NN Life boss leaves company

Article Abstract:

NN Life Insurance Co. of Canada President Frederick Wolfe has resigned from his post following a quarrel with ING Canada Inc. Chief Executive Officer Yves Brouillette. Brouillette admitted that he and Wolfe disputed over the future structure and direction of NN Life Insurance, the Canadian life insurance arm of Netherlands-based ING Groep NV. Montreal, Quebec-based holding company, ING Canada, circulated an internal memorandum in which it state that Wolfe resigned to pursue other opportunities. Brouillette appointed Claude Dussault to Wolfe's former post. Dussault plans to expand and better ING's life insurance and investment operation. NN LIfe, which sells individual life and disability insurance, annuities and investment products, has assets worth over C$1 billion.

Comment:

President Frederick Wolfe resigns from his post following a quarrel w/ ING Canada Inc Chief Executive Officer Yves Brouillette

Life Insurance, Direct Life Insurance Carriers, Executive changes & profiles, British Columbia, NN Life Insurance Co. of Canada

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Confederation unit's creditors approve settlement

Article Abstract:

Confederation Treasury Services Ltd.'s (CTSL) creditors, which includes holders of derivatives and Eurobonds, approved a settlement worth around C$740 million. The deal settles outstanding litigation between insurer Confederation Life Insurance Co.'s Canadian and US liquidators and creditors of its investment unit, CTSL, which got into the risky business of currency and interest rates derivatives. The settlement calls for the creditors group to receive C$370 million or 70 cents on the dollar, with the US liquidator getting an equal amount. CTSL encountered a barrage of legal suits after it had swept over C$600 million out of a Michigan trust fund set up to protect US policyholders, replacing it with IOUs in the form of promissory notes.

Comment:

Creditors approve settlement that fixes outstanding litigation between Confederation Life Insurance's Canadian & US liquidators

Canada, Legal issues & crime, Investment Companies, Open-End Investment Funds, Confederation Treasury Services Ltd.

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