More Time For Administrators Dealing With CBL Corporation

The voluntary administrators appointed to CBL Corporation Limited (CBL) have advised that they have received orders from the Auckland High Court extending the date by which they must call the creditors’ watershed meeting to May 11.

On February 26, CBL appointed Brendon Gibson and Neale Jackson of KordaMentha as voluntary administrators.

This came days after the High Court appointed interim liquidators to the group’s New Zealand arm CBL Insurance following a request from the Reserve Bank of New Zealand (RBNZ). It was later revealed that CBL Insurance breaching directions made by RBNZ prompted the regulator’s move against the company.

During the meeting, according to administrators, creditors may resolve that a deed of company arrangement be executed, resolve that the administration should end, or appoint liquidators.

In an announcement, CBL said the extension has been obtained to ensure that creditors can be fully informed at the watershed meeting, when deciding on the company’s future. In particular, the extension will allow sufficient time for the administrators to complete their:

Review of the financial position of the entities under their control, and the wider CBL Group;

Analysis of realisation options for the group’s assets – the administrators are in the process of appointing Goldman Sachs to advise on options that might be available. No sale
transactions have been agreed at this time;

Consideration of other factors that will be relevant to creditors when considering how to vote at the watershed meeting, such as any transactions that may be scrutinised or claims that may be made.

The administrators must issue the watershed report no later than May 11. CBL said the report will be released on the market announcements platform at the same time it is sent to creditors.

The watershed meeting must be held no later than May 18.

However, CBL noted, the administrators may need to seek a further extension from the Court if it becomes apparent in the coming weeks that further time will be required.

Cybersecurity: An Issue For Many Small Canadian Businesses - Survey

A recent survey conducted by the Canadian Internet Registration Authority (CIRA) found that cybersecurity awareness is an issue many businesses still have trouble with.

CIRA’s “ 2018 Canadian Internet Security Survey, ” which surveyed nearly 2,000 businesses and institutions with “.CA” registrations, found that 32% of the respondents said their users have unintentionally disclosed sensitive information due to phishing tactics.

The report also found that 77% of small business domain owners report being concerned or very concerned about being the target of a cyberattack.

Other relevant findings of the report include:

In the last year, 19% of companies report being hit by ransomware.

22% of large organizations have been victimized by a DDoS attack in the past 12 months.

36% of individual domain holders said they spent nothing on cybersecurity protection in 2017.

“The cybersecurity threat landscape in Canada is complex and rapidly evolving. Our data shows that cybersecurity is no longer just a corporate IT problem, it impacts a wide spectrum of Canadian internet users,” commented CIRA vice-president of product development Dave Chiswell.

“We believe the foundation of a better online Canada is ensuring a safe and secure internet,” CIRA chief technology officer Jacques Latour said in a statement.

“CIRA plays a role in ensuring that Canadian internet users have the tools and infrastructure in place to protect themselves, their businesses, and their families online.”

Cathy Lipe Speaks On Mentorship For Gaining Support In The Insurance Business

Whether someone is a newbie to the industry or has an established insurance career already, a mentorship is a good way to gain support. Finding the right mentor or mentee is especially important for women in insurance, who may still encounter gender bias or other circumstances that don’t encourage career advancement.

Mentorships are what Cathy Lipe, vice president of personal lines at Sharp Insurance and speaker at the upcoming Women in Insurance event , leaned on during the rise to her current position.

“I was lucky enough when I came into the industry to have a very strong mentor who taught me the ropes,” said Lipe.

“She wasn’t scared to take risks, and from there, I moved on to other women who I found very motivational for me.”
Consistency is crucial for a mentorship to work, added the VP.

Having someone who’s available to connect and give advice on a regular basis builds a strong bond and doesn’t leave the mentee hanging during stressful or potentially career-changing moments.
The relationships formed can also last longer than a job.

