Paul Kovacs Appointed President and CEO of PACICC

September 15, 2003

Alain Thibault, Chairman of the Board of Directors of Canada’s Property and Casualty Insurance Compensation Corporation (PACICC) announced that Paul Kovacs has been named PACICC’s next President and Chief Executive Officer, succeeding retiring CEO, Alex Kennedy, who will be leaving on December 31, 2003, “after five years of dedicated service.”

The bulletin described the PACICC as “an industry-funded, non-profit organization that responds in the unlikely event of the collapse of a property and casualty insurer in Canada PACICC will respond to claims of policyholders under most policies issued by P&C companies.”

“We are pleased that Paul Kovacs will continue the succession of strong leadership that we have had at PACICC and guide the organization in this crucial time for our industry,” Thibault stated. “Paul brings a keen understanding of the issues related to the financial stability of the industry that will serve insurers and consumers very well. He is highly regarded in the industry and has had experience in dealing with PACICC’s various stakeholders, including the Office of the Superintendent of Financial Institutions and the Provincial regulators.”

“As insurers emerge from the most difficult market in Canadian history, consumers will want to be assured that the industry remains solvent,” Kovacs observed. “While return on equity appears to be recovering, capacity problems in the industry as a result of declining capital will continue to be a concern.”

Kovacs will be leaving his post as Vice-President, Policy Development and Chief Economist at the Insurance Bureau of Canada to head the PACICC, but is expected to continue as Executive Director of the Institute for Catastrophic Loss Reduction (ICLR), an organization founded by insurers to reduce the loss of life and property caused by severe weather and earthquakes.

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