All-stock merger values combined company at $18 billon
TORONTO, June 29, 2015 /CNW/ – Aviva Canada Inc., one of the country’s leading providers of home, auto, leisure and business insurance, and Canadian tennis star Milos Raonic are proud to announce a multi-year partnership. As part of the multi-year deal, Raonic will wear the Aviva logo on his uniform commencing this week at Wimbledon.
Raonic is currently ranked world No. 8 by the Association of Tennis Professionals (ATP). He has won six ATP titles, starting with the SAP Open in 2011, and reached the semi-finals of Wimbledon in 2014. Raonic is the highest ranked Canadian tennis player in the open era and will become a brand ambassador for Aviva – both in Canada and around the globe. He was born in Titograd, SFR Yugoslavia (now Podgorica, Montenegro) and moved to Canada with his family at the age of three.
“Insurance companies are an integral part of our communities, and I am excited to be associated with such a strong Canadian insurer and global brand,” said Raonic. “I’m on the road most of the year and it’s great to know that my partner Aviva will be there to support and protect what I care about most.”
“To be connected with a world-class athlete who proudly represents Canada on the world stage as Milos does, is a privilege for Aviva in Canada and globally,” stated Aviva Insurance Company of Canada President Sharon Ludlow. “We are hopeful that our new partnership will contribute to the growing strength of the sport for generations to come.”
The announcement comes shortly after Aviva Canada entered a 10 year deal with Tennis Canada – for the naming rights of their core Toronto facility – as the Aviva Centre (located at 1 Shoreham Drive), and becomes the official Platinum and exclusive Insurance Partner of the Rogers Cup presented by National Bank, at both the Toronto andMontreal events. The Rogers Cup takes place August 7-16 in Montreal with the men’s draw at Uniprix Stadium andAugust 8-16 in Toronto with the women’s draw being held at the Aviva Centre at York University.
About Aviva Canada
Aviva Canada is one of the leading property and casualty insurance groups in Canada providing home, auto and business insurance to more than three million customers. The company is a wholly-owned subsidiary of UK-based Aviva plc and has more than 3,000 employees, 25 locations and 1,700 independent broker partners. Aviva Canadainvests in positive change through the Aviva Community Fund, Canada’s longest running online community funding competition. Since its inception in 2009, the Aviva Community Fund has awarded $5.5 million to over 100 communities nationwide.
SOURCE Aviva Canada Inc.
For further information:
Senior Manager, Public Relations & Social Media
Aviva Canada Inc.
Desk: (416) 288-2685, Mobile: (416) 523-3225
For Milos Raonic
Manager, Milos Raonic
Mobile : (917) 747-1124
GUELPH, ON, June 24, 2015 /CNW/ – The Co-operators has announced that they will increase their pledge to the Canadian Co-operative Investment Fund (CCIF) to $10 million. The Fund, which will be launched in the coming months, will support the development and expansion of Canadian co-operatives with loans and other funding sourced from the co-op sector.
The Fund, a first of its kind in Canada, was created under the leadership of Co-operatives and Mutuals Canada to address the challenge co-operatives face in accessing capital from conventional sources. It will provide funding with favourable conditions to developing co‑operatives throughout the country. The Fund is to begin its operation once it has reached its target of $25 million committed from the Canadian co-operative and mutual sector.
“Access to capital has long been recognized as a significant challenge facing co-operatives and we’re pleased to support this solution designed by the co-op sector for the co-op sector,” said Kathy Bardswick, president and CEO of The Co-operators. “Co-operatives have a long tradition of helping one another, and this is an innovative approach that will provide a new source of funding for emerging co-op and strengthen the Canadian co-op sector as a whole.”
Because co-operatives are owned and democratically controlled by their membership, they are not able to access capital markets in the same way as investor-owned companies. A study by Deloitte in 2012 showed that 74 per cent of co-operatives around the world identified access to capital as “somewhat difficult” or “difficult.”
The concept of the Fund is that Canadian co-operatives will invest with the expectation of a modest return on their investment, but with the additional aim of enabling a new and more flexible source of funding specifically for developing co‑operatives.
“With the commitment announced today by The Co-operators, the investment Fund has now reached a tipping point and is ready to launch” said Jack Wilkinson, the newly elected President of CMC. “Now is the time for this idea, it is a first class impact investment opportunity that will support the development of co-ops in Canada.”
The pledge by The Co-operators represents new funding, which does not replace any of its existing programs that support the co-op sector, such as the Co-operative Development Program.
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
Mary Forrest Becomes First Female Executive to lead Canadian Life & Health Insurance Association Board of Directors
Source: TD Waterhouse
Mary Forrest, President and CEO of Munich Re North America (Life) has been elected Chair of the Board of Directors of the Canadian Life and Health Insurance Association (CLHIA). In this role, Ms. Forrest becomes the first female executive to lead the national association representing Canada’s life and health insurance sector. She succeeds outgoing Chair of the Board, Donald Guloien, President and CEO of Manulife.
Ms. Forrest oversees the two largest Life reinsurance business units within the Munich Re Group. She is responsible for Munich Re’s Life and Health reinsurance operations in the United States, Canada, and the Caribbean. The North American organization has over 400 employees, located in Canada and the United States.
“CLHIA member companies employ 155,000 people who are focused on the financial security of the vast majority of Canadians, and I’m honoured to play a leadership role in such a vital industry,” said Ms. Forrest. “Under Donald Guloien’s leadership, the CLHIA Board oversaw and advanced many important initiatives for the industry and Canadians, and I look forward to continuing this momentum.”
“Mary has distinguished herself as a committed champion of the life and health insurance industry,” said Frank Swedlove, President and CEO of CLHIA. “We look forward to her leadership and guidance.”
