Latest news with #HOOPP
Yahoo
3 days ago
- Business
- Yahoo
HOOPP appoints Reena Carter as new Chief Financial Officer
Ms. Carter brings more than 20 years of financial leadership in Canada's pension industry TORONTO, June 02, 2025 (GLOBE NEWSWIRE) -- The Healthcare of Ontario Pension Plan (HOOPP) is pleased to announce the appointment of Reena Carter as Chief Financial Officer (CFO). 'Reena has consistently demonstrated strong leadership and financial acumen, while making meaningful contributions to Canada's world-class pension industry over the course of her career,' said Annesley Wallace, President and Chief Executive Officer, HOOPP. 'On behalf of our Board of Trustees and senior leadership team, I would like to welcome Reena to the HOOPP team. I am confident she will play a key role in delivering on our strategy to ensure we fulfill our pension promise to our members.' Ms. Carter joins HOOPP from the Ontario Municipal Employees Retirement System (OMERS), where she served as Senior Managing Director of Portfolio Management and Operations. In this role, she led all operational functions, portfolio construction and the sustainable investing strategy for OMERS Infrastructure globally. Since joining OMERS in 2003, Ms. Carter held progressively senior finance and audit roles, including Executive Vice President, Head of Investment Finance & Valuations; Executive Vice President, Global Head of Assurance & Advisory; and CFO of Borealis Infrastructure. She oversaw all finance and investment valuations matters, in addition to strategic planning, risk management, treasury, debt and tax compliance. 'I am excited to join a world-renowned organization dedicated to building a stronger financial future for more than 478,000 healthcare workers across Ontario,' said Ms. Carter. 'HOOPP has consistently delivered strong results as a leading pension fund in Canada, which speaks to the commitment and stewardship of its Board, management team and employees. I look forward to working with Annesley and the entire team as we grow and evolve to continue meeting the needs of Ontario's healthcare community.' Ms. Carter has held board positions at Bruce Power and LifeLabs and is currently on the boards of Cymbria Corporation and Teranet. She holds a Bachelor of Business Administration degree from the Schulich School of Business, York University. She is a Chartered Professional Accountant, a Chartered Accountant, a Chartered Business Valuator and a Chartered Director. About the Healthcare of Ontario Pension Plan HOOPP serves Ontario's hospital and community-based healthcare sector, with more than 700 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, physicians, and many others who provide valued healthcare services. In total, HOOPP has more than 478,000 active, deferred and retired members. HOOPP is fully funded and manages a highly diversified portfolio of more than $123 billion in assets that span multiple geographies and asset classes. HOOPP is also a major contributor to the Canadian economy, paying more than $3 billion in pension benefits to retired Ontario healthcare workers annually. HOOPP operates as a private independent trust, and its Board of Trustees governs the Plan and Fund, focusing on HOOPP's mission to deliver on our pension promise. The Board is made up of appointees from the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses' Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees' Union (OPSEU), and the Service Employees International Union (SEIU). This governance model provides representation from both employers and members in support of the long-term interests of the Plan. Contact:Scott White, Senior Director, Media Relations and External Communications swhite2@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
28-05-2025
- Business
- Cision Canada
Definity Financial Corporation Announces Increased Size of Previously Announced Private Placements of Common Shares to $385 million
/NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ WATERLOO, ON, May 28, 2025 /CNW/ - Definity Financial Corporation (TSX: DFY) announced today that it has increased the size of its previously announced private placements. Pursuant to the amended terms, the syndicate of underwriters, led by RBC Capital Markets as Sole Bookrunner (collectively the "Underwriters"), has agreed to purchase, on a bought deal basis, an aggregate of 4,631,000 common shares of Definity ("Common Shares") at an offering price of $66.65 per Common Share (the "Offering Price") for gross proceeds of approximately $309 million (the "Offering"). The Underwriters intend to arrange for substituted purchasers for the Common Shares being issued in the Offering. In connection with the exercise by Healthcare of Ontario Pension Plan Trust Fund ("HOOPP") of its pre-emptive right under the Governance Agreement dated November 23, 2021 between Definity and HOOPP, HOOPP has agreed to increase its purchase of Common Shares on a private placement basis to 1,151,256 at a price of $66.65 per Common Share, for aggregate gross proceeds of approximately $77 million, subject to the terms of HOOPP's subscription agreement (the "HOOPP Private Placement"). The net proceeds from the Offering and HOOPP Private Placement are intended to be used by Definity to fund a portion of the purchase price of the previously announced acquisition of the Canadian operations of Travelers (other than Travelers' Canadian surety business) for cash consideration of approximately $3.3 billion (the "Transaction"). The closing of the