Canadian Underwriter

What’s New: In Brief (March 21, 2007)

March 21, 2007   by Canadian Underwriter

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B.C.s stormy winter of 2007 is expected to result in more than 17,000 claims, according to a press release by the Insurance Bureau of Canada (IBC).
In total, IBC said the provinces insurers expect to pay more than Cdn$135 million to help British Columbians recover from the storms that struck earlier this winter. That will make it the largest insurance loss in British Columbia since the wildfires of 2003, which resulted in losses of Cdn$200 million.
Among the hardest hit areas were the Lower Mainland, Southern Vancouver Island and the Gulf Islands. Most of the claims were for windstorm and sewer back-up damage.
“Insurers appreciated the patience of claimants while theyhelped those most in need first, said Lindsay Olson, IBC vice president, British Columbia and Yukon.
Restoration of damaged homes and businesses was also longer than usual in some cases due to the shortage of available resources. This shortage is a result of the province’s booming economy.”

Brian D. King, CEO of King-Reed & Associates Inc. and partners, has announced his companys equity investment in Paul Ethier & Associates Investigations [PEAI] in Eastern Ontario.
King-Reed is a Canadian investigation firm specializing in surveillance, litigation support, corporate intelligence and intellectual property matters.
PEAI is an Ontario-based, francophone investigation firms with offices in Ottawa, Kingston, Sudbury and Gatineau, Quebec.
Norman D. Lalonde, co-founder of Paul Ethier & Associates in l986, will remain president of the organization.
Shelley M. Taylor, vice president of operations at King-Reed, will continue to manage King-Reeds eastern offices in Ottawa, Kingston and Trenton with David Black, who has assumed duties as vice president of King-Reed Corporate Risk Solutions.
Both companies will remain stand-alone entities operating their own distinctive practices while sharing common synergies, King-Reed announced in a press release.