April 18, 2022
Just Solutions Inc., a Moose Jaw, Saskatchewan-based insurance broker engaged in the business of selling crop and hail insurance to farmers throughout western Canada, filed an NOI on April 18. There was a dramatic increase in claims made by insureds in the agricultural sector in 2021. The company is solely a broker of the crop insurance policies and does not have any liability to insureds in the event of a claim. However, in early 2022, due to the losses on insurance policies occurring in the previous growing season, it became apparent that it was going to be very difficult for the company to obtain rights to bind insurance companies for the 2022 growing season on terms similar to previous years. As a result, the company faced the risk of ceasing to be able to function as a going concern. A SISP, including a stalking horse bid by Forage Subordinated Debt Limited Partnership II, were approved on April 22. A&M is the proposal trustee. Counsel is McCarthy Tétrault for the company.
By Dina Milivojevic