“I’ve built some very long-term friendships from these mentorships and we’ve moved up together,” said Lipe, and even as a VP, she still seeks out
mentorships, both as a mentee and mentor.

“I still rely on mentorships and relationships with other women who are also in similar roles. I’ve actually sought out women in leadership programs through the city that I live in and those have been very helpful for me.”

Lipe is currently a mentor for another woman in industry. When she’s searching for a new mentee, she looks inside her office first for interest from other employees.

In terms of finding new mentors, Lipe likes to keep her focus on other women in the industry.

She recommends seeking people out, learning about their credentials, and finding them at events, like conferences, to get introduced.

In a field that’s still dominated by men at the top, it will be a gradual process to level the playing field , but women can help each other in breaking through that glass ceiling.

“We need our women to know that they are good enough,” said Lipe. “There are so many things out there that women are so strong in and they don’t see their own value sometimes. I think it’s up to us as women to lift each other up and to help each other move on.”

Cathy Lipe will be presenting on career advancement for women in the industry at the Women in Insurance event being held on May 15, 2018. Click here for more details and to register.

Willis Towers Watson CISO Shares Security Tips To Small Companies

Cyber risk management has become a top-of-mind issue for organizations worldwide. Cyber security and data protection have bombarded their way into the boardroom – and they’re there to stay as companies battle an ever-changing landscape of cyber exposures.

But what if your organization doesn’t have a C-suite and a boardroom? What if you don’ have a chief information security officer (CISO) , or any staff with any security
expertise?

Matt Palmer, CISO at Willis Towers Watson, shares some cyber security tips for smaller organizations without the luxuries of capital, enterprise scalability and cyber expertise.

“There are great opportunities that comes with being a large organization like Willis Towers Watson, because we’re able to scale up and deliver enterprise-wide security solutions.

However, that’s a tremendous luxury that not everybody has. Even companies of a fairly significant size (with maybe 10,000 employees) will struggle sometimes to deploy enterprise-grade security capabilities,” said Palmer.

“Smaller enterprises need to take a slightly different approach. The most important thing is for them not to view cyber security purely as a technology issue and outsource it to a chief information officer (CIO) or to a third-party service provider. Whatever the size of the organization, the accountability should begin and end at the board.”

There are lots of strict rules and regulations worldwide around cyber security and data management. If smaller organizations view regulation as an “overwhelming overhead,” that will disrupt their ability to do business, according to Palmer.

Rather, every company should view regulations as “sensible and common sense” guidelines that assist companies with their everyday business and grant them protection for the data and information they hold, he said.

“It’s important not to view legislation as the enemy or something separate to security. Instead, legislation should play a part in boosting a company’s understanding of what their security priorities should and how they should manage their data,” Palmer added.

“At the end of the day, most security really boils down to getting the basics right , as opposed to buying complicated and expensive technologies.

“If an organization operates high quality processes, understands what they’re doing with data, and has decent protection in place, then they’re off to a good start. If they can’t compliment that with internal security expertise, they can always look externally. Even a large company like Willis Towers Watson will outsource some of its security expertise and monitoring.

Smaller organizations can do that just as easily as we can.”

Low Pass Rate For Licensing Testing The Industry

Jonathan Brown (pictured) didn’t intend on becoming an insurance professional. A colleague got him involved in
the life and health insurance space after Brown left his work with the federal government behind. He has now
worked in commercial and personal lines since 2009, and has been with Peters Insurance Agencies, based in
Alberta, since 2014.

One of the problems facing the industry, according to Brown, is the low pass rates for licensing in the province. In this Q&A, he discusses the challenges
these scores pose for the industry, why he’s passionate about leading young brokers, and his many achievements, including recognitions from Insurance Business.

Tell us about your career trajectory. How did you end up in the insurance business and your current position?

I became involved in insurance almost by accident. I had left a position with the federal government and was looking at my options when an acquaintance asked if I would be interested in a position working for him in the
life and health space. I knew nothing about insurance, but the position sounded good and he sold me on it.

