What’s New: In Brief (August 15, 2008)

Neil Morrison has been appointed as CEO of Hub Ontario in addition to his current role as CEO of HKMB Hub International Limited.
The promotion is effective Oct. 1.
Dennis Pauls, who is currently the CEO of Hub Ontario, will become CEO of Hub Midwest West (Chicago) also effective Oct. 1.
Hub Ontario and HKMB Hub will remain as separate legal entities. However, collaboration of their respective executive teams is anticipated under Morrison’s leadership, the company notes in a release.
Hub International anticipates a unified strategy for Ontario will allow the company to take advantage of opportunities to improve client service, efficiency, productivity, and market access, according to the release.

U.S. property and casualty rate decreases were down 11% for July 2008, as compared to a 14% reduction in July 2007, according to MarketScout.
The decreases were the same in July as in the previous month year-over-year, MarketScout notes in the Market Barometer for July 2008. The Market Barometer focuses heavily on commercial lines activity.
“The subprime crisis continues to create concerns despite massive equity write downs by major insurers,” Richard Kerr, chairman and CEO of MarketScout, noted in the report. “While these losses are not directly related to insurance underwriting results, they ultimately will impact insurer’s appetite to continue rate cuts.”
Commercial property, general liability and auto rates moderated in July, while there were slight increases recorded in umbrella, professional, D&O, crimes and surety rates, MarketScout noted.