Northbridge Financial Corporation Distributing $3 Million To Customers Through Small Business Relief Grant Program

TORONTO, ON, Feb 11, 2021 – Small businesses at the heart of our communities have been heavily impacted by the financial pressures created by the pandemic. In support of its small business customers across the country, Northbridge Financial Corporation has distributed $3 million in relief grants to assist those who have been directly impacted by the pandemic.

“Small businesses have faced many challenges as a result of mandated shutdowns and public health restrictions,” said Silvy Wright, CEO of Northbridge Financial. “We’re pleased to provide meaningful support to our small business customers at this critical time, to ensure they not only recover, but thrive for years to come.”

The Northbridge grant program provides a one-time payment of up to $3,000 to help cover COVID-19 related expenses incurred since the start of the pandemic. This includes the purchase of Personal Protective Equipment (PPE), renovation of facilities to comply with re-opening guidelines, website and e-commerce enhancements and other expenses related to operating and sustaining the business during the pandemic.

Due to the volume of applications received in the first day of opening the program, Northbridge contributed an additional $1 million to its initial $2 million grant program, bringing the total grant fund to $3 million. As a result, over 1,000 small businesses across the country will be receiving grants.

Northbridge chose the Ontario Chamber of Commerce (OCC) to administer the program given its experience managing large scale national grant programs in support of small business. Leveraging their existing platforms enabled Northbridge to quickly roll out this grant program and provide immediate relief to customers.

“Small businesses are the backbone of our economy and lifeblood of our communities,” said Rocco Rossi, President and CEO of the Ontario Chamber of Commerce. “We encourage Canadians to shop local and support small businesses at a time when they need it most and applaud Northbridge for the quick and meaningful action they have taken to help their customers.”

About Northbridge Financial Corporation
Northbridge Financial Corporation is a leading commercial property and casualty insurance company that has helped protect Canadian businesses for more than 100 years. We offer a wide range of innovative solutions to Canadian businesses through our Northbridge Insurance, Federated Insurance, and TruShield Insurance brands. We are proud to be a 100% Canadian company, wholly-owned by Fairfax Financial Holdings.

About the Ontario Chamber of Commerce
For more than a century, the Ontario Chamber of Commerce (OCC) has been the non-partisan, indispensable partner of Ontario business. The OCC’s mission is to support economic growth in Ontario by defending business priorities at Queen’s Park on behalf of its network’s diverse 60,000 members.

Northbridge Insurance has been ranked as a five-star carrier in annual broker survey

Insurance Business Canada | 10 August 2020

The results are in and we’re excited to share that Northbridge Insurance has been ranked by brokers as a five-star carrier in an independent survey conducted by Insurance Business Canada. The magazine surveyed hundreds of brokers across Canada about their expectations of carriers and how those expectations are being met.

We received five-star ratings in almost all categories, including our commitment to the broker channel, underwriting expertise, claims processing, technology, and automation. We also earned top marks in quick quotes, product range and training, and marketing support.

Find out exactly what brokers had to say and how carriers compare in Insurance Business Magazine.

https://issuu.com/glaciermedia/docs/cu-20200101/30

Canadian Underwriter | 12 December 2019
CEO Silvy Wright shares why the industry’s top priority should be helping our customers effectively navigate changing market conditions.

https://issuu.com/keymedia/docs/ibc7.06_lr_ipad/34

https://issuu.com/keymedia/docs/ibc7.06_lr_ipad/34

Insurance Business Canada | 12 November 2019

Insurance Business Canada listed Northbridge Financial Corporation as one of the top insurance workplaces in 2019.

https://www.trucknews.com/transportation/digital-strategies-to-control-collision-costs/1003094934/

https://www.trucknews.com/transportation/digital-strategies-to-control-collision-costs/1003094934/

Truck News | 06 November 2019

Scott Creighton, Director of Risk Services Transportation and Logistics, sat down with Truck News to discuss digital strategies to control collision costs.

https://www.insurancebusinessmag.com/ca/news/breaking-news/these-are-the-top-10-propertycasualty-insurance-companies-in-canada-179800.aspx

https://www.insurancebusinessmag.com/ca/news/breaking-news/these-are-the-top-10-propertycasualty-insurance-companies-in-canada-179800.aspx

Insurance Business Canada | 04 October 2019

This year Northbridge was listed as one of the top 10 biggest property/casualty insurance groups in Canada.

https://www.canadianunderwriter.ca/commercial-lines/top-2-priorities-for-canadian-commercial-insurers-1004166103/

https://www.canadianunderwriter.ca/commercial-lines/top-2-priorities-for-canadian-commercial-insurers-1004166103/
Canadian Underwriter | 23 July 2019

