Weekly news roundup: February 10-16, 2012
Elliott Special Risks establishes Calgary office; Willis results; Economical rolls out Energie Auto in Quebec.
February 16, 2012
Global and national news
Lloyd’s estimated net claims from the Thailand floods last year, consistent with an industry loss of US$15-20 billion, is US$2.2 billion. To read the full story, click here.
Hydro-Quebec continues working to restore power in the Iles-de-la-Madeleine after last weekend’s ice storm. Thousands are still left without power. To read more on this story, click here.
Company updates
Elliott Special Risks LP (ESR) increased its presence in western Canada, establishing a new office in Calgary and expanding its brand in Alberta and Saskatchewan. Hope Cochran joins the team to build awareness about the company’s products.
Willis Group Holdings reported results for the quarter and year ended December 31, 2011, and announced its intention to buy back up to $100 million in shares and increase its quarterly cash dividend by 3.8% to $0.27 per share, or $1.08 annually. The company experienced 4% reported growth in commissions and fees compared with 2010; 2% organic growth in commissions and fees; an operating margin of 17.1%; and adjusted operating margin of 22.5%.
The Insurance Brokers Association of Ontario (IBAO) has unveiled its new strategic plan. IBAO’s new vision statement is: IBAO is the industry leader that drivers collaboration to implement innovative solutions. The new mission statement is: To be the advocate for the independent insurance broker driving collaboration between members, consumers and other stakeholders resulting in innovative solutions for the betterment of the industry.
New products
Economical Insurance Group completed its rollout of Energie Auto, a web-based underwriting system, in Quebec. Once fully integrated with broker management systems, Energie is expected to improve a broker’s level of service to their clients for new business and policy changes. The next phase begins this summer when Economical will begin rolling out Energie Property across the country in Alberta, Nova Scotia, New Brunswick, Prince Edward Island and Quebec. Energie Property is already present in Ontario.
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