again this year and generously donated to United Way, the company’s signature charity. Every dollar an employee pledged up to $2,500 was matched dollar-for-dollar by the company. At the end of the national campaign held from November 16 to 20, a grand total of $447,097 was raised.

“Through their pledges during the campaign, our employees demonstrate that we truly are stronger together,” said Karen Gavan, president and chief executive officer. “Their wonderful generosity is going to make a meaningful difference in the lives of thousands of Canadians in need.”

Providing a better life for everyone was the focus of Economical’s 2015 campaign which framed how supporting United Way extends much-needed support to people in need communities across Canada.

About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada’s leading property and casualty insurers, with approximately $2.0 billion in annualized premium volume and $5.3 billion in assets as at September 30, 2015. Based in Waterloo, this Canadian owned and operated company services the insurance needs of more than one million customers across the country. Economical Insurance conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Family Insurance Solutions, Federation Insurance and Economical Financial.

For further information, contact:
Doug Maybee
Economical Insurance
(T) 519.570.8249
(C) 519.404.0989
doug.maybee@economical.com

ILScorp’s Holiday Schedule: We Wish You And Yours A Peaceful Holiday Season

ILScorp’s Holiday Schedule: We Wish You And Yours A Peaceful Holiday Season

ILScorp hopes you will take the time to enjoy this holiday season, no matter what you’re doing. Wishing you the happiest of Holidays and a safe and prosperous New Year from all of us at ILScorp!
 We Wish You And Yours A Peaceful Holiday Season

The ILSCorp.com offices will close at 12 pm PST on Thursday, Dec. 24 and will re-open on Monday, Jan. 4 at 8 a.m. PST. We will be closed for the Statutory holidays on Dec 25 & 26.

You can also register for our insurance training programs online, anytime, at www.ilscorp.com

ILSTV.com will be taking a short break from Dec 22 – Jan 4 and newsletters will return to your inbox on Jan. 5, 2016

 

Canada: CN’s $6 million donation strengthens The Welcome Fund for Syrian Refugees

Canada: CN’s $6 million donation strengthens The Welcome Fund for Syrian Refugees

The Welcome Fund is now contributing $6 million towards settlement efforts.
TORONTO, Dec. 17, 2015 /CNW/ – Manulife and Community Foundations of Canada (CFC) extend their gratitude to CN for its generous contribution of $6 million to The Welcome Fund for Syrian Refugees (The Welcome Fund). Established by Manulife and CFC, The Welcome Fund was set up to address immediate needs for transitional housing, job training and skills development as identified by the Government.

“CN commends Manulife for partnering with CFC to establish The Welcome Fund and for their leadership and extraordinary corporate generosity,” said Sean Finn, Executive Vice-President Corporate Services and Chief Legal Officer, CN. “We are pleased to direct our $6 million corporate contribution to The Welcome Fund, which will support the refugees through local charitable organizations in communities across Canada.”

“CN has showed tremendous leadership and generosity with its support of the Government’s plan to settle 25,000 Syrian refugees inCanada,” said Donald Arthur Guloien, President and Chief Executive Officer, Manulife. “We would like to thank CN for directing its donation into The Welcome Fund and we invite, welcome and encourage contributions from other companies.”

On December 10, Manulife and CFC announced the establishment of The Welcome Fund with a $500,000 seed contribution by Manulife. Canada’s community foundation network will match this contribution at the local level, for a total investment of $1 million.

The Welcome Fund will support communities across Canada who will be welcoming new members in the coming months. Community foundations will direct contributions to local charitable organizations in each community where they will have the greatest impact. More than 85 per cent of Canadian communities have access to a community foundation.

“As many prepare to join communities across Canada, it’s paramount that all of us work together to welcome refugees from Syria and to support those leading housing and resettlement efforts in our communities. Manulife and CN’s contribution and collaboration exemplify this spirit of partnership and we welcome and encourage others to build on this momentum,” said Ian Bird, President, Community Foundations of Canada.

About Community Foundations of Canada
Community Foundations of Canada is the national network for Canada’s 191 community foundations which help Canadians invest in building strong and resilient places to live, work, and play. Community foundations contribute time, leadership and financial support to initiatives that benefit community most, directing grants and other investments towards everything from shelter, education, and care for those in need, to the arts, environment and recreation. Collectively community foundations manage more than $4.6 billion in assets and have put hundreds of millions back into communities over our 94 year history. To learn more visit www.communityfoundations.ca.

About Manulife
Manulife Financial Corporation is a leading international financial services group providing forward-thinking solutions to help people with their big financial decisions.  We operate as John Hancock in the United States, and Manulife elsewhere.  We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions.  At the end of 2014, we had 28,000 employees, 58,000 agents, and thousands of distribution partners, serving 20 million customers.  At the end of September 2015, we had $888 billion (US$663 billion) in assets under management and administration, and in the previous 12 months we made more than $23 billion in benefits, interest and other 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.  Follow Manulife on Twitter@ManulifeNews or visit www.manulife.com or www.johnhancock.com.