HOOPP Private Placement is conditional on the closing of the Offering; however, the closing of the Offering is not conditional on the closing of the HOOPP Private Placement. The Common Shares will be offered by way of private placement to "accredited investors" in all provinces and territories of Canada, and in the United States on a private placement basis to "qualified institutional buyers" pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and in such other jurisdictions outside of Canada and the United States in accordance with applicable law. Closing of the Offering is expected to occur on or about June 11, 2025, subject to the approval of the Toronto Stock Exchange and customary closing conditions. Closing of the Offering is not conditional upon closing of the Transaction. In the event that the Transaction does not ultimately close, the net proceeds from the Offering are intended to be used by Definity for general corporate purposes. The Common Shares have not been and will not be registered under the U.S. Securities Act, or under any state securities laws in the United States, and may not be offered, sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from or not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. This release does not constitute an offer to sell or a solicitation to buy Common Shares in the United States or in any other jurisdiction where such offer is or may be unlawful. About Definity Financial Corporation Definity Financial Corporation ("Definity" or the "Company", which include its subsidiaries where the context so requires) is one of the leading property and casualty insurers in Canada, with over $4.5 billion in gross written premiums for the 12 months ended March 31, 2025 and approximately $3.4 billion in equity attributable to common shareholders as at March 31, 2025. Cautionary Note Regarding Forward-Looking Information This news release contains "forward-looking information" within the meaning of applicable securities laws in Canada. Forward-looking information may relate to our future business, financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, plans and objectives. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "aims", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "optimize", "strengthening", "leadership", "believes", or variations of such words and phrases or statements that certain actions, events or results "can", "may", "could", "delivers", "would", "might", "will", "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Specifically, forward-looking information in this news release includes, among other things, statements in respect of: the Transaction; the terms of the Transaction, including the anticipated purchase price; expectations regarding Transaction financing; the terms of the Offering; the intended use of the net proceeds of the Offering; and the HOOPP Private Placement. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding possible future events or circumstances. Forward-looking information in this news release is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. In addition to other estimates and assumptions which may be identified herein, estimates and assumptions have been made regarding, among other things: that the Transaction will be effected as currently proposed; that sources of funding of the Transaction will be available in a timely manner on terms acceptable to Definity; that the Offering and HOOPP Private Placement will be effected as currently proposed; that all requisite approvals will be obtained in a timely manner in form and substance acceptable to Definity; that the Transaction will otherwise proceed on the currently anticipated timing; that the expected benefits of the Transaction will be realized; and that the applicable economic and political environments and current industry conditions will generally continue. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as at the date such statements are made, and are subject to many factors that could cause our actual results, performance or achievements, or other future events or developments, to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors: Definity's ability to continue to offer competitive pricing or product features or services that are attractive to customers; Definity's ability to appropriately price its insurance products to produce an acceptable return, particularly in provinces where the regulatory environment requires auto insurance rate increases to be approved or that otherwise impose regulatory constraints on auto insurance rates; Definity's ability to accurately assess the risks associated with the insurance policies that it writes; Definity's ability to assess and pay claims in accordance with its insurance policies; Definity's ability to obtain adequate reinsurance coverage to manage risk; Definity's ability to accurately predict future claims frequency or severity, including the frequency and severity of weather-related events and the impact of climate change; Definity's ability to address inflationary cost pressures through pricing, supply chain, or cost management actions; the occurrence of unpredictable catastrophe events; litigation and regulatory actions, including potential claims in relation to demutualization and our IPO and unclaimed demutualization benefits and the tax treatment of related amounts transferred to the Company, and COVID-19-related class- action lawsuits that have arisen and which may arise, together with associated legal costs; unfavourable