May 9, 2016
GUELPH, ON, May 9, 2016 /CNW/ - The Co-operators emergency response team is on location in Alberta working together with staff across the country who are focused on serving clients affected by the devastating fire in the Fort McMurray area. To date, over 1,000 cheques have been issued to individual clients, amounting to more than $4 million in funds provided to help clients meet urgent needs.
"Our thoughts are with all those affected by this tragedy and our efforts at this time are focused on supporting our clients, helping them with their most immediate needs," said Kathy Bardswick, president and CEO of The Co-operators. "Our emergency response team has been working out of temporary locations from the onset of this tragedy and as the situation evolves, we will continue to be there for our clients when they need us most. We are dedicated to helping families and the community come together to work through what will surely be a long, difficult journey of recovery and rebuilding."
Co-operators General insures approximately 1,600 homeowners, 1,100 condos/tenants, 400 other types of residences and 450 commercial risks in the area, in addition to a number of auto insurance policies. To date, approximately 3,571 claims have been reported to Co-operators General and its subsidiaries, including 2,544 property, 880 auto and 147 commercial and farm claims.
Recognizing that the incidence and severity of catastrophic events are inherently unpredictable and can have a significant impact on operating results, The Co-operators purchases reinsurance to protect itself. This reinsurance program is arranged in a series of layers such that the company retains the first $35 million of losses plus a portion of the losses in subsequent layers, for a total of $70 million of retained losses on events up to $150 million. All losses between $150 million and $1.3 billion are 100 per cent ceded to external reinsurers.
"While the outcome of the Fort McMurray fire is still very uncertain, we do not anticipate exceeding our reinsurance cover," added Kathy Bardswick.
Any clients who have not been in contact with the company are asked to call or visit the emergency response locations at the Edmonton Northlands Exhibition Centre, 7515 118 Avenue in Edmonton, the Bold Centre, 8702 91 Avenue in Lac La Biche; or at The Co-operators claims office at 500 West Tower, 14310 111 Avenue NW in Edmonton.
Clients can also call:
Co-operators General: 1-877-682-5246
HB Group: 1-800-387-1963
Sovereign General: 1-800-410-0354
About Co-operators General Insurance Company:
With assets of more than $5.2 billion, Co-operators General is a leading Canadian multi-product insurance company. Co-operators General is part of The Co-operators Group Limited, a Canadian-owned co-operative. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, wealth management as well as investment management products. The Co-operators is well known for its community involvement and its commitment to sustainability, and is listed among the 50 Best Employers in Canada.
Co-operators General Class E, Series C Preference Shares trade under ticker symbol CCS.PR.C on the Toronto Stock Exchange (TSX). Further information can be found at www.cooperators.ca.
SOURCE The Co-operators
For further information: Leonard Sharman, The Co-operators, 519-767-3937