Insurable Interest Canadian Insurance Blog

Business Wire Company Highlights First quarter 2020 net loss attributable to FBL Financial Group of $2.5 million, or $0.10 per common diluted share. First quarter 2020 adjusted operating income(1) of $19.6 million, or $0.79 per diluted common share. Capital returned to shareholders of $50 million year-to-date in 2020 WEST DES MOINES, Iowa–(BUSINESS WIRE)– FBL Financial Group, Inc. (NYSE: FFG) today reported a net loss attributable to FBL Financial Group for the first quarter of 2020 of $2.5 million, or $0.10 per diluted common share, compared to net income of $34.0 million, or $1.37 per diluted common share, for the first quarter of 2019. Adjusted operating income(1) totaled $19.6 million, or $0.79 per common share, for the first quarter of 2020, compared to $25.9 million, or $1.04 per common share, for the first quarter of 2019. First quarter 2020 earnings reflect: Higher amortization of acquisition costs in the Corporate and Other segment due to the negative impact of equity markets on separate account performance An increase in reserves associated with Guaranteed Living Withdrawal Benefits (GLWB) due to the unfavorable impact of market performance Better than expected mortality experience Continued investment in the Wealth Management business Adjusted operating income differs from the...

Staff  | May 7, 2020 The Pension Investment Association of Canada is calling on provincial governments to allow pension plan sponsors to opt out of making any special payments for a period of six to 12 months or until there’s greater visibility of the end of the fallout from the coronavirus crisis. “We recommend that no conditionality or approval requirements be applied to such relief, other than a requirement by companies to inform regulators of their funding plans,” read a letter from the PIAC. Read: Ontario temporarily slashes penalties for PBGF non-payment The letter also noted the PIAC supports the actions of some jurisdictions to temporarily freeze commuted-value transfers and/or annuity buyouts without regulatory approval, but only for the short term. “PIAC can support such restrictions on a short-term basis (i.e., six months), but does not think they will be practical to maintain as regulators may well face a scenario in coming quarters where plan sponsors need to downsize and are at the same time managing under-funded plans and operating cash-flow shortfalls.” During these turbulent times, regulators should work to help those plans that can continue to pay commuted-value transfers, it said. Over the medium term, the PIAC recommended that provincial finance ministers maintain flexibility...

Staff | May 7, 2020 Medavie Blue Cross is adding a virtual health-care tool to its group benefits plans. The Online Doctors Unlimited tool, which is available through a partnership with Maple, includes consultations with Canadian-licensed doctors; access to a doctor immediately; service available 24/7/365; and an efficient administrative process. A lite version of the tool, with a limit of five daytime visits per year, is also available. Read: Walmart Canada rolls out free virtual health care to all staff “Medavie Blue Cross is committed to finding innovative health-care solutions that meet the needs of our clients and their employees,” said Marc Avaria, the insurer’s vice-president of product and disability management, in a press release. “Over the past several months, we have introduced a number of options to help plans provide access to emerging digital health options. One of the most popular new features has been Online Doctors, which provides members with instant access to Canada-licensed doctors through their computer or mobile device.” Read the full article at BenefitsCanada.com

Staff | May 7, 2020 The Caisse de dépôt et placement du Québec is purchasing a three per cent net smelter return royalty on gold production at Monarch Gold Corp.’s Beaufor mine in Quebec for $5 million. The $5 million will be payable to Monarch in two instalments — $3 million upon closing of the transaction and an additional $2 million once Monarch has completed a total of 15,000 metres of drilling on the Beaufor property or within 60 days of the Beaufor mine going into production. Read: Caisse providing $150M in financing to Quebec-based insurer “With CDPQ’s investment, Monarch can pursue its exploration plan, which could ultimately lead to the re-opening of the Beaufor mine in Abitibi-Témiscamingue,” said Kim Thomassin, executive vice-president and head of Quebec investments and stewardship investing at the Caisse, in a press release. “This transaction will pave the way for the company to integrate new artificial intelligence technology, which is in line with our desire to encourage more companies from so-called traditional sectors to take the digital turn to improve their performance.” Jean-Marc Lacoste, president and chief executive officer of Monarch, said the investment could eventually give the Beaufor mine a second life. “This investment is a turning point for the Beaufor mine, which still has considerable...

Toronto, ON (May 7, 2020) – The Leslie Group Ltd., an employee benefits consulting firm based in Toronto, is pleased to announce it has acquired 100% of the shares of Marathon Benefit Corporation, headquartered in Calgary, Alberta. This merger is “a foundational step” as The Leslie Group seeks to expand its footprint in Western Canada to offer local service to its growing client base. The acquisition will enhance the value they offer to clients through their services, technology, innovation, and expert advice. For Marathon Benefit Corp, the merger will provide existing clients with access to resources and products that were not previously available, as well as additional buying power. “The addition of Marathon to our organization continues our commitment to our clients to provide a high level of service,” said Shawn Leslie, President & CEO, The Leslie Group. “In addition, I am especially proud to support Alberta though the expansion of the Leslie Group in Alberta.” “We are very excited about the merger of Marathon Benefits and The Leslie Group,” added Lynn Favorite, Managing Owner, Marathon. “We feel strongly that our combined areas of expertise will provide greater value for our clients.” Chris Goodale, Director of Finance and Operations for...

