Great American Insurance Group’s SalaryGuard^® Offers Private Solution to Supplement Canadian Federal Employment Benefits

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Great American Insurance Group has expanded its individual supplemental unemployment offerings by introducing SalaryGuard, an employment insurance policy that supplements Canadian federal employment insurance regular benefits.

Similar to state unemployment programs in the United States, Canadian federal employment insurance replaces a portion of a claimant’s former weekly salary, subject to a maximum weekly benefit. Canada’s program replaces 55% of the claimant’s income, subject to a weekly maximum benefit of CAN$537. Therefore, claimants with wages greater than approximately CAN$51,000 cannot receive 55% of their former salary under the Canadian federal employment insurance program due to the capped weekly benefit.

Unlike credit-related or credit protection unemployment insurance in Canada, SalaryGuard provides cash benefits to claimants, allowing them the discretion on how to use the funds when they are unemployed. The coverage, in combination with federal employment insurance regular benefits, replaces 55% of a worker’s former wages for up to a maximum salary of CAN$310,000. SalaryGuard is the only insurance of its kind available in Canada and is currently available to workers in British Columbia only. The product will soon be available in Ontario.

“IncomeAssure^®, the sister product to SalaryGuard, has been marketed in the U.S. for over five years and has become an increasingly popular means to protect against loss of income from involuntary unemployment. We are excited to work with BFL CANADA on SalaryGuard to fill a similar unmet need within the Canadian insurance marketplace,” said David Ferron, Product Management Director of Great American Insurance Group’s Unemployment Risk Solutions.

“Present day economic realities have changed the way people perceive job and financial security. Additionally, middle to upper-income workers are becoming more aware of the employment insurance coverage gap that will exist in the event of their unemployment. SalaryGuard addresses this gap by enabling displaced workers to meet their basic short-term obligations, like household expenses, tuition costs or mortgage payments, without wiping out their savings or investments,” said Bradley Potter, Managing Vice President of BFL CANADA in Vancouver.

To learn more about SalaryGuard, please visit www.salaryguard.ca.

About Great American Insurance Group

SalaryGuard is underwritten by the Canadian Branch of Great American Insurance Company, rated “A+” (Superior) by A.M. Best (last affirmed, May 12, 2016). Coverage is summarized. Refer to the actual policy for a full description of applicable terms, conditions, limits and exclusions. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets. The members of the Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG’s common stock is listed and traded on the New York Stock Exchange under the symbol AFG.

Great American Insurance Company – Canadian Branch Head Office, Scotia Plaza, Suite 2100, 40 King Street West, Toronto M5H 3C2.

About BFL CANADA

BFL CANADA is the managing general agent for SalaryGuard in Canada. Founded in 1987 by Barry F. Lorenzetti, BFL CANADA is one of the largest employee-owned and operated Risk Management, Insurance Brokerage, and Employee Benefits services firms in Canada. The firm has a team of close to 600 professionals located in ten cities across the country. Through international partnerships, BFL CANADA also provides Risk Management, Insurance and Benefits Consulting services for clients doing business in over 120 countries around the world.

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