Senior Bank of Canada exec joins Intact’s board

Intact Financial Corporation has appointed a senior executive at the Bank of Canada, Carolyn A. Wilkins, to join the insurer’s board of directors.

The appointment comes as all P&C insurance companies in Canada grapple with the economic downturn arising from the global COVID-19 pandemic.

“We are pleased to welcome Carolyn Wilkins to the board of directors at Intact,” Claude Dussault, chairman of Intact’s board of directors, said in a public statement. “Her experience as a policy innovator and leader at the Bank of Canada during some of the most challenging periods for economic and monetary policy will be a welcome addition to our board.”

Wilkins has 20 years of experience at the Bank of Canada, where she has served as the senior deputy governor for the past six-and-a-half years, overseeing strategic planning and economic and financial research. She was a member of the central bank’s governing council and served as a member of the bank’s board of directors.

Wilkins oversaw the development of the bank’s market liquidity facilities and large-scale asset purchase program as part of its COVID-19 response. In addition, she was active in international policy fora, including the Financial Stability Board. Before her appointment as the bank’s senior deputy governor, Wilkins was an advisor to the governor and a member of the Basel Committee on Banking Supervision.

Prior to joining the Bank of Canada, she held senior analytical roles related to economic forecasting and fiscal policy development at both the Department of Finance Canada and the Privy Council Office.

Commenting on her appointment, Wilkins alluded to Intact’s proposed growth through acquisition; namely, Intact’s current bid with Danish insurer Tryg to acquire RSA plc, the parent company of RSA Canada. RSA Canada is the country’s seventh-largest P&C insurer by market share, according to MSA statistics published in Canadian Underwriter’s 2020 Stats Guide. Intact ranks first.

“I am pleased to join Intact Financial Corporation’s board of directors at this time of growth and innovation for the company,” Wilkins said.

She also referenced Intact’s premium relief efforts to support clients who may have suffered financially as a result of the economic impact of the pandemic.

“Intact has stepped up to help during the COVID-19 pandemic and I am proud to join the board of a company that cares about its employees and customers,” Wilkins said. “I look forward to working with the other IFC board members and executive team to realize continued growth and success.”

Wilkins holds an Honours B.A. in Economics from Wilfrid Laurier University and an M.A. in Economics from Western University. She was named one of Canada’s Most Powerful Women: Top 100 Award by the Women’s Executive Network in 2016 and 2018.