SOURCE Manulife Financial Corporation

For further information:

Media Contacts: 
Manulife
Rebecca Freiburger
Rebecca_Freiburger@manulife.com
(519) 503-6604
@ManulifeNews

Community Foundations of Canada
Andrea Dicks
Vice President
(613) 236-2664 ext. 309
adicks@communityfoundations.ca
@CommFdnsCanada

Economical mutual policyholders vote to move forward with demutualization

"Our new look is very distinct and will help to further differentiate our brand in the marketplace," said Economical's President and CEO Karen Gavan

WATERLOO, ON, December 14, 2015 – Mutual policyholders of Economical Insurance participated in an historic vote today, paving the way for Economical to become the first property and casualty insurer in Canada to demutualize.

At a special meeting in Kitchener, Ontario, mutual policyholders overwhelmingly voted in favour of commencing negotiations with non-mutual policyholders on the allocation of demutualization benefits through court-appointed policyholder committees, surpassing the required two-thirds majority (of those voting) required for a successful vote.

“We would like to thank our mutual policyholders for their support, today and during the past few years. The work ahead to demutualize the company is significant, but the opportunity to build for growth is equally important,” said John Bowey, chair of the special committee on demutualization at Economical. “Our board and management teams are focused on taking the steps needed to enhance our competitiveness and improve access to capital. This is an exciting time for our company and we look forward to completing a successful process that will unlock our full potential.”

The next step in the regulatory process will see Economical prepare and mail a formal notice to all eligible policyholders. The notice has to be approved by the Office of the Superintendent of Financial Institutions (OSFI), our federal regulator. After approval by OSFI and mailing of the notice, Economical will file an application with the court for an initial order setting out the procedure for the negotiations.

“We have built a strong business within our current structure and are pleased with our progress. Through demutualization, we will be able to drive growth in new and exciting ways,” said Gerald Hooper, chair of the board of directors.

Economical encourages all stakeholders to stay informed on demutualization and to visit www.joininourfuture.com for updates. This website will be updated regularly and provides information about the latest news and access to demutualization-related resources.

Read More Here: 

About Economical
Founded in 1871, Economical Insurance is one of Canada’s leading property and casualty insurers, with $2.0 billion in annual premium volume and $5.3 billion in assets as at September 30, 2015. Based in Waterloo, this Canadian-owned and operated group services the insurance needs of more than one million customers across the country. Economical Insurance conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Family Insurance Solutions, Federation Insurance and Economical Financial.

For media inquiries, contact:
Doug Maybee
http://www.economicalinsurance.com/
(T) 519.570.8249
(C) 519.404.0989
doug.maybee@economical.com

For general policyholder inquiries, contact :
1-866-302-6046 (toll-free) or 1-514-982-8708 (local/international)
joininourfuture@economical.com

Towers Watson and Willis Shareholders Approve $8.9 Billion Merger Deal

Source: Insurance Journal

Towers Watson & Co. won approval from its shareholders for an $8.9 billion merger with insurance broker Willis Group Holdings Plc, overcoming opposition from proxy advisers.

Willis shareholders also supported the combination, according to a joint statement from the companies that didn’t disclose vote tallies.

“We are confident that combining Towers Watson and Willis will accelerate both companies’ long-term strategies and create substantial incremental value for shareholders,” Towers Watson Chief Executive Officer John Haley said in the statement.

Willis agreed in June to merge with Towers Watson to better compete with brokers including Marsh & McLennan Cos. and Aon Plc, which also have substantial consulting operations. The initial deal valued Towers Watson at about $8.7 billion, terms derided by investor Driehaus Capital Management LLC as a “takeunder.”

Willis agreed last month to more than double the one-time cash dividend to $10 a share, after Towers Watson postponed a shareholder vote. The new offer valued the consulting company at about $8.9 billion based on Willis’s stock price at the time.

Tax Benefit

That failed to convince proxy adviser Glass Lewis & Co., which said that the increased dividend was an “insufficient improvement” and urged Towers Watson investors to vote against the deal. Towers Watson and Willis had said a merger would increase shareholder value by about $4.7 billion because of cost savings, opportunities for increased revenue and tax benefits. London-based Willis enjoys lower rates than U.S. companies.

Under terms of the agreement, Haley will lead the combined company, and Willis’s stockholders will hold about 50.1 percent. The consulting company’s investors will receive 2.649 Willis shares for each Towers Watson share they own, plus the cash dividend.

Towers Watson stock closed at $127.34 Thursday in New York. That compares with $137.98 the day before the June deal was announced.

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from ILSTV

You have Successfully Subscribed!

Pin It on Pinterest