DEFINITY ANNOUNCES EXECUTIVE CHANGES AND NEW APPOINTMENTS
WATERLOO, ON, Sept. 7, 2022 /CNW/ - Definity Financial Corporation (TSX: DFY) today announced changes to the roles and responsibilities of members of the company's operational leadership. The new executive appointments and assignments are effective September 7, 2022.
"Definity has a strong leadership team that has successfully enhanced operations, delivered significant business improvements, and set a solid foundation as a public company. We've begun the next phase of our growth and are confidently evolving our organization for the future," said Rowan Saunders, President and CEO, Definity. "Today's changes will make our company even stronger as we pursue our ambition to be one of Canada's leading and most innovative P&C insurers."
The changes announced today will see insurance-focused teams structured into two business areas, with a view to allowing Definity to continually improve operational alignment and focus while pursuing organic and inorganic growth.
Paul MacDonald will assume the newly expanded role of Executive Vice-President, Personal Insurance & Digital Channels. Aligning personal insurance and digital channels into a single business area under Paul's leadership is intended to improve operational efficiency and focus, as Definity continues to innovate in the rapidly evolving personal insurance space.
Donna Ince is promoted to Senior Vice-President, Chief Underwriting Officer, Personal Insurance. Since joining the company in May 2021, Donna has been instrumental to the overall improved performance of the personal insurance business for all regions in Canada as well as overseeing Petline Insurance. In addition to these responsibilities, Donna will now be accountable for delivering on the core insurance fundamentals with exceptional experiences in the personal insurance business.
Fabian Richenberger will take on the newly expanded role of Executive Vice-President, Commercial Insurance & Insurance Operations where he will continue to build on Definity's positive momentum in commercial insurance. In addition, Fabian will now oversee Claims and Sales & Distribution for both commercial and personal insurance, which will align under his expanded role.
Obaid Rahman is promoted to Senior Vice-President, Chief Underwriting Officer, Commercial Insurance, where he will be accountable for diversifying and profitably growing the commercial insurance business with a special focus on small business, mid-market, and specialty business products. Since joining the company in 2018, Obaid has played a key role in helping Economical Insurance reshape its commercial insurance portfolio and establish an industry-leading commercial franchise.
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 more than $3.4 billion in gross written premiums for the 12 months ended June 30, 2022, and in excess of $7.7 billion in assets as at June 30, 2022.
This news release contains "forward-looking information" within the meaning of applicable securities laws in Canada, which reflects Definity's current expectations regarding future events, including statements concerning changes to Definity's executive leadership and their impact on operations. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Definity's control. Results could differ materially from those projected herein. Definity does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.
SOURCE Definity Financial Corporation
Media inquiries: Mathieu Genest, Manager, Public and Media Relations, (C) 647-224-8975, [email protected]; Investor inquiries: Dennis Westfall, Head, Investor Relations, (C) 416-435-5568, [email protected]
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