Stan Griffin to take over top job at Insurance Bureau of Canada

TORONTO – The chairman of the Insurance Bureau of Canada’s
(IBC) Board of Directors has announced that Stan Griffin has been chosen as the new
president and chief executive officer of IBC, taking over from George Anderson on June 5, 2002.

“Following an exhaustive search, we interviewed a
select handful of formidable candidates,” says IBC chairman George Cooke. “From
that group, Stan Griffin has emerged as the unanimous choice as IBC’s new president and CEO.”

Mr. Cooke has also announced that George Anderson has been
invited to continue on as a member of the IBC Board, an appointment to take effect at the
annual general meeting in the fall.

“Thanks to the vision and dedication of George
Anderson, our industry has realized many positive achievements during the ten years he has
been at the helm of IBC,” Cooke says. “In recognition of his leadership and many
accomplishments, George Anderson will continue to be a strong contributor at the board of
directors’ table.” The appointment of Anderson to the IBC board is the first of its
kind in the history of the organization.

“The property and casualty insurance industry has come
a long way in the last 10 years,” says Stan Griffin. “We can be proud of such
things as the successful implementation of graduated licensing, the introduction of Bill
C-8, the multi-pronged fight against fraud, timely and appropriate action following the
September 11 terrorist attacks, and the industry’s charge against the growing regulatory
burden faced by the financial services sector.”

“Challenges for the P&C insurance industry are
clear,” says Griffin. “The top priority is auto insurance reform in all regions
of Canada as well as our industry’s pivotal role in health care.”

Since 1975, Stan Griffin has been an integral part of the
IBC fabric. He has held a number of senior roles, including vice president of the Ontario
region, where he spearheaded many negotiations with successive governments in the
province, that resulted in substantial changes to Ontario’s auto insurance laws.

From August 1999 to June 2001, Griffin was president and
CEO of Facility Association, where he liaised with regulatory bodies and oversaw the
operations of the association. Currently, Griffin is IBC’s executive vice president of
regional operations, overseeing the operations of regional offices in Halifax, Montreal,
Ottawa, Toronto, Edmonton and Vancouver.

Following the September 11 terrorist attacks, IBC formed a
special task force of insurer and reinsurer representatives chaired by Mr. Griffin, to
develop a short-term response to the potential shortage of terrorism catastrophe reinsurance.

“The task force worked very hard and became engaged in
a number of discussions with the federal government,” says George Anderson, outgoing
head of IBC. “As chairman of the task force, Stan Griffin’s leadership made it
possible for industry leaders to work remarkably well together through difficult times in
order to respond quickly and responsibly.”

George Cooke adds: “I am confident that Stan Griffin’s
strong leadership abilities and statesman-like manner will serve the Canadian P&C
insurance industry extremely well in the coming months and years.”

Stan Griffin was born in Leamington, Ontario and received
his Bachelor of Arts from the University of Toronto in 1972. He continued his education in the
United States and earned a Master of Arts in Social Science from the University of Chicago in 1973.

Mr. Griffin is a Chartered Insurance Professional (CIP). He
is also a director of the Ontario Safety League and has served as a member of several
industry and government committees dealing with insurance, road safety and related issues.

The Insurance Bureau of Canada is the national trade
association of the private property and casualty insurance industry. It represents some
200 companies that provide more than 90 per cent of the non-government home, car and
business insurance in Canada. For details on insurance coverage or consumer inquiries,
contact IBC’s consumer information centre at 1-800 387-2880. Visit the media section of our Web site at for more news releases and information.