All figures are expressed in Canadian dollars, except as noted.
WINNIPEG, March 4, 2019 /CNW/ – Great-West Lifeco Inc. (Great-West Lifeco or the Company) today announced that the board of directors of the Company has authorized the making of a substantial issuer bid (the Offer), pursuant to which Great-West Lifeco will offer to repurchase for cancellation up to $2 billion of its common shares (the Shares) from shareholders for cash. The Offer will proceed by way of a modified Dutch auction.1 The Company expects to announce the terms of the Offer and commence the Offer shortly.
“This transaction will allow us to return capital to our shareholders and mitigate the earnings impact of the previously announced sale of our U.S. individual life insurance and annuity business,” said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco. “We will be repurchasing shares at currently attractive market valuations while maintaining significant excess capital to fund strategic investments to drive growth and profitability.”
Power Financial Corporation (Power Financial) owns, directly or indirectly through wholly-owned subsidiaries, approximately 67.8% of the Shares. Power Financial has advised the Company that it intends to support the Company through its participation in the Offer by tendering a significant portion of its Shares on a proportionate1 basis and all remaining tendered Shares on a non-proportionate basis. Consequently, Power Financial expects that following the Offer its ownership in the Company will be marginally reduced.
IGM Financial Inc., a public company controlled by Power Financial, indirectly owns a further 4% of the Shares and has advised the Company that it currently intends to participate in the Offer by way of a Proportionate Tender.
The Offer will not be conditional upon any minimum number of Shares being tendered. The Offer will, however, be subject to other conditions and Great-West Lifeco will reserve the right, subject to applicable laws, to withdraw or amend the Offer, if, at any time prior to the payment of deposited Shares, certain events occur.
Great-West Lifeco has engaged RBC Capital Markets to act as financial advisor and dealer-manager for the Offer.
About Great-West Lifeco Inc.
Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Great-West Lifeco has operations in Canada, the United States and Europe through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments. Great-West Lifeco and its companies have approximately $1.4 trillion in consolidated assets under administration as at December 31, 2018 and are members of the Power Financial Corporation group of companies. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO. To learn more, visit greatwestlifeco.com.
Cautionary note regarding Forward-Looking Information
Certain statements in this news release constitute forward-looking statements, including relating to the Company’s intention to commence a substantial issuer bid and the size, timing, and terms and conditions of the substantial issuer bid. Forward-looking statements are not historical facts but instead represent only Great-West Lifeco’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside Great-West Lifeco’s control. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Factors that could cause actual results to differ, possibly materially, from those in the forward-looking statements are discussed throughout periodic filings with securities regulators including Great-West Lifeco’s 2018 Annual MD&A under “Risk Management and Control Practices” and “Summary of Critical Accounting Estimates”, which, along with other filings, is available for review at www.sedar.com. The reader is also cautioned to consider these and other factors, uncertainties and potential events carefully and not to place undue reliance on forward-looking statements. Other than as specifically required by applicable law, Great-West Lifeco does not intend to update any forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Great-West Lifeco Inc.
The Cavs and their fans have been keeping an eye on Duke standout freshman Zion Williamson all season long, but last night just 33 seconds into their huge game against North Carolina, Williamson went down with a knee injury.
It was a horrible scene, as Williamson’s went down after his left shoe ripped as he planted with the ball.
He immediately grabbed the back of his knee as he fell to the floor, and left the game and the team stated that he had a mild knee sprain.
The Cavs are ahead of the Knicks and Suns for the worst record in the NBA, so it might not matter as likely if Williamson is healthy he’s going to go to New York or Phoenix anyway.
There’s another interesting tidbit about Wiliamson, and that’s (according to Darren Rovell), he’s already taken out an eight million dollar insurance policy that would only kick in if he slips past No. 16 in the draft due to injury.
Again even with this setback that’s not likely to happen, but obviously the young freshman is getting good advice when it comes to taking out a policy….now the next question is will he continue to wear Nike shoes after Wednesday night’s injury?
HARTFORD, Conn.–(BUSINESS WIRE)–Feb 13, 2019–The Travelers Institute, the public policy division of The Travelers Companies, Inc. (NYSE: TRV ), today announced its series of 2019 educational forums focused on combating distracted driving, managing cyber risks, insuring autonomous vehicles and preparing for severe weather events. Programs are free and open to the public.
