Insurable Interest Canadian Insurance Blog

Staff | June 23, 2020 The Ontario Teachers’ Pension Plan is joining a consortium of other institutional investors to invest in certain gas pipeline assets of the Abu Dhabi National Oil Co. The assets are valued at $20.7 billion and the other investors include Global Infrastructure Partners, Brookfield Asset Management Inc., Singapore’s sovereign wealth fund, NH Investment & Securities Co Ltd. and Snam, an Italian energy infrastructure firm. Collectively the consortium is acquiring a 49 per cent stake in the assets, which takes the form of a newly created subsidiary of the oil company, ADNOC Gas Pipeline Assets. As part of the deal, the parent company will lease its ownership interest to ADNOC Gas Pipeline Assets for 20 years in exchange for a volume-based tariff subject to a floor and a cap, noted a press release. The new subsidiary will distribute 100 per cent of free cash to the investors in the form of quarterly dividends. The deal will result in upfront proceeds of $10 billion to the parent company, subject to customary regulatory approvals. Read: How institutional investors weigh energy transition risks, opportunities “This strategic transaction is attractive to Ontario Teachers’ as it provides us with a stake in a high-quality infrastructure asset with stable long-term cash flows,...

PR Newswire WHITE PLAINS, N.Y., June 23, 2020 /PRNewswire/ — Amalgamated Life Insurance Company (www.amalgamatedbenefits.com), a leading provider of comprehensive insurance solutions, announced that it and its affiliated companies, have completed a rebranding initiative designed to better reflect the “Amalgamated Family of Companies” and leverage the brand equity in the flagship company’s name, “Amalgamated.” Under the umbrella of the Amalgamated Family of Companies, which will use the tagline, From Insurance & Benefit Administration to Care Management, the rebrand resulted in name changes and new taglines assigned to certain family member companies. They are as follows: the third party administrator’s name is changing from AliCare to Amalgamated Employee Benefits Administrators using the tagline, Delivering High Quality, Customized TPA Services and the medical care management firm, AliCare Medical Management, will be known as Amalgamated Medical Care Management, Quality Clinical Advice & Care. The organization’s printing firm will continue operating as AliGraphics, One Resource for All Your Printing & Promotional Needs and its property and casualty broker will remain Amalgamated Agency. As for Amalgamated Life Insurance Company, its tagline will continue to be Group Stop Loss Voluntary. President and CEO Paul Mallen stated, “Our organization has grown considerably from the single entity, Amalgamated Life...

Staff | June 23, 2020 The Financial Services Regulatory Authority of Ontario is updating its guidance for pension plans around filing deadlines and member communications. The update reflects the government of Ontario’s regulations amending the Pension Benefits Act. The amendments are effective as of June 18 or some period relative to that date, which may mean the regulation changes won’t provide relief to some administrators if their deadlines are outside the relief period.  “Where the regulations do not provide an extension in the circumstances of a particular plan, administrators should contact their pension officer and describe the circumstances and relief sought,” said the guidance. Read: FSRA responds to questions on filing deadlines, pension transactions As well, as the FSRA announced in March, pension plan administrators and their authorized agents are allowed to request a filing extension of up to 60 days. If an extension isn’t available and the administrator has contacted the FSRA explaining the issue of complying with the deadline, “where appropriate, FSRA will not levy administrative monetary penalties for non-compliance,” the guidance said. “However, the administrator should still consider other possible effects of filing late.” As for plans that are having trouble with deadlines around member disclosure information, the amended regulations also provide extensions, requiring that plan administrators notify the FSRA,...

Staff | June 23, 2020 About three-quarters (72 per cent) of Canadians with a workplace health benefits plan have a traditional plan and 28 per cent have a flex plan, according to the 2020 Sanofi Canada health-care survey. This is up slightly from 2017, when 80 per cent of plan members said they had a traditional plan and 19 per cent said they have a flex plan. Among plan sponsor respondents with a traditional plan, 67 per cent said they’d prefer to offer a flex plan. This number was broken down into 43 per cent that said they’re considering it and 24 per cent that said there are too many barriers. Read: Employees overwhelmed by flex plan decisions: Sanofi survey The survey also found 57 per cent of plan sponsors offer health-care spending accounts, comparable to last year’s findings (61 per cent) and up significantly from the previous two years (33 per cent in 2018 and 31 per cent in 2017). While large employers, with 500 or more employees, were much more likely than smaller employers, with fewer than 250 employees, to offer HCSAs (73 per cent versus 42 per cent), the survey found growth is strong across all sizes. About half (51 per...

COVID-19 pandemic highlights the need for health care from home Toronto, ON (June 18, 2020) – The COVID-19 pandemic has put a spotlight on the importance of virtual care. Once an emerging trend, it’s now a necessity for health care in Canada. Yet, many are facing challenges. In a recent Lumino Health survey, over half of all Canadians (55%) said they do not know how to find virtual care services. Forty-nine per cent of Canadians surveyed report the pandemic having negative effects on their physical health and nearly 60% report mental health impacts. This is a three per cent increase from a Sun Life survey conducted earlier in May,[1] which found 56% of Canadians reported COVID-19 having a negative impact on their mental health. Interestingly, despite identifying a physical or mental health concern, only a small percentage of Canadians are seeking treatment. Of respondents who said COVID-19 is negatively impacting their mental health, only 21% have sought professional care. This rate is consistent with Canadians who say the pandemic is having a negative impact on their physical health – with only 21% seeking professional help. “The need for Canadians to connect virtually with health care professionals has never been more...

