TORONTO, Nov. 4, 2020 /CNW/ - The Assuris Board of Directors is pleased to announce the appointment of Paul Petrelli as the organization's next President & CEO. Mr. Petrelli will join Assuris on January 4, 2021 following Gordon Dunning's retirement at the end of this year. The Board wishes to thank Mr. Dunning for almost 30 years of service at Assuris.
"Mr. Petrelli brings a deep knowledge of the life insurance industry and a strong understanding of the regulatory framework at the Federal and Provincial levels," said Mr. Dan Thornton, Chair of the Board. "Mr. Petrelli's unique combination of skills will be a tremendous asset to Assuris as we continue to focus on being prepared and provide better protection for Canadian policyholders in the unlikely event that a member life insurance company fails."
Mr. Petrelli has over 20 years of life insurance experience, having held a wide variety of senior leadership roles at Sun Life. Most recently, Mr. Petrelli was responsible for the global M&A, securities, technology and intellectual property legal teams, corporate secretarial and legal operations. His extensive experience also includes being Sun Life's Global Head of Compliance, CFO of its Canadian business and Head of Investor Relations.
Mr. Petrelli obtained his B.A. (Honours) from the University of Toronto in 1991, his LL.B. from the University of Windsor School of Law in 1995 and was admitted to Law Society of Upper Canada as a member in 1997. He also obtained a Master of Law degree from the University of Toronto School of Law in 2019, specializing in Innovation, Technology and Law.
Assuris is an independent not for profit, industry-funded compensation organization. Our mission is to protect Canadian policyholders if their life insurance company fails. Assuris is designated by the federal Minister of Finance under the Insurance Companies Act of Canada (ICA) and recognized by the Autorité des marchés financiers (AMF) as the compensation body whose members are Quebec-chartered life insurers.
Assuris protects policyholders by minimizing the loss of benefits and seeking a quick transfer of their policies to a solvent company, where their benefits will continue. Founded in 1990, Assuris has been called upon to deal with four failures in its history. In all four cases, all Canadian policies were transferred to solvent life insurance companies. Assuris has protected almost three million policyholders. Assuris has developed expertise in solving unique, and largely unprecedented, issues in life insurance company insolvencies. For more information on Assuris, please visit www.assuris.ca.
SOURCE Assuris
Josée Rheault, Senior Vice President, Corporate Affairs & External Relations, Mobile: +1 416-829-8079
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