What’s new: In brief (January 20, 2005)

Oakville, Ontario-based pet insurer Pethealth (TSX Venture: PTZ) has declared a dividend of $0.12 per series one convertible preference share, payable on January 26. Pethealth issued 5 million of convertible preference shares on January 21, 2004 through a private placement, with the holders entitled to cumulative dividends of 6% per year.

Lloyd’s says it will provide brokers and underwriters with the most common reasons for contracts being rejected due to errors and omissions. The first phase of this information deals only with binding authority agreements, but this will be expanded to all types of business by mid-2005. Of the “top 20” brokers in terms of rejected slips in 2005, Lloyd’s found the rejection rate ranged from 35-72%, with some single submissions rejected as many as eight times. The full report is at www.lmp-reforms.com.

A new network for corporate directors has been formed. The Global Director Development Circle includes organizations from Canada, the U.S, U.K., Australia, South Africa and New Zealand and will offer courses and information on corporate governance and best practices for boards. From Canada, the Institute of Corporate Directors will be involved. The GDDC was formed by the Global Corporate Governance Forum, a body created by the World Bank and OECD.