5
On June 22 the Board held an onsite Board meeting. The purpose of the meeting
was threefold. First it was educational in nature where Ken Worsley provided his
rendition of “Insurance 101” for those not so close to managing risk. Second, a review
and update on the strategic plan. Six months into the formal strategic plan the
Leadership Team presented an update on key metrics and environmental risks. Third,
the Board and Leadership Team hosted a BBQ for all sta on the lawn of the Jarvis
oce. The weather held out and it was a very successful event enjoyed by all those in
attendance.
YTD results show a promising sign within underwriting and investments.
Although there is still room for improvements Nova is on solid ground moving forward.
Our agency force has made significant strides in the quarter with sales and the launch
of a satellite oce in Tillsonburg. Several new brokers have reached out to Nova
with the hopes of partnering with us as they see the tremendous eort in course
correction taking place. A YTD underwriting loss of $335K is more than oset by
strong investment results of $1.0M. Net income for YTD is $475K.
In May 2023 FSRA held a town hall meeting to outline its new Risk Based
Supervisory Framework for Insurance. Nova Mutual was well represented at this town
hall. In September 2023 FSRA will be holding an education session for three Board
members in Toronto to further explain the new framework. Subsequent to the quarter
end, FSRA reached out as Nova Mutual has been selected to undergo an examination
under the new Risk Based Supervisory Framework for Insurers (RBFS-I). A team from
Nova Mutual is expected to meet with FSRA on August 16th for a Discovery meeting
where FSRA will learn about Nova Mutual, the Leadership Team, the Board and our
key risks.
There is still much to do. Nova Mutual is on the right path, with dedicated
professionals looking after our members’ best interests as a priority and keeping our
promise to be there in their time of need.
EXECUTIVE SUMMARY