David MacNaughton, the former Canadian ambassador to the United States, has been named as an independent director to the Property and Casualty Insurance Compensation Corporation (PACICC).
“Times like these remind all of us of the importance of planning for worst-case scenarios,” said MacNaughton, president of Palantir Canada. “The design and operation of PACICC is testament to the way the Canadian insurance industry has built safeguards to protect consumers in the rare case of an insolvency.
“But solving the public policy issues around the potential systemic risk caused by a major earthquake has proven to be difficult. I find that challenge fascinating and I look forward to helping PACICC and the insurance industry get to a much better place on this important issue.”
Designated insurer members on board
Also joining the Board as designated Insurer Members are Christian Fournier, president and COO of La Capitale Financial Group and Brian Esau, president and CEO of Red River Mutual.
Other Independent Directors returning to the Board for additional terms are:
- Glenn Gibson (Chair), former CEO of Crawford Canada;
- Bruce Thompson, former Supervisor − OSFI;
- David Oakden, former Chief Actuary − OSFI;
- Alister Campbell, president and CEO, PACICC (Ex Officio).
Other Member Insurer Directors are:
- Lynn Oldfield, president and CEO, AIG Insurance Company of Canada;
- Andrew Cartmell, president and CEO, Saskatchewan Government Insurance;
- Heather Masterson, president and CEO, Travelers Canada;
- Pete Walker, Chief Technical Underwriter, Aviva Canada Inc.;
- Martin Beaulieu, senior vice president and Chief Risk Officer, Intact Financial Corporation.
