Industry vet retires after 62 years in insurance

Industry veteran Phil Cook has retired after 62 years in the insurance industry, 57 of which were in Canada.

Cook announced his retirement as chairman of Accelerant Insurance Company of Canada (formerly Omega General Insurance Company) effective June 30.

For 20 years, he has also been known for his popular Insurance Industry Trends & Predictions event on behalf of the Insurance Institute of Canada (supported by Canadian Underwriter). The event began in 2005, with the 20^th and final edition held in January 2024.

Cook’s insurance career began in 1962 at the U.K. head office of Pearl Assurance. In 1967, he emigrated to Canada, where he joined Norwich Union Insurance Company in Toronto. In 1975, he joined the executive team of the newly established Canadian branch of Insurance Corporation of Ireland as claims manager, subsequently becoming its chief operating officer and then chief agent for Canada, Cook says in a note to CU.

Cook established Focus Group Inc., a Toronto-based insurance consulting and project management company, in 1986. He acted as chief agent in Canada for 20 foreign insurers/reinsurers as part of numerous consulting assignments over the following years.

In 2004, Cook and his team at Focus Group Inc. established Omega General Insurance Company, “primarily to underwrite assumption reinsurance for the parents of Canadian insurers/reinsurers to assist with their exit from Canada and to accelerate the repatriation of their Canadian assets,” Cook tells CU. Omega General subsequently expanded its operations to write specialty property and liability programs and to provide fronting facilities for Canadian business being written by international insurers who did not have their own Canadian operations.

Cook acted as a director and CEO for both Focus Group Inc. and Omega from their respective start-up dates until 2018, when he was elected board chairman.

In 2021, Accelerant Holdings U.K. Ltd. agreed to acquire Omega Insurance Holdings, the parent company of Focus Group Inc. and Omega General Insurance Company. This was subject to approval from the Office of the Superintendent of Financial Institutions, which was received in October 2023.

Cook agreed to stay on as board chairman during the regulatory approval process and for a short time after to allow for a smooth transition, which has now taken place.

As a strong supporter of insurance education over the last 50+ plus years, Cook has acted as a course instructor, author and seminar presenter for the Insurance Institute of Canada (IIC). He was president of the Insurance Institute of Ontario (1989-1990), a past member of the board of governors of IIC, and chairman of its communications committee.

He was also founding chairman of the Chartered Insurance Professionals’ (CIP) Society during and after its introduction of the (then) new CIP and FCIP (Fellow Chartered Insurance Professional) designations.

Cook received the 2001 Award of Merit from IIC, and the 2002 Fellow of Distinction Award from the Toronto Society of Fellows.

Although Cook is stepping down from his roles with Focus Group, Omega and Accelerant, Cook is “not leaving the industry entirely, and plans to continue servicing some personal long-term client organizations and remains active in the expert witness testimony space.”

 

Feature image: Phil Cook presenting at the 2020 Insurance Industry Trends & Predictions event in downtown Toronto. Photo by Jason Contant.