TORONTO _ Sun Life Financial Inc. says its president and chief executive will retire next year.
The Toronto-based insurance company says Dean Connor, 64, will depart Sun Life on Aug. 6.
The company’s current executive vice-president and chief financial officer, Kevin Strain, will take over Connor’s presidential duties on Dec. 15.
He will become chief executive when Connor retires and will continue working as chief financial officer until the company names a replacement in the first half of 2021.
Strain joined Sun Life in 2002 as part of the acquisition of insurance company Clarica. He became CFO in 2017.
Strain launched Sun Life Global Investments Asset Management and expanded the company’s footprint to Vietnam and Malaysia, before climbing the company’s executive ranks.
Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the property and casualty and employee benefits businesses of Mumby Insurance Brokers Incorporated (Mumby Insurance). Terms of the transaction were not disclosed.
Located in Waterloo, Ontario, Mumby Insurance has decades of expertise in working with professionals throughout Canada, with special focus on architects, landscape architects, engineers and specification writers. Douglas Pinnell, Vice President of Mumby Insurance, will join Hub International Ontario Limited (Hub Ontario) and report to Matt Lievers, President of Employee Benefits in the region. Anthea Mumby, President of Mumby Insurance, will remain directly involved in the business as a consultant and will report to Gerry De Lauro, President of Personal Insurance, Hub Ontario.
About Hub’s M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience, visit WeAreHub.com.
About Hub International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. With more than 12,000 employees in offices located throughout North America, Hub’s vast network of specialists provides peace of mind on what matters most by protecting clients through unrelenting advocacy and tailored insurance solutions. For more information, please visit www.hubinternational.com.
SOURCE Hub International Limited
MONTREAL, Oct. 5, 2020 /CNW/ – Novacap, one of Canada’s leading private equity firms, announced that it acquired an interest in AGA Financial Group Inc. (“AGA”), one of Quebec’s leading employee benefits advisory firms and third-party administrators of group insurance and retirement plans.
AGA helps businesses across Canada develop and administer tailor-made group insurance plans. AGA was founded in 1978 and has been owned and operated since 2013 by veteran insurance executives Martin Papillon, Chantal Dufresne and Gabriel Gagnon. AGA serves more than 1,200 clients across the spectrum from small and medium-sized businesses to those with national footprints. It employs more than 100 professionals, including a team of actuaries and a network of external brokers, with offices in Montreal and Quebec City.
“AGA has built a first-class franchise that combines passionate experts with a culture of innovation,” said Marcel Larochelle, Managing Partner, Financial Services, at Novacap. “This is a unique attribute in any business, and it is what fascinated us from the very beginning of our conversations. It speaks to the strength of the Novacap platform that we have been able to attract such a renowned group of partners in Martin, Chantal, and Gabriel.”
AGA is the third investment of the Novacap Financial Services I fund since its first closing in November 2019. Novacap is the first private equity firm in Canada to launch a fund dedicated to investing in financial services businesses.
“Novacap is excited to assist AGA with our deep operational expertise, our experience in executing mergers and acquisitions and in developing new markets across Canada and beyond,” added Rajiv Bahl, Senior Partner, Financial Services, at Novacap. “We look forward to working with the management team to power AGA’s continued growth.”
“Partnering with Novacap is a privilege for my partners and all AGA employees, as we all have exactly the same ambitious vision for the future of the company,” said Martin Papillon, President and Chief Executive Officer of AGA. “Our mission is to facilitate access to group insurance and pension plans, and to streamline their administration for our customers. This pledge is reflected not only in exceptional service, but also strategic advice that allows us to provide more in terms of solutions, products and services. With Novacap as our partner, these capabilities will only be enhanced.”
Fasken Martineau DuMoulin LLP acted as legal advisor to Novacap.
Gowling WLG (Canada) LLP acted as legal advisor to AGA.