After five years in the L&H side, I decided to make the change to P&C coverage and haven’t looked back. It has been 13 years now and three brokerages later, I still love what I do.

I came to Peters Insurance Agencies in 2014 from HUB International, and I love the small city feel of things here, and the relationships that I can develop with our
clients.

What is the most fulfilling aspect of your work?

I would say that the best thing about working in this industry is the opportunities that we have on a daily
basis to make a difference in the lives of the people that we work for.

Being able to provide the peace of mind
that not only will we insure your property in the event of a loss, but that we will have your back through it all is
so rewarding.

Seeing how we are able to be the difference between financial hardship or recovery from the loss makes all the hard work worthwhile.

When you look back at your career, what are your proudest accomplishments?

I would say that my proudest moments are when clients tell me how I was the best person that they have dealt
with, and was the difference between a difficult loss and complete recovery. I would also say that being named to Insurance Business “Top 40 Under 40” two years in a row was a proud moment, as well as being elected as vice president of the Professional Young Insurance Brokers (PYIB), our young brokers association here in Alberta.

How does Peters Insurance Agencies differentiate itself from competitors?

We try to do the little things better than anyone else, especially in how we go the extra mile for our clients.

We are looking at expanding our digital marketing through social media and our website, but for us it will always come back to making sure the clients have the best insurance experience they have ever had.

You’re involved with the Insurance Brokers Association of Alberta in several positions. What are you hearing about the challenges currently facing brokers in the province?

Currently, one of the issues we are facing is severely low pass rates for Level 1 Insurance Licensing in Alberta.

This makes the challenge of hiring competent and effective brokers more difficult, and could have long term implications for the future of our industry if the examination process remains the way it is now.

IBAA and PYIB are working to affect change in the provincial regulations surrounding licensing, through lobbying of our provincial government to approve equivalent knowledge and training such as a CAIB or CIP designations as qualifying the holder of the designation to hold an insurance license in Alberta without having to pass the provincial license examination.

This would bring us in line with the majority of the rest of Canada, and would allow us another avenue to get qualified candidates into our industry.

Why is it important for you to be involved with PYIB specifically, and what’s on the minds of young brokers today?

I feel strongly that you get out what you put in. I think that being a broker is one of the most rewarding careers that you can get into, but we need to be willing to be involved in the industry as a whole, and not just in our own offices. Being involved with PYIB has expanded my horizons and allowed me to connect with some of the best people in the world, as well as challenged me to become a better broker.

As far as what is on the mind of young brokers today, I think that we are adapting to the changes in our marketplace in regards to use of technology and the changing market conditions in Alberta, but one of our greatest needs is for more of us! We are hoping to spread the word that a career in insurance is one of the best choices that you can make.

If you weren’t working in the insurance space, what would you be doing right now?

If I couldn’t make a living as a professional tournament fisherman, I would probably be either building houses still or in the Alberta oil patch.

Co-operators To Become Sole Owner of CUMIS Insurance

The Co-operators will soon become the sole owner of CUMIS General Insurance Company and CUMIS Life Insurance Company after Central 1 Credit Union withdraws its stake by the end of the month.

According to Central 1 CEO Mark Blucher, the move reflects his firm’s push to focus on its key strategic priorities.

"This shift allows us to focus our attention and resources on banking and payments solutions that provide the greatest value to our clients and their customers."

“Our goal is for Central 1 to be the partner of choice who puts the focus on our clients and their needs, and creates a system environment that helps credit unions and their members thrive,” he added.

For his part, The Co-operators CEO Rob Wesseling said the change simplifies his firm’s structure and operations.

In a statement, The Co-operators said all due diligence has been completed in the required legal, tax, valuation and financial areas for the benefit of both organisations, their members, and clients.

The transaction awaits approval from regulators and compliance with customary closing conditions.

Once the agreement closes, CUMIS General Insurance will be restructured to become a subsidiary of The Co-operators.