June 22, 2004 by Canadian Underwriter
Statistics Canada’s Consumer Price Index (CPI) says homeowners’ insurance rates were up 12.5% in May compared to a year ago, partly as a result of renewals in Ontario. At the same time, homeowners’ replacement costs soared 6.5% on higher housing prices in Ontario, B.C. and Quebec. Not surprisingly, the story in May was rising gas prices, which jumped 30.3% compared to May 2002.
RS Group of companies has purchased 49% of London-based Lloyd’s broker Dashwood Brewer & Phipps Ltd. RS Group expects to receive US$4 million in annual income as a result of the acquisition, with Dashwood receiving 1.475 million pounds funded by brokerage commissions from business placed by RS Group. Dashwood has been in business for more than 70 years. RS Group also announced the addition of Ian Dennis Russell, CEO of Dashwood, to its board of directors.
A group of former Reuters employees have launched a new security briefing product for the global transport, insurance and supply chain industries. Vigilo Risk will provide email reports and alerts to provide the transport industry and its insurers with up to date security information. It will include information on every from piracy and terrorism to security measures and regulations.