Founded in 1981, Novacap is a leading Canadian private equity firm with CA$3.6 billion of assets under management. Its distinct investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous portfolio companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class businesses. Backed by leading global institutional investors, Novacap’s deals typically include leveraged buyouts, management buyouts, add-on acquisitions, IPOs, and privatizations. Over the last 39 years, Novacap has invested in more than 90 companies and completed more than 140 add-on acquisitions. Novacap has offices in Brossard, Quebec and Toronto, Ontario. For more information, please visit www.novacap.ca.
About AGA Financial Group Inc.
Since its inception in 1978, AGA has helped clients across Canada develop and administer tailor-made group insurance plans. AGA is also one of Quebec’s leading third-party administrators and third-party payers (TPA / TPP) of group insurance and retirement plans. Its clients include over 1,200 small, medium and large businesses, as well as financial security and group insurance consultants wishing to make a group insurance plan available to their clients. AGA has a Quebec-wide distribution network and more than 100 employees across its offices in Montreal and Quebec City.
SOURCE Novacap Management Inc.
ORONTO, Oct. 05, 2020 (GLOBE NEWSWIRE) — Onlia, Ontario’s fast-growing provider of online home and auto insurance, announced a new collaboration today with Ultimate Dining Card®. Effective October 1, users of Onlia’s safe-driving app, Onlia Sense™, can now unlock rewards that can be redeemed at Recipe Unlimited Corporation’s participating restaurants.
“For years, Onlia has promoted road safety through Onlia Sense™, a driving app available free to all Canadians, that coaches safe driving and provides rewards like gift cards and cashback for good behaviour,” said Pieter Louter. “By teaming up with The Ultimate Dining Card®, we’re now able to celebrate safe road usage and inject funds in our user’s entertainment budgets.”
The Onlia Sense™ app uses an innovative coaching approach based on nudge theory and behavioural economics. Using telematics to track driving behaviour, it helps users proactively develop safer habits while earning rewards for improved driving behaviour. Now, rewards for safe driving can be redeemed at restaurants across the country, helping to fulfill Onlia’s mission to make Canada safer.
On a monthly basis, Onlia Sense™ users can earn Ultimate Dining Cards valued between $5 – $100 by unlocking everyday driving badges, completing monthly safe-driving challenges and ranking among top drivers on the in-app leaderboard.
“Ultimate Dining Card® is proud to partner with Onlia to encourage and reward safe driving habits for all Ontarians” said Michael Griffin, Brand Manager of Ultimate Dining Card. “Each user who redeems their Onlia Sense™ safe driving points for a UDC will have 1000+ Canadian owned and operated restaurants to choose from. Whether it’s dine-in, take out or delivery, a great dining experience awaits”
Beginning October 1, 2020, Ultimate Dining Card® replaced Onlia’s Starbucks® Gift Card rewards. Existing Starbucks® Gift Cards can still be used if they’ve already been earned.
Onlia Holding Inc., through its wholly owned subsidiaries Onlia Agency Inc. & Onlia Services Inc., offers innovative digital home and auto insurance and a safe-driving mobile app to the Canadian market. Onlia’s mission is to create a community around making Canada a safer place, and to provide tools and motivation to facilitate safer behaviours. Launched in 2018, Onlia is a joint venture between Achmea Canada Holding Inc., a wholly owned subsidiary of Achmea B.V. the largest insurance group of the Netherlands, and Fairfax Financial Holdings Limited, a Canadian holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management. Using proprietary and award-winning technology, Onlia is rethinking the way Canadians approach safety and insurance. Join the community at Onlia.ca and on Facebook, Twitter and Instagram.
About Ultimate Dining Card®
Ultimate Dining Card® is valid at any participating Swiss Chalet, Milestones, Montana’s, Kelseys, Harvey’s, Bier Markt, East Side Mario’s, New York Fries, Fionn MacCools, D’Arcy McGee’s, Paddy Flaherty’s, Tir nan Og, Original Joe’s, Elephant & Castle, State & Main, The Landing Group of Restaurants and Pickle Barrel locations across Canada. That means there are over 1,000+ locations across Canada waiting to welcome you and your friends or family for lunch, dinner, or drinks. Visit recipeunlimited.com to find a restaurant location near you. ® Registered Trademark of Recipe Unlimited Corporation.
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416 435 2380