capital market developments, interest rate movements, changes to dividend policies or other factors which may affect our investments or the market price of the Common Shares; changes associated with the transition to a low-carbon economy, including reputational and business implications from stakeholders' views of our climate change approach or of our environmental or climate change–related representations (i.e. "greenwashing"), that of our industry, or that of our customers; Definity's ability to successfully manage credit risk from its counterparties; foreign currency fluctuations; Definity's ability to meet payment obligations as they become due; Definity's ability to maintain its financial strength rating or credit rating; Definity's dependence on key people; Definity's ability to attract, develop, motivate, and retain an appropriate number of employees with the necessary skills, capabilities, and knowledge; Definity's ability to appropriately collect, store, transfer, and dispose of information; Definity's reliance on information technology systems and software, internet, network, data centre, voice or data communications services and the potential disruption or failure of those systems or services, including disruption as a result of cyber security risk or of a third-party service provider; failure of key service providers or vendors to provide services or supplies as expected, or comply with contractual or business terms; Definity's ability to obtain, maintain and protect its intellectual property rights and proprietary information or prevent third parties from making unauthorized use of our technology; Definity's ability to effectively govern the use of models, artificial intelligence, and generative AI technology; compliance with and changes in legislation or its interpretation or application, or supervisory expectations or requirements, including changes in the scope of regulatory oversight, effective income tax rates, risk-based capital guidelines, accounting standards, and generally accepted actuarial techniques; changes in domestic or foreign government policies, such as cross-border tariffs or trade policies, may negatively impact the Canadian economy and the P&C insurance industry and/or exacerbate other risks to Definity; failure to design, implement and maintain effective controls over financial reporting and disclosure which could have a material adverse effect on our business; deceptive or illegal acts undertaken by an employee or a third party, including fraud in the course of underwriting insurance or administering insurance claims; Definity's ability to respond to events impacting its ability to conduct business as normal; Definity's ability to implement its strategy or operate its business as management currently expects; general business, economic, financial, political, and social conditions, particularly those in Canada; the emergence or continuation of widespread health emergencies or pandemics, and their impact on local, national, or international economies, as well as their heightening of certain risks that may affect our business or future results; the competitive market environment and cyclical nature of the P&C insurance industry; the introduction of advanced technologies, disruptive innovation or alternative business models by current market participants or new market entrants; distribution channel risk, including Definity's reliance on brokers to sell its products; Definity's dividend payments being subject to the discretion of its board of directors and dependent on a variety of factors and conditions existing from time to time; the discontinuance, modification, or failure to renew or complete Definity's normal course issuer bid; Definity's dependence on the results of operations of its subsidiaries and the ability of the subsidiaries to pay dividends; Definity's ability to manage and access capital and liquidity effectively; Definity's ability to successfully identify, complete, integrate and realize the benefits of acquisitions or manage the associated risks, including with respect to the Transaction; management's estimates and judgments in respect of IFRS 17 and its impact on various financial metrics; periodic negative publicity regarding the insurance industry, Definity, or Definity Insurance Foundation; and management's estimates and expectations in relation to interests in the broker distribution channel and the resulting impact on growth, income, and accretion in various financial metrics. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The opinions, estimates or assumptions referred to above and described in greater detail in Section 11 – "Risk Management and Corporate Governance" of our MD&A for the year ended December 31, 2024 should be considered carefully by readers. To the extent any forward-looking information in this presentation constitutes a "financial outlook" within the meaning of applicable securities laws, such information is being provided to assist investors in understanding the potential financial impact of the Transaction. Such information may not be appropriate for other purposes. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, the factors above are not intended to represent a complete list and there may be other factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as at the date made. The forward-looking information contained in this news release represents our expectations as at the date of this news release (or as at the date they are otherwise stated to be made) and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
