Insurable Interest Canadian Insurance Blog

PR Newswire Minor League Baseball™ and Nationwide, one of the largest providers of insurance and financial services products in the U.S., today announced a multiyear partnership making the Columbus-based company the “Official Insurance Partner of Minor League Baseball.” Under the terms of the new agreement, Nationwide secures exclusive national rights in the insurance category, becomes the latest commercial partner of MiLB’s industry-leading Hispanic fan engagement platform, Copa de la Diversión™ (“Copa”), and is a presenting partner of several new fan-centric ownership platforms. Serving millions of customers across the country and recognized as No. 1 in Customer Satisfaction with Small Commercial Insurance*, Nationwide’s values align with MiLB’s dedication to enhancing communities while embracing diversity and inclusion. “Our partnership with Nationwide presents a unique opportunity to drive value for Minor League Baseball fans, teams, and communities while supporting many of the attributes that make Nationwide an industry leader in insurance services,” said Minor League Baseball’s Chief Marketing & Commercial Officer David Wright. “From highlighting Nationwide’s small business and pet insurance products to chronicling incredible player journeys and our diversity and inclusion efforts, I look forward to seeing this relationship grow for many years to come.” MiLB has also created several new platforms as...

Kelsey Rolfe | December 9, 2019 The Manitoba government has proposed changes to the provincial Pension Benefits Act that will allow the creation of in-plan solvency reserve accounts for defined benefit pension plans registered in the province. The amendments would permit plan sponsors to withdraw funds from the reserve account when the plan is in surplus and would prohibit them from transferring “any other account” within the fund to the reserve account. The province is also moving to allow DB pension plans to permit plan members who are still employed past the plan’s normal retirement age to stop being active members or making contributions. Read: A look at the landscape for pension solvency funding reform across Canada On the plan member side, the amendments would make it simpler for individuals to unlock their locked-in retirement accounts in certain situations. People with funds in locked-in accounts with a financial institution will be able to unlock their funds under “certain financial hardships.” And those over age 65 will be able to fully unlock their locked-in accounts to give them more flexibility to manage their retirement funds. Under the proposed amendments, people over age 55 will also be able to make a one-time 50 per cent transfer to a prescribed registered retirement...

Staff | December 6, 2019 In 2020, Canadian employees are looking for more than just strong compensation, with 76 per cent of respondents citing at least three weeks of vacation, followed by health and dental packages (52 per cent) and opportunities to work from home (43 per cent), according to a new survey by Hays Specialist Recruitment (Canada) Inc. On the employer side, 42 per cent of respondents said they offer employees the freedom to work remotely as a recruiting and retention tool, 37 per cent touted flexible scheduling and 21 per cent cited the ability to compress working hours. As well, 46 per cent of employers said they’ve offered employee training over the last 12 months to increase the skills of their existing workforce. Read: Diversity and inclusion, education support increasingly part of total rewards: survey The survey, which polled more than 3,000 employers and employees across the country, also found 66 per cent of employers said they’re willing to exceed payroll budgets to hire the skilled talent they want. And about a third (34 per cent) said they plan to give their existing staff a salary bump in the year ahead. However, 79 per cent said they’re suffering from a skills shortage, while 47 per cent said...

Toronto, ON (Dec. 5, 2019) – CSIO is pleased to announce the launch of its new educational initiative, the Digital Broker eLearning Program. The program is designed to increase brokers’ digital operational competencies, promote digital best practices, and equip brokers with knowledge-based materials and tools that improve their awareness of technology in insurance. This program is available to CSIO members at no cost and offers accredited courses that will focus on three streams: Digital Marketing, Insurance Technology, and Cybersecurity. The topics were chosen in response to members’ feedback based on their evolving needs. Each course is taught by at least one subject matter expert and provides practical information to brokers who can immediately implement the lessons learned. Additional courses will be added to the eLearning program in 2020. CSIO has had tremendous response to past webinars and online courses, including a cybersecurity course launched last year. The course had over 1300 registrants, demonstrating the need for accessible and engaging training that supports the development of brokers’ digital skills and knowledge. “Access to on-demand and relevant education is always a top priority for our brokerage,” says Jeff Jones, President of Jones & Associates Insurance. “That’s why we made the CSIO cybersecurity...

Toronto, ON (Dec. 4, 2019) – As investment in the InsurTech space continues to grow rapidly—from $140 million in 2011 to $4.9 billion in 2018—it is increasingly critical for the insurance industry to keep abreast of key trends. QBE North America, an integrated specialist insurer, and Village Capital, today released a new research report outlining trends in InsurTech that are shifting the business of insurance while increasing access to insurance. “Impact InsurTech” pinpoints three powerful themes: insurance for all; society shaping insurance and micro-transformations influencing macro risks. Through innovations such as robotic process automation, AI, blockchain and drone technologies, insurance processes are increasingly more efficient, increasing both affordability and accessibility. Insurtech is also changing the way real-time and predictive data can be captured and used to promote development of insurance products that are responsive to emerging risk, allow for customized coverage and pricing solutions to respond to macro-risks such as climate change or cyber risk, and drive future resilience. “Insurance has shaped patterns of economic and social growth since its inception,” said Allie Burns, Chief Executive Officer of Village Capital. “Insurance technologies are fueling the emergence of affordable, accessible, and customizable solutions and enabling consumers, companies, and communities to create...

