Canadian Banking and Insurance Sector Update
Where Do the Banks and Insurers Go from Here?
Please join Moody's analysts for a broad discussion covering key credit trends affecting Canadian banks and insurance companies as they navigate the economic recovery and move beyond the pandemic.
Introduction:
- Canadian economic outlook
Canadian banking sector:
- Recent financial results and expectations for Q4 and next year, including further loan loss provision reversals and future provisioning
- Resiliency of pre-provision earnings and capital
- Liquidity and funding trends
- Focus on residential mortgages
Insurance sector:
- Q3 2021 actuarial experience updates
- Impact of inflation and rising interest rates on life insurers
- Transformation of life insurance industry through M&A activity
- Trends in Property and Casualty during the pandemic crisis
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SpeakersAndrea Usai Associate Managing Director, Business & Consumer Services, Corporate Finance Group Moody's Ratings
Scott Robinson Associate Managing Director, Life Insurance Group Moody's Investors Service
William Foster Senior Vice President, Sovereign Risk Moody's Ratings
Robert Colangelo Vice President - Senior Credit Officer Moody's Investors Service
Laura Bazer Vice President, Senior Credit Officer Moody's Investors Service
Jason Mercer Vice President - Senior Analyst, North America Banks & Insurance Moody's Investors Service
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Andrea manages the Business & Consumer Services team within the North America Corporate Finance Group, where he oversees coverage of around 200 US investment and speculative grade issuers.
Andrea joined Moody’s in 2011 and prior to his current role, he managed the North America Banks & Specialty Finance Team within the Financial Institutions Group for several years. Before moving to New York in 2018, Andrea was a lead analyst covering a portfolio of large European banks and securities firms domiciled in several European countries, both from London and Paris. In addition, he spent some time in Hong Kong where he supported local analysts on the coverage of banks and securities firms in the region.
Prior to joining Moody’s, Andrea was a banking supervisor with the UK Financial Services Authority (FSA) for eight year. His experience at the UK financial regulator also included an industry secondment to Fidelity International in the UK, and an international secondment to the Autorité de Contrôle Prudentiel (ACP) Banque de France, the Paris-based French banking regulator. Andrea started his career at Banca Intesa in Italy where he worked as a private banker, as a corporate banker and he also worked as an analyst at Bloomberg Financial Markets in London.
Andrea serves as the co-chair of the New York Pride Business Resources Group (BRG). He holds a degree in Finance and Economics from the University of Cagliari (Italy) and an MSc in International Banking and Finance from London Metropolitan University. He is a native Italian speaker and is fluent in English, French and Spanish.
Mr. Robinson is an Associate Managing Director in the Life Insurance Group at Moody’s Investors Service. He is responsible for managing analysts who cover a broad array of life and health insurance companies. Prior to joining Moody’s in 1999, Mr. Robinson worked in the Investment Policy and Strategy Group of the Trust Company of the West. Previously he had been with AXA Financial.
Mr. Robinson holds a degree in economics from Duke University and a Masters Degree in Actuarial Science from Georgia State University. He is a Fellow of the Society of Actuaries and a CFA charterholder.
| William (Bill) Foster is a Vice President-Senior Credit Officer in Moody’s Sovereign Risk Group in New York, where he serves as lead analyst on the United States, Canada, India, and World Bank Group credits. Bill joined Moody’s in August 2016, following 10 years at the U.S. Department of the Treasury. He most recently served as Senior Advisor for International Financial Markets based in New York, where he was the Office of International Affairs’ first dedicated liaison to New York’s international financial community. From August 2012 to March 2015, he served as the U.S. Financial Attaché to India at the U.S. Embassy in New Delhi, where he represented the U.S. Government as its primary economic expert and financial diplomat in India. Bill joined Treasury’s Office of International Affairs as an international economist in 2006, and covered a wide range of geographies during his tenure, including Latin America, South and East Asia. Prior to joining Treasury, he worked as a management consultant at Accenture. Bill holds a Master of International Affairs degree in International Financial and Economic Policy from Columbia University’s School of International and Public Affairs (SIPA) and a BA from Wesleyan University. He is a member of The Economic Club of New York and an Industry Advisory Board Member for Columbia Business School’s India Business Initiative. |
Robert Colangelo is Vice President for the North America Financial Institutions Group. Based in Toronto, he is a lead credit analyst for the largest Canadian banks and insurance companies and publishes related research on these institutions as well as the banking and insurance sectors.
Rob joined Moody’s in June 2021. Before joining Moody’s, Rob worked at another credit rating agency based in Toronto where he was a lead analyst on the large Canadian banks and various credit unions and other financial institutions in Canada. Rob also held a wide range of senior level positions in Finance at Royal Bank of Canada (RBC), including roles in External Reporting, Investor Relations and performance management reporting and forecasting. Rob holds a Bachelor of Commerce degree from the University of Toronto and is a Chartered Professional Accountant (CA).
Baye Larsen is a Vice President/Senior Credit Officer for the States and High Profile Ratings Team covering credits for the states of New Jersey, Ohio, Oregon, New Hampshire, North Dakota, and Idaho, as well as the New York Metropolitan Transportation Authority and New Jersey Transit. Baye has contributed to several methodologies and authored the “Global Mass Transit Methodology” and the methodology for “State Aid Intercept Programs and Financings: Pre and Post Default”. Prior to joining the State and High Profile Ratings Team, Baye worked for the U.S. Project and Infrastructure Finance Team, where she covered a diverse portfolio of utility and infrastructure issuers, and on the Eastern Local Government Ratings Team providing ratings for local governments and water and sewer utilities. Baye received her BA in government from Georgetown University and her Master in Public Administration from New York University
Jason is a Vice President-Senior Analyst in Moody’s North American Financial Institutions Group and is the lead analyst for Canadian regional banks, pension managers, property and casualty insurers, and crown corporations. Jason is also the lead analyst for a portfolio of US regional banks. Jason joined Moody’s in 2014.
Jason had previously worked for Toronto-Dominion Bank, Sunlife Financial and Bank of Montreal. He also spent nearly a decade with the Office of the Superintendent of Financial Institutions (OSFI); the country’s national banking and insurance regulator.During his tenure at OSFI, Jason was the Operations Manager of the large bank and insurance supervision group from 2007 until 2011. He also gained international regulatory knowledge from briefings with the Office of the Comptroller of the Currency in Washington, D.C. and the Basel Committee on Banking Supervision in Switzerland.
Jason has a Master’s of Business Administration from Wilfred Laurier University in Waterloo, Canada and a Bachelor of Commerce from Carleton University in Ottawa,Canada. He is also a Chartered Financial Analyst and a Chartered Professional Accountant.