Toronto Star
26-04-2025
- Business
- Toronto Star
Ontario expands pension plan to self-employed doctors previously excluded
It's a shot in the arm for doctors at a time when Ontario is scrambling to ease a shortage that has left 2.5 million people without a family physician. Since January, doctors with their own practices have been able to join the same pension plan enjoyed by colleagues who work in hospitals — and bring their receptionists, nurses and any other staff along for the ride to retirement. Hundreds of self-employed physicians have expressed interest and more than 75 have taken steps to become part of the $123 billion Healthcare of Ontario Pension Plan, also known by its acronym pronounced 'hoop.' ARTICLE CONTINUES BELOW While the opening wasn't created with the troublesome doctor shortage in mind, it can't hurt, says a senior executive. 'If the ability to access the defined-benefit pension like HOOPP is the reason for a physician to set up shop in or stay in Ontario, that's fantastic,' says Rachel Arbour, a lawyer and head of plan benefits, design and policy. 'But we're here to provide really good pensions and retirement for health-care workers, and this is one of the reasons why we looked at growing our plan to physicians,' she adds. 'We believe we play an important role in recruitment and retention. Health-care employers in our province can say to their staff 'we can offer you a great pension.'' Canada Desperately seeking a family doctor. What a striking scene in one small Ontario town says about a brewing crisis Megan Ogilvie The plan boasted a solid 9.7 per cent gain on global investments last year on behalf of 475,000 members and retirees in health care across the province. Opening the pension plan to self-employed physicians who have established their own medicine professional corporations and agree to pay a membership fee to the Ontario Hospital Association is the result of years of work and urging from within the health-care sector, including the Ontario Medical Association. The change to include self-employed doctors involved getting approval from Ontario's pension regulator and the Canada Revenue Agency. The OMA offers a group retirement savings plan to its members — who include 31,500 practicing physicians — but recognizes that many would also like to have a traditional pension plan with defined benefits. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'It has a good track record,' says Kimberly Moran, a chartered accountant and the OMA's chief executive officer, of the HOOPP pension. While the shortage of an estimated 3,500 family doctors has many root causes, such as heavy workloads, long days and administrative paperwork, Moran notes the new pension offering provides 'a little bit of help.' Provincial Politics Doug Ford government pledges more money to ease doctor shortage on eve of election call Rob Ferguson Recognizing it was politically vulnerable because of the doctor shortage, Premier Doug Ford's Progressive Conservatives pledged $1.4 billion in new spending on the eve of Ontario's Feb. 27 election campaign for expanded primary health-care teams, with Health Minister Sylvia Jones acknowledging 'there's no doubt people have been waiting a long time, too long, frankly, to get connected to a family-care practitioner in their community.' Ford has also added more spaces in medical schools and a new medical school is opening at Toronto Metropolitan University in Brampton next fall, but will take years to produce fully trained doctors. The OMA said 8,600 physicians have retired or left their practices since 2018, meaning two doctors are lost for every three new ones added to the health-care system. As many jurisdictions around the world compete with each other for med school graduates, more than 750 doctors have reached out to a HOOPP hotline about the pension plan after reading full details posted on the organization's website. They are encouraged to discuss the prospect of joining with their own financial advisors. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'Every doctor is going to have a slightly different set of circumstances they're going to have to work through and make sure that it makes sense for them,' says Moran. Aside from paying a membership fee to the Ontario Hospital Association, which would not reveal the dollar value but said the cost is 'modest' for doctors, physicians joining the plan make contributions both as the employer and the employee, based on income. Those contributions are tax-deductible. 'It's about half-and-half in terms of doctors who are sole practitioners and those who have staff with them,' Arbour says. 'We would love the family physicians, their nurses, the receptionist, the whole bucket of people supporting that practice to come into our plan. The longer you're in our plan, the bigger your pension income will be upon retirement.' Politics Headlines Newsletter Get the latest news and unmatched insights in your inbox every evening Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. Please enter a valid email address. Sign Up Yes, I'd also like to receive customized content suggestions and promotional messages from the Star. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy. This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Politics Headlines Newsletter You're signed up! You'll start getting Politics Headlines in your inbox soon. Want more of the latest from us? Sign up for more at our newsletter page.
