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Stan Griffin

Stan Griffin, IBC President and CEO, announces retirement

July 19, 2007

Toronto - After serving the Canadian P&C insurance industry for 32 years, Stanley I. Griffin, President and CEO, Insurance Bureau of Canada, has announced he will be retiring at the end of the year. Mr. Griffin first joined IBC in 1975, ultimately reaching the position of President and CEO in 2002.

“Stan has made an immeasurable contribution to our industry over the years through his various roles at IBC and Facility Association,” said IBC Chair Mike Donoghue, President and CEO of Allstate Insurance Company of Canada. “In particular, he has been a terrific leader for IBC for the past five years, which has been a landmark period for our industry.

“IBC achievements under Stan’s guidance include unprecedented auto insurance reform in six provinces and a very significant improvement in consumer confidence in the industry following a very difficult hard market. These accomplishments were due in large part to Stan’s thoughtful and measured leadership.”

Stan was instrumental in guiding IBC through its mandate renewal process, resulting in a strengthened and reinvigorated trade association. Also under Stan’s leadership, the industry developed, and is currently implementing, groundbreaking Standards of Sound Marketplace Practice. The Standards provide a road map to a more risk-based regulatory environment and a consumer-focused future for the industry.

During his nearly 30 years at IBC, Mr. Griffin has held a number of senior roles, including Executive Vice-President of Regional Operations, overseeing the operations of regional offices in Halifax, Montreal, Ottawa, Toronto, Edmonton and Vancouver. Mr. Griffin was also the first Vice-President of the Ontario region, where he spearheaded many negotiations with successive governments in the province, resulting in substantial changes to Ontario’s auto insurance laws. From August 1999 to June 2001, Mr. Griffin was President and CEO of Facility Association.

Mr. Griffin’s successor as President and CEO will be Mark Yakabuski, who is currently Vice-President, Ontario and Federal Affairs, IBC.

Mr. Griffin said: “I am very pleased that IBC’s Board of Directors has unanimously approved the recommendation that Mark succeed me as President and CEO. I know that Mark will bring to his new role his passion, enthusiasm and commitment to IBC and our industry.”

Mr. Yakabuski joined IBC in 1993, in its newly established Policy Development Division in Toronto. His first responsibility was to develop IBC's key policy position on bank/insurance competition. In 1995 he was named Director of Government Relations and was sent to Ottawa to open IBC’s first office in the nation’s capital. He became Vice-President in 1998.

In 1999, he took on the additional responsibility of Acting Vice-President of IBC’s Ontario Division, the largest region in the country. A year later, he was named Vice-President, Ontario and led the industry’s efforts to secure major reform of the auto insurance sector.

In late 2004, Mr. Yakabuski added IBC’s federal government relations program to his responsibilities and assumed his current title.

Insurance Bureau of Canada is the national trade association of the private property and casualty insurance industry. It represents more than 90% of the non-government home, car and business insurance in Canada. To view news releases and information, visit the media section of IBC's website at www.ibc.ca.

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For more information: Mary Lou O’Reilly, 416 362 2031 ext. 4902

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