What’s new: In brief (December 15, 2004)

B.C. Finance Minister Gary Collins is stepping down to take a job in the private sector. Collins, who has held the role since 2001 when the Liberals took office with a landslide election win, says he wants to devote more time to his family. He will be joining Vancouver-based airline HMY Airways. Health Services Minister Colin Hansen will take leave his post to become Finance Minister.

The creator of the popular new commercials for Guelph-based The Co-operators has been honored by the International Association of Business Communicators (IABC) as a recipient of the Master Communicator Award. Paul Mlodzik is a long-time member of the IABC and one of 15 Ontarians who have been so honored in the award’s 14-year history. Mlodzik has been vice president, marketing, agency and call center, for The Co-operators since 2000, and most recently lead the effort which created the advertising campaign which educated consumers about the grassroots of the co-operative company, founded by Canadian farmers in the 1940s.

A new Swiss Re sigma study examines the impact of International Financial Reporting Standards (IFRS) on insurers, concluding that the new standards will increase transparency and potentially increase earnings, but also bring greater capital volatility. Insurers in the European Union will have to comply with the standards as of January 1, 2005, meaning they will account for assets at market value rather than using amortized costs, and will no longer be able to hold equalization reserves. The absence of such reserves for non-life companies means large losses will be a direct hit to equity capital.

The late Jeff Boyle, former branch manager for Crawford’s claims management services operation in Victoria, B.C., was posthumously awarded the “Virginia Crawford Distinguished Service Award”. Boyle passed away from cancer in June, leaving his wife and three young sons. Along with his eight years of service to Crawford, he was a volunteer soccer and hockey coach. The award, named for the late wife of Crawford found Jim Crawford, recognizes significant contributions to the company and the community at large.