Silvy Wright, CEO of Northbridge Financial Corporation and Chair of Insurance Bureau of Canada’s Board of Directors, shares what the association’s priorities under her direction will be and speaks about the unique challenges Canadian business insurers will face in the year ahead.

https://www.canadianunderwriter.ca/climate-change/flood-risk-awareness-dialogue-around-re-location-has-arrived-1004165991/

https://www.canadianunderwriter.ca/climate-change/flood-risk-awareness-dialogue-around-re-location-has-arrived-1004165991/
Canadian Underwriter | 18 July 2019

CEO of Northbridge Financial Corporation, Silvy Wright, comments on how the P&C insurance industry will continue to support the work of national, provincial, and territorial governments in advancing the cause of climate adaptation.

https://www.canadianunderwriter.ca/brokers/how-brokers-can-talk-clients-out-of-declining-coverages-1004165633/

https://www.canadianunderwriter.ca/brokers/how-brokers-can-talk-clients-out-of-declining-coverages-1004165633/
Canadian Underwriter | 10 July 2019

Chief financial officer of Northbridge Financial Corporation, Craig Pinnock, shares why businesses are putting themselves at risk when declining certain insurance coverages and how brokers can help customers understand why they matter.

Northbridge Releases Enhanced Cyber Risk Coverage for all Canadian businesses

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May 24, 2019 – Enhanced cyber risk insurance bundle offers more comprehensive protection and focused support to businesses of all sizes.

  • 54% of cyber security incidents in Canada prevent employees from carrying out day-to-day work, highlighting the need for commercial cyber insurance.[1]
  • Broad coverage, custom solutions, and complimentary support from leading breach response partner elevates the Northbridge cyber product.

Northbridge Insurance has enhanced their cyber insurance offering to protect businesses across Canada, with expanded first and third-party coverage for a variety of cyber breach issues and resulting expenses.

Cybercrime is skyrocketing, and as tactics become more sophisticated and accessible, more businesses are falling victim to cyber attacks of all shapes and sizes. In response, Northbridge Insurance has released a progressive cyber insurance solution that addresses the evolving cyber protection needs of Canadian businesses and reduces the likelihood of a costly and time-consuming recovery.

The newly enhanced Cyber Risk Bundle addresses the consequences of breaches that result in stolen, encrypted, or corrupted information. Some features include coverage related to incident response, data recovery, business interruption, extortion, privacy liability, and regulatory expenses.

“Cyber attacks are more prevalent than ever, and many businesses aren’t ready for the strike,” says Scott Vandenberg, Vice President of Commercial Lines, Corporate Underwriting at Northbridge Insurance. “Stronger defenses can make for a more effective response – and less downtime. We’re pleased to offer this enhanced solution to our customers to ensure they’re prepared and have the right support in place in event of a cyber or privacy breach.”

In addition to enhanced coverage, policy holders will receive proactive and reactive support from CyberScout, a leading data risk management service provider. The Northbridge Cyber Assist service provides access to expert consultation on protective measures, but also recovery assistance in the event of a privacy breach. CyberScout’s service is automatically included in every Northbridge cyber risk policy.

As cyber risk continues to grow and evolve in unpredictable ways, targeted protection and reliable support becomes paramount for Canadian businesses. A data breach could have a potentially devastating financial impact on a smaller operation, and given that 19% of small businesses and 28% of medium have been affected by cyber security incidents in 2017, it’s a risk that should not be ignored.[2] A forward-focused cyber solution that keeps up with evolving risks and addresses the reality of recovery costs and tasks can sometimes mean the difference between quick resumption of operations or insolvency.

Northbridge Insurance is committed to developing innovative and carefully curated insurance solutions tuned to the risks and needs of Canadian businesses across all sectors. With strategic partnerships and industry-focused internal expertise, Northbridge is poised to continue as a leader in commercial cyber insurance solutions.

[1] Statistics Canada. Table  22-10-0077-01   Impacts of cyber security incidents by industry and enterprise size

[2] Statistics Canada.  Cybercrime and Canadian businesses, 2017y industry and enterprise size.


About Northbridge Insurance

Northbridge Insurance is a leading Canadian commercial insurer. Working with our broker partners, we focus on understanding the needs of our customers and on creating solutions that make a difference to their success. Visit us at www.northbridgeinsurance.ca to learn more.

For further information, please contact:

Emily McCauley
Specialist, Corporate Communications
Northbridge Insurance
+1 (416) 350-4341
[email protected]