“We saw great engagement throughout our symposia series in 2018 and look forward to continuing to raise awareness of important social topics across the United States and Canada,” said Joan Woodward, President of the Travelers Institute and Executive Vice President of Public Policy at Travelers. “By bringing together community members, entrepreneurs, business leaders and students, we hope these events will help to identify solutions that will generate real change for widespread societal issues and help people and businesses stay safe.”
The first symposium of the year will be “Disrupting Distraction,” part of the Travelers Institute ® Every Second Matters℠ series. It will be held today at Butler University in Indianapolis, Indiana, beginning at 6 p.m. ET. This series brings attention to alarming distracted-driving trends contributing to traffic fatalities and highlights innovative approaches to help prevent distractions and encourage safer behaviors.
“Constant connection is so highly valued in our society, but the urge to stay in touch can have devastating consequences,” said Lane. “The Every Second Matters initiative and today’s event will take us a step closer to reducing avoidable fatalities and injuries, and we’re proud to be a part of the effort.”
Travelers has also developed a new video series — “Unfinished Stories” — as part of its efforts to discourage distracted driving. The videos honor victims of distracted driving by imagining what might have been if the crash never occurred. The series is being shared across the company’s social media channels and during Travelers Institute and other events. To see the latest video and other distracted driving content, click here.
Additional educational forums planned for 2019 include Cyber: Prepare, Prevent, Mitigate, Restore ℠, a series that provides guidance for small and midsize organizations to help them prepare for and respond to data breaches and other cyber incidents, and the annual “Kicking Off Hurricane Preparedness Season” symposium to be held at the start of the Atlantic hurricane season, as well as other events focused on natural disaster preparedness, autonomous vehicles and small business solutions.
Visit the Travelers Institute website to see the schedule of upcoming events and learn more about these initiatives.
About the Travelers Institute
The Travelers Institute, the public policy division of The Travelers Companies, Inc., engages in discussion and analysis of public policy topics of importance to the insurance marketplace and to the financial services industry more broadly. The Travelers Institute draws upon the industry expertise of Travelers’ senior management, as well as the technical expertise of many of Travelers’ underwriters, risk managers and other experts to provide information, analysis and solutions to public policymakers and regulators. Travelers is a leading provider of property casualty insurance for auto, home and business. For more information, visit www.travelers.com.
Critical Illness coverage provides vital financial support and medical guidance services
JACKSONVILLE, Fla., Feb. 12, 2019 /CNW/ — A critical illness diagnosis can be devastating for an individual or family. Medical appointments, tests, treatments and medications only add to the stress and make the road to recovery even more difficult. That’s why Allstate Benefits is introducing Critical Illness with Medical Care Support Services protection, an enhanced offering that not only helps provide financial support if someone is diagnosed with a covered critical illness, but also offers medical guidance to help give peace of mind. This enhanced product is available now throughout Canada.
“We are thrilled to announce this enhancement to our industry-leading Critical Illness product for Canadian employers and their employees,” says Greg Guidos, Allstate Benefits president. “We have proven experience as a provider of group voluntary benefits, as shown by the more than 45,000 employers and four million employees we help protect in the United States and Canada. By creating innovative products, we’re reinventing protection to help businesses add value, engage employees and ultimately help improve customers’ lives.”
Critical Illness coverage is vital, since employer-paid insurance plans and Provincial Health Insurance often cover only some of the costs associated with treatment. Customers choose the benefits that best protect them and their family members. Then, if diagnosed with a covered critical illness, they receive a cash benefit based on the percentage payable for the condition.
The cash benefit can be used for any expense. For example, it may be used to cover the cost of prescription drugs not covered by health insurance, travel required to receive treatment in another city, or regular daily living expenses. The benefit helps offset revenue shortfalls created while on leave from work, and helps protect savings and retirement plans from being depleted.
As part of the coverage, Critical Illness with Medical Care Support Services provides access to medical support services through best-of-class partners Medisys Corporate Health in Canada and PinnacleCare in the United States.
Medisys Corporate Health is the first point of contact for plan members, and offers one-on-one personalized support while navigating the Critical Illness claim process. A dedicated Medisys Nurse Navigator team will discuss the diagnosis, concerns, treatment options and second opinion services to ensure a seamless experience for the beneficiary. If a consultation in the U.S. is desired, Medisys will partner with PinnacleCare to provide expert medical opinion services, treatment options, access to medical Centers of Excellence in the U.S. and facilitated physician appointments.
