How theft and Alberta’s rate pause affected Definity’s auto portfolio
May 16, 2023 by David GambrillAuto theft, inflation, and increased claims frequency due to traffic returning to pre-pandemic levels all contributed to pushing Definity’s combined ratio in personal auto up to 100.9% in 2023 Q1, company executives reported in the company’s earnings call last week.…
Post-demutualization: Definity’s plans for the future
September 13, 2022 by Jason ContantDefinity Financial Corporation is maintaining its goal of becoming a Top 5 insurance company through a combination of organic growth and M&A activity, Definity president and CEO Rowan Saunders suggested during a recent financial services conference. “One of the drivers…
Two auto physical damage trends of concern to one insurer
May 18, 2022 by Jason ContantDefinity Financial Corporation’s executive vice president of personal insurance is concerned about two trends in auto physical damage. “The two areas that are of concern to us are theft and total loss, where we are seeing approximately a 25% increase…
Industry’s 2022 results won’t be as good as 2021, Definity CEO predicts
May 13, 2022 by Jason ContantDefinity Financial Corporation president and CEO Rowan Saunders doesn’t expect the Canadian P&C insurance industry’s return on equity to remain as elevated as it was last year. In 2021, the industry’s ROE hit 17%. The industry also recorded the lowest-ever…
Definity grows commercial portfolio, eyes M&A
February 14, 2022 Philip PoradoFocus on improving its commercial business has paid off, Definity Financial Corporation’s president and CEO Rowan Saunders told a Feb. 14 fireside chat with BMO Capital Markets equity analyst Tom MacKinnon. “It’s really a very different-looking portfolio now than it…
New parent company for Economical following demutualization
August 30, 2021 by Jason ContantEconomical Mutual Insurance Company will have a new parent company once it demutualizes, the insurer announced Friday. Definity Financial Corporation, a newly creating entity incorporated under the Insurance Companies Act (Canada), will be the parent company of Economical Insurance, Family…