Who PACICC has added to its board of directors

David MacNaughton (pictured), president of Palantir Canada and former ambassador to the United States, is now a board member of Property and Casualty Insurance Compensation Corporation (PACICC).

Also joining the PACICC board are Christian Fournier, president and chief operating officer of La Capitale Financial Group, and Brian Esau, president and CEO of Red River Mutual.

Toronto-based PACICC, which is run by Canada’s property and casualty insurance industry, is a financial guarantee fund for insurers. The aim is to protect eligible policyholders from undue financial loss in the event that a carrier becomes insolvent.

MacNaughton was ambassador to the U.S for three years until this past September. He has held a variety of business leadership roles including president and CEO of Hill + Knowlton Strategies from 1989 through 1994. From 2003 through 2005, he was principal secretary to Dalton McGuinty, then the premier of Ontario.

Fournier joined Quebec City-based La Capitale General Insurance in 2011 and held the position of vice president of claims from 2013 to 2018, when he replaced Constance Lemieux, who retired as president.

“Times like these remind all of us of the importance of planning for worst-case scenarios,” MacNaughton stated in a PACICC release Apr. 14.  “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.”

Other independent directors returning to the PACICC board for additional terms are:

• Glenn Gibson (Chair), former CEO of Crawford Canada
• Bruce Thompson, former Supervisor at the Office of the Superintendent of Financial Institutions;
• David Oakden, former Chief Actuary, OSFI
• Alister Campbell, President and CEO, PACICC.

Other PACICC 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.