“Imagine being seriously ill and having to miss work. Imagine the stress and fear that exists,” said Guidos. “This product not only helps provide financial support when an insured is diagnosed with a covered critical illness, but it also offers advisory services and guidance. This product helps the insured shift their focus to getting better rather than stressing over financial worries.”
To learn more about Critical Illness coverage from Allstate Benefits, visit allstatebenefits.ca.
About Allstate Benefits
Allstate Benefits is a leading provider of voluntary employee benefit products in the U.S. and Canada. Protecting approximately 4 million individuals from life’s uncertainties through supplemental insurance options, Allstate Benefits also offers value-added services such as benefits technology solutions, legal support and concierge health management. The Allstate Benefits product portfolio includes six LIMRA top-rated products including Accident, Critical Illness, Cancer, Hospital Indemnity, Disability and Life.
Allstate Benefits is the marketing name used by American Heritage Life Insurance Company (Home Office, Jacksonville, FL) in the U.S. and also a trademark of Allstate Insurance Company, used under license by Allstate Insurance Company of Canada. Allstate Benefits helps deliver the Good Hands® promise every day with the name that many know and trust. More information on Allstate Benefits can be found at www.allstatebenefits.com.
SOURCE Allstate Benefits
Led by insurtech disruptors, novel business models are causing disintermediation in the insurance industry and altering power dynamics. The rise of technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and smart devices is placing the spotlight on flexible services based on usage-based insurance, on-demand insurance and Prevention-as-a-Service models, which are redefining the role of insurance in people’s lives. These models will especially appeal to Millennials and Generation Z, the newest buying groups.
Lines of business such as liability, property, and casualty will especially gain from models such as Prevention-as-a-Service,” said Lauren Martin-Taylor, Visionary Innovation Principal Consultant at Frost & Sullivan. “Even though insurtechs and start-ups are leading in addressing shifts in social, mobility, and technology trends by pioneering innovative business models, traditional insurers often back them or play an integral role.”
Frost & Sullivan’s recent analysis, The Future of Insurance, analyzes emerging insurable markets and business models, evolution in operations and the value chain, as well as disruptors and opportunities in various lines of insurance. It also covers technologies such as AI, augmented reality/virtual reality (AR/VR), blockchain, wearables, implants, self-healing materials, and automation. An overview of the trends and challenges in each market is presented along with industry best practices, notable activity, and case studies.
Forward-thinking insurers will look to realign their business strategies to tap the growth opportunities presented by:
- Medical advances, wearables, and growth of the elderly population.
- Rise in urban population density, particularly in Asia and Africa.
- The largely untapped low-income demographic in developed countries, which holds huge potential for microinsurance and automation advances.
- Biological augmentation technologies, which can transform the markets for life insurance and reinsurers.
- High levels of digitization, increasing data breaches, and cyber threats.
“The auto insurance industry will be one of the most affected by the rising adoption of advanced technologies, as connected and autonomous vehicles will generate real-time data and improve underwriting accuracy,” noted Taylor. “In due course, the focus will shift from insuring drivers to insuring the vehicle, systems, and technology.”
The Future of Insurance is part of Frost & Sullivan’s global Visionary Innovation (Mega Trends) Growth Partnership Service program.
About Frost & Sullivan
For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success
MIAMI – A car burst into flames Monday after it plunged nine stories down a Miami parking garage.
The fire started around 6 p.m. at a parking garage on Biscayne Boulevard.
The garage uses a lift mechanism to park cars. A white Acura TL somehow fell from the lift into an elevator shaft and caught fire.
The car’s owner, Matt Olechnowicz, said he had just let work when he asked one of the valets to get his car.
“When I called for the car all of the sudden I thought I heard my car alarm going off and I hear a big bang,” Olechnowicz said. “I turn around and the car had fallen down the elevator shaft.”
He had spent years upgrading the car with custom parts.
“I saw it burn up. That’s the hard part. The car was almost like a kid to me,” Olechnowicz said. He thinks the valet left the manual car in gear when he put it on the lift.
“I believe they left it in gear and somehow the car started and it fell down nine floors,” he said.
Olechnowicz said the parking garage company promised to cover the costs of a replacement. It will certainly be an interesting insurance claim.
Source: NBC2 News