Hamilton Spectator
26-04-2025
- Health
- Hamilton Spectator
Ontario expands pension plan to self-employed doctors previously excluded
It's a shot in the arm for doctors at a time when Ontario is scrambling to ease a shortage that has left 2.5 million people without a family physician. Since January, doctors with their own practices have been able to join the same pension plan enjoyed by colleagues who work in hospitals — and bring their receptionists, nurses and any other staff along for the ride to retirement. Hundreds of self-employed physicians have expressed interest and more than 75 have taken steps to become part of the $123 billion Healthcare of Ontario Pension Plan, also known by its acronym pronounced 'hoop.' While the opening wasn't created with the troublesome doctor shortage in mind, it can't hurt, says a senior executive. 'If the ability to access the defined-benefit pension like HOOPP is the reason for a physician to set up shop in or stay in Ontario, that's fantastic,' says Rachel Arbour, a lawyer and head of plan benefits, design and policy. 'But we're here to provide really good pensions and retirement for health-care workers, and this is one of the reasons why we looked at growing our plan to physicians,' she adds. 'We believe we play an important role in recruitment and retention. Health-care employers in our province can say to their staff 'we can offer you a great pension.'' The plan boasted a solid 9.7 per cent gain on global investments last year on behalf of 475,000 members and retirees in health care across the province. Opening the pension plan to self-employed physicians who have established their own medicine professional corporations and agree to pay a membership fee to the Ontario Hospital Association is the result of years of work and urging from within the health-care sector, including the Ontario Medical Association. The change to include self-employed doctors involved getting approval from Ontario's pension regulator and the Canada Revenue Agency. The OMA offers a group retirement savings plan to its members — who include 31,500 practicing physicians — but recognizes that many would also like to have a traditional pension plan with defined benefits. 'It has a good track record,' says Kimberly Moran, a chartered accountant and the OMA's chief executive officer, of the HOOPP pension. While the shortage of an estimated 3,500 family doctors has many root causes, such as heavy workloads, long days and administrative paperwork , Moran notes the new pension offering provides 'a little bit of help.' Recognizing it was politically vulnerable because of the doctor shortage , Premier Doug Ford's Progressive Conservatives pledged $1.4 billion in new spending on the eve of Ontario's Feb. 27 election campaign for expanded primary health-care teams, with Health Minister Sylvia Jones acknowledging 'there's no doubt people have been waiting a long time, too long, frankly, to get connected to a family-care practitioner in their community.' Ford has also added more spaces in medical schools and a new medical school is opening at Toronto Metropolitan University in Brampton next fall, but will take years to produce fully trained doctors. The OMA said 8,600 physicians have retired or left their practices since 2018, meaning two doctors are lost for every three new ones added to the health-care system. As many jurisdictions around the world compete with each other for med school graduates, more than 750 doctors have reached out to a HOOPP hotline about the pension plan after reading full details posted on the organization's website. They are encouraged to discuss the prospect of joining with their own financial advisors. 'Every doctor is going to have a slightly different set of circumstances they're going to have to work through and make sure that it makes sense for them,' says Moran. Aside from paying a membership fee to the Ontario Hospital Association, which would not reveal the dollar value but said the cost is 'modest' for doctors, physicians joining the plan make contributions both as the employer and the employee, based on income. Those contributions are tax-deductible. 'It's about half-and-half in terms of doctors who are sole practitioners and those who have staff with them,' Arbour says. 'We would love the family physicians, their nurses, the receptionist, the whole bucket of people supporting that practice to come into our plan. The longer you're in our plan, the bigger your pension income will be upon retirement.'
