April 14, 2020

Former Ambassador David MacNaughton joins PACICC Board

Expanded Board also includes Fournier from La Capitale and Esau from Red River Mutual

TORONTO, ON — The Property and Casualty Insurance Compensation Corporation (PACICC) held its 31st Annual General Meeting entirely via Zoom video-conferencing on April 9.  At the meeting, Member Insurers ratified an expanded slate of Directors.  New to the Board, and serving as an Independent Director is David MacNaughton, President of Palantir Canada and former Canadian Ambassador to the United States of America.  Also joining the Board as designated Insurer Members are Christian Fournier, President and Chief Operating Officer of La Capitale Financial Group and Brian Esau, President and CEO of Red River Mutual.

Says MacNaughton, “Times like these remind all of us of the importance of planning for worst-case scenarios.  The design and operation of PACICC is testament to the way the Canadian insurance industry has built safeguards to protect consumers in the rare case of an insolvency.  But, solving the public policy issues around the potential systemic risk caused by a major earthquake has proven to be difficult.  I find that challenge fascinating and I look forward to helping PACICC and the insurance industry get to a much better place on this important issue.”

Says Fournier, “As a result of our recently announced merger with SSQ, the newly formed group will become Canada’s largest insurance mutual, present across the country while remaining deeply rooted in the Quebec market.  I have long respected the work that PACICC performs for the industry and I look forward to bringing the perspective of our home market, as we evolve the PACICC model to address the challenges of the future.”

Added Esau, “PACICC Members reflect the comprehensive diversity of the Canadian insurance industry and include insurers large and small, from all regions of the country.  At Red River Mutual, we are proud of our mutual insurer heritage and I look forward to sharing those perspectives with my new PACICC Board colleagues.”

Other Independent Directors returning to the Board for additional terms are:

  • Glenn Gibson (Chair), former CEO of Crawford Canada
  • Bruce Thompson, former Supervisor − OSFI
  • David Oakden, former Chief Actuary − OSFI
  • Alister Campbell, President and CEO, PACICC (Ex Officio).

Other Member Insurer Directors are:

  • Lynn Oldfield, President and CEO, AIG Insurance Company of Canada
  • Andrew Cartmell, President and CEO, Saskatchewan Government Insurance
  • Heather Masterson, President and CEO, Travelers Canada
  • Pete Walker, Chief Technical Underwriter, Aviva Canada Inc.
  • Martin Beaulieu, Senior Vice President and Chief Risk Officer, Intact Financial Corporation.

Says PACICC Chair Glenn Gibson, “In these challenging times, we are grateful to all those who choose to find the time to serve PACICC as Board Members.  Our Board and our CEO, Alister Campbell have laid out an ambitious agenda for 2020 and beyond.  I look forward to working with all of our Independent and Insurer Member Directors to help ensure that we achieve our objectives.”

PACICC is the industry-funded, non-profit resolution authority for Canada’s Property and Casualty (P&C) insurance industry.  PACICC’s mission is to protect eligible policyholders from undue financial loss in the event that a Member Insurer becomes insolvent.  The Corporation works to minimize the costs of insurer insolvencies and seeks to maintain a high level of consumer and business confidence in Canada’s P&C insurance industry through the financial protection it provides to policyholders.