TORONTO, May 21, 2024 /CNW/ - Today, CIBC Mellon announced that Definity Financial Corporation (Definity), the parent company to several leading property and casualty insurance entities with brands including Economical, Sonnet, Family, and Petline – has retained CIBC Mellon as its asset servicing provider for an additional five years. CIBC Mellon will continue to provide custody, accounting, foreign exchange processing and settlement services. Definity will also continue to access securities lending services and advanced investment data access through the NEXEN® platform via CIBC Mellon.
With this extension, Definity will be able to use the investment operations and technology delivery capabilities available through CIBC Mellon on a platform that can be scaled to satisfy evolving needs and growth.
"CIBC Mellon's expertise and commitment to excellence aligns seamlessly with our strategic objectives," Steve Seifried, Senior Vice President & Chief Investment Officer, Definity Financial Corporation. "By engaging the advanced capabilities available to us through CIBC Mellon, we will be able to enhance our operational efficiency, incorporate cutting-edge technology, standardize our practices and achieve greater efficiency. This decision underscores our commitment to ensuring robust governance and oversight of our existing plans while also laying the groundwork for future growth and innovation."
"The Canadian insurance industry is undergoing a transformative phase, driven by digitalization, rapid regulatory change, sustainability initiatives, evolving risk landscapes and the evolving needs of Canadians," said Richard Anton, Chief Client Officer, CIBC Mellon. "CIBC Mellon's proven service solutions for investment operations outsourcing to support the specific reporting and operational requirements of the insurance industry. We are pleased to continue to support Definity as they meet rising demand for speed, efficiency and resiliency in their investment and data operations."
About CIBC Mellon
As at March 29, 2024, CIBC Mellon had more than C$2.8 trillion of assets under administration on behalf of banks, pension funds, investment funds, corporations, governments, insurance companies, foreign insurance trusts, foundations and global financial institutions whose clients invest in Canada. CIBC Mellon is part of the BNY Mellon network, which as at March 29, 2024 had US$48.8 trillion in assets under custody and/or administration. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Global Securities Services Company and CIBC Mellon Trust Company, and may be used as a generic term to refer to either or both companies. https://www.cibcmellon.com/en/home.jsp
About Definity Financial Corporation
Definity Financial Corporation ("Definity"), which includes its subsidiaries where the context so requires) is one of the leading property and casualty insurers in Canada, with over $4 billion in gross written premiums in 2023 and over $2.8 billion in equity attributable to common shareholders as at March 31, 2024.
Media Contact for CIBC Mellon
Alexandra DeCata, Corporate Communications, CIBC Mellon, 416-643-6126, [email protected]
Media Contact for Definity Financial Corporation
Sarah Attwells, AVP, Corporate Affairs, 226-753-1130, [email protected]
SOURCE CIBC Mellon
Media Contact for CIBC Mellon: Alexandra DeCata, Corporate Communications, CIBC Mellon, 416-643-6126, [email protected]; Media Contact for Definity Financial Corporation: Sarah Attwells, AVP, Corporate Affairs, 226-753-1130, [email protected]
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