Associated Press
12-03-2025
- Business
- Associated Press
HOOPP achieves a 9.7% return in 2024 amid global economic and geopolitical instability
TORONTO, March 12, 2025 (GLOBE NEWSWIRE) -- The Healthcare of Ontario Pension Plan (HOOPP) announced today that it delivered a 9.7% return in 2024. Net assets were at $123 billion (as of Dec. 31, 2024), up from $112.6 billion in 2023. The Plan's funded status remains strong at 111%, continuing HOOPP's long history of ensuring stability for our members, now and in the future. This means for every dollar owed in pensions, the Plan has $1.11 in assets. The 2024 funded status takes into account some important initiatives brought in during the year that improved members' pensions: the HOOPP Board of Trustees approved a benefit formula improvement for eligible active members who had service in the Plan in 2023, and retired and deferred members received a full cost of living adjustment (COLA). In keeping with new research published by the Canadian Institute of Actuaries, HOOPP has also increased its pension liabilities to reflect that Canadians – including our members – are expected to live and draw from their retirement savings for a longer period in the future. While this change led to a decrease in the Plan funded status, it provides an important updated view of future obligations, which helps HOOPP deliver the pension promise. 'At HOOPP, we are dedicated to ensuring our members have peace of mind when it comes to planning for their retirement,' said Jeff Wendling, HOOPP's President and CEO. 'A realistic understanding of pension liabilities and future obligations allows the Plan to be prepared to fulfill our pension promise for years to come.' 2024 was a unique time in the economy, with large fluctuations in the markets and global geopolitical instability. Over $60 billion of HOOPP's assets – 50 per cent – are invested in Canada. HOOPP is one of the biggest investors in Canadian bonds, with over $40 billion in total government bond holdings as of Dec. 31, 2024. Canadian bonds remain the backbone of the Fund's investing strategy. As markets fluctuate, bonds serve as liquid collateral, which supports other investments. Having liquidity also allows HOOPP to continue diversifying its portfolio across asset classes and geographies. 'As I like to say, HOOPP is a buyer when others are sellers,' said Michael Wissell, HOOPP's Chief Investment Officer. 'As a result of our focus on ensuring liquidity, the global economic volatility we saw in 2024 was an opportunity for us rather than a barrier to success.' Geographic exposure breakdown Performance by asset class Asset Class 2024 % Return Fixed Income – Bonds 1.9% Public Equities 17.9% Private Equity 12.7% Real Estate 1.4% Infrastructure 12.3% Private Credit 11.3% Operational advancements were also a highlight of 2024 for HOOPP, with the creation of an internal investment Centralized Relationship Management (CRM) system. The new CRM system consolidates external party information and interactions across our investment portfolios. HOOPP also built out our Artificial Intelligence (AI) lab where we are testing potential use cases and challenges associated with this new technology. Advancements like the CRM system and AI lab support HOOPP's continued growth, allowing the Plan to make more informed and data-driven decisions, ultimately leading to better outcomes for our members. Despite these significant advancements, HOOPP's operating costs remain one of the lowest among the Maple 8 at 0.4%. 'HOOPP continues to evolve our operations to align with the growth of our Plan assets and our membership,' added Wissell. 'Being able to perform at our best as investment professionals requires a lot of teamwork from our internal partners who are working with and developing these new technologies.' Other highlights from the year included: London office: Our London office opened in June 2024, giving the Plan space to grow and cultivate meaningful and scalable partnerships with UK and European entities. Employer growth: The Plan grew by an additional 32 employers since the end of 2023. Many of the new employers are from the small healthcare space, including hospices, mental health clinics and community services organizations. Member growth: HOOPP now has more than 478,000 active, deferred and retired members. Opening the Plan to physicians: The Plan announced that incorporated physicians would be eligible to become members of HOOPP as of Jan. 2, 2025. Retirement security research: HOOPP continues to conduct important research that advocates for increasing pension access and retirement security for all Canadians, including a report with the Conference Board of Canada that looked at the economic impact of defined benefit pensions in Ontario. About the Healthcare of Ontario Pension Plan HOOPP serves Ontario's hospital and community-based healthcare sector, with more than 700 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, and many others who provide valued healthcare services. In total, HOOPP has more than 478,000 active, deferred and retired members. HOOPP is fully funded and manages a highly diversified portfolio of more than $123 billion in assets that span multiple geographies and asset classes. HOOPP is also a major contributor to the Canadian economy, paying more than $3 billion in pension benefits to retired Ontario healthcare workers annually. HOOPP operates as a private independent trust, and its Board of Trustees governs the Plan and Fund, focusing on HOOPP's mission to deliver on our pension promise. The Board is made up of appointees from the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses' Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees' Union (OPSEU), and the Service Employees International Union (SEIU). This governance model provides representation from both employers and members in support of the long-term interests of the Plan.