Dual acquisition expands Brokerlink’s presence in Ontario Toronto, ON (Dec. 5, 2019) – BrokerLink is pleased to announce it has acquired Ontario-based Combius Insurance Inc. (Combius) and the Pickering, Ontario book of business from Newman, Oliver & McCarten Insurance Brokers Ltd. (Newman Insurance), effective December 1, 2019. Terms of the transactions were not disclosed. Combius has provided insurance services to the Newmarket community since 2015. As a full-service broker, Combius offers personal home, auto and commercial insurance. “Providing our customers with excellent and customized service has always been our focus,” says President of Combius, Jason Hinchliffe. “Joining BrokerLink will not only help us continue to provide the quality of service our customers expect, but will also widen the range of insurance products we will be able to offer.” Newman Insurance’s Pickering branch has serviced the community since 2006 and offers customers tailored insurance services for personal home, auto, commercial and farm insurance. “Welcoming Combius and Newman Insurance’s Pickering location allows us to grow our presence in Ontario,” says President of BrokerLink, Joe D’Annunzio. “Not only will we be increasing our service in Newmarket, but we will now be able to serve customers in Pickering, where we plan to create long-lasting...

Kelsey Rolfe | December 6, 2019 The British Columbia Human Rights Tribunal has dismissed a complaint from a Molson Coors Beverage Co. retiree who alleged the company’s employee benefits plan was discriminatory on the basis of age. The tribunal found providing reduced benefits to employees over the age of 65 isn’t considered discrimination under the province’s Human Rights Code. The decision is based on a section in the code that makes an exception for employment discrimination on the grounds of age, marital status, physical or mental disability and sex, as long as it’s part of a so-called bona fide group or employee insurance plan that’s been adopted in good faith, rather than for the purpose of defeating employees’ protected rights. Read: Settlement reached in Ontario age discrimination benefits case John Barker, an employee of Molson and its predecessor for 25 years, filed a complaint after his benefits were reduced in 2015, when he was 68. For employees over 65, Molson no longer covers short- or long-term disability, dental and vision care, and significantly reduces life and accidental death and dismemberment insurance coverage. Barker said the plan was discriminatory because benefits are part of employee compensation. Therefore, an employee over the age of 65 is effectively receiving $6,000 less than an employee...

Staff | December 6, 2019 As pension regulators move forward with legislation permitting annuity options for certain capital accumulation plans, the Canadian Life and Health Insurance Association is calling on the federal government to make flexible annuities available for registered retirement savings plans, registered retirement income funds and tax-free savings accounts. In March 2019, the federal budget proposed enabling advanced life deferred annuities for defined contribution plans, RRSPs and RRIFs, among others — but excluded TFSAs. It also proposed making variable annuities available for DC and pooled registered pension plan members. Read: Budget 2019: Proposed changes to pension legislation, annuities, CPP In a new white paper, the CLHIA called the government’s proposals an “important first step,” but said they’ll fall short without further reforms to retirement savings plans, including making ALDAs available for TFSAs. It also called for expanding proposed tax legislation changes to allow freestanding variable payment life annuities, managed by a service provider, to pool participants from registered plans. Currently, TFSAs do allow for RRIF-style drawdowns, but legislated liquidity requirements prevent the accounts from holding, or being structured like, life annuities. The CLHIA recommended the federal government allow Canadians to waive the liquidity requirements so they can structure their accounts as an annuity without facing a tax penalty. “Canadians should be permitted...

Staff | December 6, 2019 The Canada Pension Plan Investment Board is investing up to US$600 million through India’s National Investment and Infrastructure Fund’s master fund. The agreement commits the CPPIB to investing US$150 million in the master fund, with the option to co-invest up to US$450 million in future opportunities alongside the fund. With this move, the CPPIB joins other institutional investors, including the Ontario Teachers’ Pension Plan and AustralianSuper, as an investor in the fund. Read: Ontario Teachers’ investing in Indian infrastructure, East Asian cruise line The CPPIB is also set to become a shareholder in India’s National Investment and Infrastructure Fund Ltd., the NIIF’s investment management company. The fundraising aims to give India the scale of capital necessary to take on major infrastructure projects, with the master fund focusing on transportation, energy and urban initiatives. With the CPPIB’s new investment, the fund now reaches US$2.1 billion, with another US$3 billion in potential co-investment agreements. “The opportunity to invest in, and alongside, NIIF complements our existing direct investment strategy in Indian infrastructure,” said Scott Lawrence, managing director and head of infrastructure at the CPPIB, in a press release. “Through this investment in the NIIF Master Fund, we are also able to deploy capital in additional projects...

Business Wire Pacific Life Insurance Company today announced it has completed the sale of Aviation Capital Group (ACG), its commercial aircraft leasing subsidiary, to Tokyo Century Corporation (Tokyo Century). In 2017, Tokyo Century acquired from Pacific Life a 20% membership interest in ACG, and later expanded ownership to 24.5%. The completion of this transaction, first announced on September 9, 2019, results in Tokyo Century now owning 100% of ACG. “The sale of ACG allows Pacific Life to reinvest into our core businesses and provide a sharper focus on enhancing capabilities to better serve our policyholders,” said Jim Morris, chairman, president & CEO of Pacific Life. “We wish ACG the very best as it continues its growth as part of Tokyo Century.” Tokyo Century is publicly-held and listed on the Tokyo Stock Exchange. Its core lines of business include Equipment Leasing, Mobility & Fleet Management, Specialty Financing, and International Business with a global network in 37 countries and regions. More information can be found at: www.tokyocentury.co.jp/en/. Goldman Sachs served as financial advisor to Pacific Life for this transaction, together with Debevoise & Plimpton LLP as the legal advisor. About Pacific Life For more than 150 years, Pacific Life has helped millions...