Binks Insurance Brokers of Ottawa spins off tech division

[EDITOR’S NOTE: Please note that the following news brief about Binks Insurance Brokers of Ottawa contains information that has been clarified after a previous posting. The editor regrets any confusion the initial posting may have caused.]

Binks Insurance Brokers of Ottawa and Globalex of Montreal have announced a joint venture agreement to provide specialty insurance brokerage services to Ottawa’s technology sector.
“The Ottawa technology community will be pleased to learn about the spin-off of our technology division,” Binks Insurance Brokers Ltd. president and CEO Harry Binks said in a press release. “The new firm, Globalex Risk Management (Ottawa) Inc., will focus exclusively on technology, biotechnology and venture capital firms.
“Our clients will be looked after by former Binks staff and Globalex will operate out of the Binks office.”
Binks Insurance Brokers is “still a healthy, ongoing” enterprise, with 29 staff members, Binks added. “We will now concentrate on other niches apart from high tech.”
The new spin-off firm, to be called Globalex Ottawa, will focus on technology, biotechnology and venture capital firms. It will have a global reach through its partnership with TechAssure, an international association for technology insurance brokers.
“Risk management for technology firms is different from that of main-street business,” says Neil Moloney, the newly appointed CEO of Globalex Ottawa. “One of the greatest challenges technology clients face today is finding a broker who actually understands what they do.
“Technology companies are challenged by unique exposures, requiring specific expertise and experience to manage their risk, and many operate in the international arena. Globalex and TechAssure will help us met those challenges.”
Moloney has 19 years of experience underwriting technology firms. Binks vice president Mark Attley will join him as a partner in the new firm.

Carstar Automotive Canada has opened a new location in St. John’s, Newfoundland.
The location was constructed to meet an increasing demand for service in the St. John’s area and beyond. “This new facility is equipped to handle $2 million in sales annually,” says franchisee Doug Russell, who invested $1.6 million in the new 8,500-square-foot facility.
Carstar’s St. John’s location is one of 13 locations across Atlantic Canada including seven in Nova Scotia, three in New Brunswick, two in Prince Edward Island and one in Newfoundland.