What’s New: In Brief (November 09, 2009)

Insurance Bureau of Canada (IBC) has hired Ralph Palumbo as vice president for Ontario.
Also, Jim Rivait, vice president for Alberta and the North, has left IBC to pursue other opportunities. The bureau has created a new senior vice president policy and research position.
Palumbo is a former government relations consultant, government relations director and adjudicator and legal counsel. He will work alongside IBC’s recently appointed manager for Ontario, Tess Romain.
IBC’s search for a new Alberta vice president is underway, as is the search for the new senior vice president of policy and research.
The new position will enhance the policy and economic capacities that underpin IBC’s government relations efforts.

EGI Financial Holdings (TSX: EFH) has reported a 42.9% drop in Q3 net income, down from $3.96 million in 2008 Q3 to $2.26 million in 2009 Q3.
Net earned premiums for the quarter were $35.89 million versus $36.15 million in 2008 Q3.
“The economic crisis of the past year has continued to suppress overall demand for insurance, extending the soft market cycle,” said Douglas McIntyre, CEO of EGI Financial.
“In Ontario, despite recent rate increases, automobile insurance remains under tremendous pressure, as rising claims costs continue to outstrip premium increases, eroding profit margins for standard insurers,” he continued.
“We believe that these factors will contribute to a hardening of the insurance market and increased underwriting selectivity on the part of standard insurers.”