Don’t give away the keys to your kingdom – identity and access management are critical: Aite Group Boston, MA (May 7, 2020) – Since the 1990s, and highlighted by the COVID-19 crisis, IT managers globally have felt pressure to extend data protection from simple perimeter defense to defense in depth, especially as more employees work from home or other co-working spaces. Identity and access technologies create tremendous value for any organization, when knowing people are who they say they are and knowing with confidence that they are not abusing privileges are even more critical. This eight-page Impact Brief draws from the author’s 25 years of experience, and 15 interviews with heads of cybersecurity and risk management at financial institutions in the U.S. and Europe, to help business and technology managers to describe identity and access solutions when they seek buy-in from nontechnical executives. Click here for the online summary or to download the table of contents. This report mentions Pcysys. About Aite Group Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the...

New partner’s touchless inspection solution will allow insurers to streamline claims processing and transfer data in a safe and secure manner, helping insurers to virtually adjust claims from anywhere Chicago, IL (May 5, 2020) – Guidewire Software, Inc., provider of the industry platform Property and Casualty (P&C) insurers rely upon, is pleased to announce that Loveland Innovations, a leading provider of data analytics and technology solutions for insurance, has joined Guidewire PartnerConnect as a Solution Partner. Founded in 2015, Loveland Innovations is a company of artificial intelligence (AI) experts, data scientists, and insurance industry professionals that develop large-scale data capture and AI-powered analytics solutions, giving insurers new ways to gather, analyze, and act on property claim data. As a PartnerConnect Solution partner, Loveland Innovations plans to integrate their flagship inspection platform, IMGING, with Guidewire ClaimCenter. IMGING leverages smart devices, automated drones, computer vision, and machine learning to fully digitize any property or structure allowing adjusters to easily explore, measure and detect property damage through their industry leading AI. “Loveland Innovations is excited to partner with Guidewire to provide ClaimCenter users full access to IMGING, which will allow Guidewire users to seamlessly order an on-demand property inspection powered by the IMGING...

Toronto, ON (May 6, 2020) – ClearPay is pleased to announce that the Wawanesa Mutual Insurance Company, Canada’s largest Property and Casualty Mutual insurer (Wawanesa), has fully adopted the ClearPay brokerage payment and reporting platform. This platform enables the independent brokerage community to eliminate the need for paper cheques and manual reporting to be sent to Wawanesa. “This is extremely welcome news to our existing customer base as well as the hundreds more Wawanesa brokerages that can benefit through payable automation,” said John Knotek, Chief Executive Officer of ClearPay. “Especially in today’s environment, the seamless and rapid transition to electronic payments is critical and in as little as fifteen minutes ClearPay can have a brokerage sending payments and necessary reporting to Wawanesa electronically.” ClearPay is the leader in automating payment settlements and reconciliation for the insurance industry and has grown rapidly in last few years. ClearPay enables brokerages to easily eliminate cheques and adopt electronic payments and automate repetitive tasks in the payable process. With ClearPay, brokerages can create payments either directly in their broker management system or in a ClearPay portal and approvals can be done on any internet connected device. This saves brokerages from attending their office specifically...

Toronto, ON (May 7, 2020) – As organizations begin planning the methodical process of reopening after being closed due to the COVID-19 pandemic, they should understand the importance of proper cleaning and disinfection of their buildings and the role it plays in the safe return to the workplace of staff and volunteers. Professional cleaning services will undoubtedly be overwhelmed by service requests, resulting in many organizations having no other choice than to perform their own cleaning. Ecclesiastical Insurance has published COVID-19: Cleaning and Disinfecting Your Premises, a risk control bulletin and comprehensive best-practices guide that explains the differences between sanitizing, cleaning and disinfecting, and outlines an overall approach to the task, including: proper use of cleaners and disinfectants; proper use and disposal of Personal Protective Equipment; and the safe disposal of all materials. “Health Canada has advised that coronaviruses are among the easiest types of viruses to eliminate with appropriate disinfectant products and cleaning techniques,” stated Colin Robertson, Vice President, Operations and Risk Control at Ecclesiastical Insurance. “Ensuring that your facilities are clean, sanitized and disinfected before reopening your doors to your volunteers, employees and the general public, and continuing this process until the threat of the virus is eliminated,...

Jennifer Paterson | May 7, 2020 Alongside a struggling global economy, Canadian capital accumulation plan sponsors and members are facing unprecedented challenges. This year, Benefits Canada‘s annual CAP Member Survey fielded its questions between March 30 and April 1, reaching respondents as they were in the midst of coming to grips with the effects of the global coronavirus pandemic. As in previous years, the survey asked CAP members about their retirement readiness, but it also asked about their investment strategies and their overall financial well-being during these tumultuous times. In many cases, Benefits Canada compared the 2020 results with the 2009 CAP Member Survey results, which were fielded following the global financial crisis. Watch the 2020 CAP Member Survey webinar on-demand here. This year, the survey found Canadians are continuing to juggle their financial priorities. More than half (54 per cent) of CAP members are prioritizing day-to-day expenses, followed by paying the mortgage or rent (47 per cent), paying off personal debt (38 per cent), enhancing personal savings (34 per cent) and saving for retirement (28 per cent). And where CAP members felt they were having trouble managing their debt and had debt counselling available free of charge through their employee assistance plan,...