Canal Insurance establishes new holding firm

Canal Insurance establishes new holding firm | Insurance Business America

Insurance News

Canal Insurance establishes new holding firm

It aims to enhance efficiency and foster innovation for the company

Insurance News

By
Kenneth Araullo

Commercial trucking insurance provider Canal Insurance Company has announced the formation of its new holding company, Canal Financial Group (CFG).

As per the official announcement, this strategic initiative is designed to enhance operational efficiency, foster innovation, and maximize shareholder value.

The establishment of Canal Financial Group aims to streamline Canal Insurance Company’s corporate structure while enabling management to explore growth opportunities and continued value creation for shareholders.

Paul Brocklebank (pictured above), chairman of the board and CEO, stated that Canal Insurance Company remains committed to customers and business partners.

“This strategic move will enable us to pursue new opportunities with agility and focus while leveraging our core strengths in the commercial transportation space,” Brocklebank said.

In other news for Canal Insurance…

In other recent developments, Canal Insurance Company has announced the addition of Patrick J Mullen to its board of directors.

Mullen currently occupies the role of director of strategic capital partnerships at Arctaris Impact Investors, a private equity firm based in Boston, where he spearheads the company’s efforts from its Salt Lake City, Utah, office.

Mullen’s professional background also includes co-founding and serving as managing director of investing at Sorenson Impact, as well as contributing to the Sorenson Impact Foundation between 2010 and 2017.

In March, Canal Insurance Company announced Brocklebank’s appointment as chairman of its board of directors.

Brocklebank joined Canal in 2010 and was named president and CEO in 2017.

Alongside Brocklebank on the board of directors are: Nancy Lyon Callahan, a global strategy and technology executive; Nora Crouch, a former Fortune 500 financial services executive; Ann Pelham Culham, who was previously in the media industry as a publisher of Legal Times; Patrick J Mullen, director of strategic capital partnerships at Arctaris Impact Investors; Charles M Timmons Jr, who served Canal Insurance in a host of positions from 1972 to 2009; and Gregory Vezzosi, who retired back in 2016 on the back of a career that included working at the likes of CNA, St Paul Travelers and Chubb.

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