Staff | June 22, 2020 The Caisse de dépôt et placement du Québec is investing $8.7 million in Canadian architecture and design firm Lemay in the form of a loan. The financing aims to support the firm’s growth plan and its technology-based innovation efforts, specifically in the field of sustainable design. Read: Caisse, CPPIB building on investment in engineering firm “With their expansion into new markets, cutting-edge technological practices and consideration of [environmental, social and governance] factors in their project designs, Lemay meets CDPQ’s pillars for generating long-term growth,” said Kim Thomassin, executive vice-president and head of investments in Quebec and stewardship investing at the Caisse, in a press release. “This refinancing is testament to the support CDPQ offers businesses when development opportunities present themselves.” Read the full article at BenefitsCanada.com

By 2024, 75% of organizations will shift from piloting AI to operationalizing it Stamford, CT (June 22, 2020) – Gartner, Inc. identified the top 10 data and analytics (D&A) technology trends for 2020 that can help data and analytics leaders navigate their COVID-19 response and recovery and prepare for a post-pandemic reset. “To innovate their way beyond a post-COVID-19 world, data and analytics leaders require an ever-increasing velocity and scale of analysis in terms of processing and access to succeed in the face of unprecedented market shifts,” said Rita Sallam, distinguished research vice president at Gartner.Data and analytics leaders should examine the following 10 data and analytics trends to accelerate renewal or recovery post COVID-19 pandemic: Trend 1: Smarter, Faster, More Responsible AI By the end of 2024, 75% of organizations will shift from piloting to operationalizing artificial intelligence (AI), driving a 5 times increase in streaming data and analytics infrastructures. Within the current pandemic context, AI techniques such as machine learning (ML), optimization and natural language processing (NLP) are providing vital insights and predictions about the spread of the virus and the effectiveness and impact of countermeasures. Other smarter AI techniques such as reinforcement learning and distributed learning are...

Staff  | June 22, 2020 The Alberta Investment Management Corp. is appointing Mark Wiseman as a board director and the chair of its board of directors, effective July 1, 2020. Wiseman will replace current chair Richard Bird, who will be completing his second three-year term on the AIMCo’s board. In order to ensure a smooth transition, Bird will be staying on as a consultant to the board for the transition period. “On behalf of my fellow directors, I welcome Mark Wiseman to AIMCo’s board,” said Bird, in a press release. “Mark’s accomplishments in investment management, his strategic thinking and leadership make him an excellent choice to chair this board.” Read: Mark Machin to replace Mark Wiseman at CPPIB Wiseman was formerly president and chief executive officer of the Canada Pension Plan Investment Board, a role which he held until 2016. He then served as the global head of active equities for BlackRock, Inc. and chairman of BlackRock Alternative Investors. He also chaired BlackRock’s global investment committee and sat on its global executive committee. Wiseman held the role at BlackRock until 2019. “I look forward to working with my fellow directors as AIMCo continues to serve its clients for the long term,” said Wiseman. “I,...

Data gathered utilizing IMS’ new low-cost Wedge™ telematics sensor combined with the new IMS Connected Claims solution connects insurers and policyholders while cutting claims costs Waterloo, ON (June 22, 2020) – IMS (Insurance & Mobility Solutions), part of Trak Global Group (TGG) and one of the world’s top three providers of connected car data solutions to insurers, mobility operators, OEMs and governments, is pleased to announce the availability of the new IMS Connected Claims telematics solution. The IMS Connected Claims solution combines the powerful data-gathering capabilities of IMS’ new, patent-pending Wedge™ telematics sensor while leveraging TGG sister company Carrot Insurance’s decade of experience in partnering with insurers to deliver loss ratio reductions and better claims outcomes for policyholders. As the industry’s first claims-focused telematics solution, IMS Connected Claims can be introduced to an insurer’s existing claims operation without the requirement for complex, costly systems integrations and with minimal disruption. Additionally, IMS Connected Claims can uniquely be a standalone solution, rather than having to be a component of a usage-based insurance (UBI) program. “Most insurers believe that the benefits of telematics data are limited to UBI programs, but this no longer has to be the case,” said Ed Rochfort, Chief Product...

As America’s small businesses navigate the reopening economy, innovative insurance partnerships can offer dynamic solutions that adapt to real-time, evolving needs London, UK (June 16, 2020) – Hiscox, a leading U.S. small business insurer, has partnered with Thimble, the insurance partner that makes insurance simple to help small businesses succeed on their own terms by offering short-term liability insurance, available by the hour, day or month. Today, more than ever, small businesses need to know they have an alternative to annual insurance commitments. This partnership will allow Hiscox to give businesses true flexibility with a policy that grows and adapts as they do. Customers will have full control of their policy via Thimble’s breakthrough insurance app, with the ability to modify their coverage based on a project’s needs, add additional insureds or even pause coverage as necessary. “Hiscox was the first insurance company in the US to offer small business insurance direct and online, and they continue to have their finger on the pulse of what small businesses want – which now more than ever is flexibility,” said Jay Bregman, CEO and Founder of Thimble. “It doesn’t matter if you’re a freelancer working job-to-job, or an established small business that...