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, alexandra.decata@cibcmellon.com
Media Contact for Definity Financial Corporation
Sarah Attwells, AVP, Corporate
Affairs, 226-753-1130, sarah.attwells@definity.com
SOURCE CIBC Mellon