Prior to being named Chair of the Board of CLHIA, Ms. Forrest was Chair of the Standing Committee on Government Relations, as well as member of the Standing Committee on Resources, the Nominating Committee, and Committee on Reinsurance.
Ms. Forrest also contributes globally to the Munich Re Group through her Board leadership; Mary is the past Chairman of the Atlanta based Munich American Reassurance Company Board and a past Director of the Munich Reinsurance Company of Canada and Temple Insurance Company Boards.
About Munich ReMunich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2014, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
DisclaimerThis press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.
SOURCE Munich Re Canada (Life)
Media Relations Toronto, Francois Chartres, Tel.: +1 (416) 359-3554
Redwood City, CA – As of June 9, 2015 – Ivalua, a leading global spend management solutions provider, announced that Scotiabank, one of Canada’s largest banks and the 9th largest bank in North America by assets and profits, has selected Ivalua to address its need for a centralized procurement process and solution that will empower its global procurement and vendor risk management initiatives.
“Scotiabank needed a comprehensive solution that would allow us to more effectively manage the source-to-pay process, as well as improve enterprise visibility into supplier performance and risk. After reviewing all of the top players on the market, Ivalua’s integrated solution and experience in the financial services industry made it the clear choice for us,” said John Moran, Senior Vice President of Finance at Scotiabank. “We’re very excited to start working with Ivalua and we look forward to a long-term, successful relationship.”
Prior to signing with Ivalua, Scotiabank’s strategic and transactional procurement processes were managed through multiple systems resulting in efficiency challenges with limited visibility across source-to-pay processes. In addition, emerging compliance standards in the financial services industry increased the need for a more effective procurement and supplier management platform.
Scotiabank will use Ivalua globally to automate and support the following processes:
• All elements of Scotiabank’s Source-to-Pay Process
• Spend Analysis
• Services Procurement
• Expense Management
• Vendor Risk Management
• Procurement Portfolio Management
“Ivalua has a long tradition of working with leading financial services companies, and we are honored and excited to be working with such a large player in the industry like Scotiabank,” said Dan Amzallag, CEO of Ivalua. “In today’s market you need to move beyond slogans to deliver real, measurable value to large, discerning buyers, and when companies like Scotiabank look deeply at the various technologies on the market they tend to find their way to Ivalua.”
Ivalua is a global provider of spend management solutions and a leader in Gartner’s 2015 Strategic Sourcing Magic Quadrant. Ivalua’s cloud-based software is used by procurement and finance organizations in large, global companies, and every day more than 500,000 users and millions of suppliers from over 70 countries log into the Ivalua platform.
Ivalua offers a single platform solution with highly configurable functionality across all major procurement and finance processes, including performance and risk tracking, sourcing, contracts, procure to pay, invoice automation and analytics. The breadth and flexibility of Ivalua’s offering accelerates user adoption, spend category coverage and bottom-line savings.
Scotiabank is Canada’s most international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. The bank is dedicated to helping its 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking. With a team of more than 86,000 employees and assets of $852 billion (as at January 31, 2015), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS).
(PRLEAP.COM) June 10, 2015 – ShopInsuranceCanada.ca is proud to offer Aviva Canada’s new, first-of-its-kind overland water insurance in Canada. This coverage is part of a new, three-pronged approach to insuring homes for water damage: base coverage for things like broken pipes, and extended coverage endorsements for sewer backup and now overland water.
Flooding has caused the greatest aggregate amount of property damage in Canada, according to the Institute for Catastrophic Loss Reduction (ICLR). With approximately 20 per cent of the world’s fresh water located in Canada, floods are also the most frequent Canadian natural disaster, averaging almost one natural disaster-level flood per year from 1980-2010. Major floods represent 40 per cent all natural disasters ever recorded in the country.
Canada is experiencing 20 times the storms and floods it had just 20 years ago, and severe weather events that used to happen every 40 years can now be expected to happen every six years, according to Environment Canada. The Alberta floods of 2013 caused four confirmed fatalities and damages exceeding $5 billion. Thirty-two towns and cities declared states-of-emergency, displacing over 100,000 people throughout the region. For insurance companies, this was the costliest disaster in Canadian history, costing them $1.7 billion in losses, according to the Insurance Bureau of Canada (IBC).
The most costly disaster in Ontario’s history came in the same year: the Greater Toronto Area floods of 2013 cost insurance companies an estimated $850 million, according to a preliminary estimate from the IBC.
And it’s only getting worse: since the 1950s, the average yearly rainfall in Canada has increased 12 per cent-that’s an average of twenty more days of rain per year.
Until now, Canadian insurers have not addressed this increasing risk. There hasn’t been an option for Canadian homeowners to protect themselves from the risk of flood. While extended coverage has existed for things like sewer backup, there’s been a huge gap in addressing the risk of overland water.
Aviva Canada is the first insurer to step forward and address this increasing problem, and Shop Insurance Canada is pleased to be a broker partner offering such a service.
“We’re proud to be the first insurer to offer overland water protection through our home insurance policies,” said Aviva Canada president Sharon Ludlow. “We will continue to collaborate with our industry partners such as the Insurance Bureau of Canada, the Institute for Catastrophic Loss Reduction and governments at all levels, as well as representatives of our broker network.”
The only types of flooding that will continue to be excluded are those resulting from tidal waves, tsunamis, or hurricanes.
Callum Micucci is a Canadian journalist and communications professional at ShopInsuranceCanada.ca, Canada’s authoritative voice for car insurance news, information, and rates. Compare quotes from up to 15 different car insurance companies in minutes. Start saving today!