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Empire Life partners with digital platform to offer employee benefits to small biz


Staff
Empire Life Insurance Co. has partnered with Simply Benefits to offer a suite of life, disability, health and dental benefits through a digital platform, the Kingston, Ont.–based insurer said in a release on Tuesday.
Kelowna, B.C.–based Simply Benefits is a third-party payor that provides employee benefits digitally. Its offering includes three integrated platforms for advisors, employers and employees to manage benefits needs, allowing for an onboarding process that takes only days, the release said.
“We’re honoured to be chosen as a benefits provider to Simply Benefits,” said Dara Brachman, Empire Life’s vice-president of group distribution, in the release. ....

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Insurers hop on LRCN bandwagon | Investment Executive


Mark Burgess
Canadian insurers took advantage of new rules and issued $2.2 billion in limited recourse capital notes in the first quarter of this year, a report from DBRS Morningstar says, with more firms likely to follow.
In March, the Office of the Superintendent of Financial Institutions (OSFI) began allowing limited recourse capital notes (LRCNs) to qualify as Tier 1 capital other than common shares for life insurance companies. For mortgage and property and casualty insurers, LRCNs can qualify as Category B capital.
The rules are an expansion of changes OSFI introduced last summer when the regulator started allowing banks to recognize LRCNs as additional Tier 1 capital. Canadian banks responded by issuing $5.7 billion in LRCNs last year, DBRS said. ....

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