Update on previously ran an article by ILSTV Dec 9th, 2019
DAYTONA BEACH, Fla., Jan. 07, 2020 (GLOBE NEWSWIRE) — Brown & Brown, Inc. (NYSE:BRO) today announced the completion of the previously-announced acquisition of Special Risk Insurance Managers, Ltd. by Brown & Brown, Inc.
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses. With more than 80 years of proven success and thousands of teammates, we offer the knowledge you can trust and strive to deliver superior customer service. For more information, please visit bbinsurance.com.
This press release may contain certain statements relating to future results which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts, but instead, represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. Such factors include those factors relevant to Brown & Brown’s consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process, and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.
R. Andrew Watts
Chief Financial Officer
See the original article here:
Brown & Brown, Inc. Enters into Agreement to Acquire Special Risk Insurance Managers, Ltd.
EDMONTON, Jan. 7, 2020 /CNW/ – To address issues that have arisen in the commercial insurance market, and especially in condominium insurance in Alberta, Insurance Bureau of Canada (IBC) will be engaging an expert in risk management to assist those having trouble accessing affordable insurance.
IBC will make the risk manager available to assist condo corporations that are having trouble acquiring insurance. The risk manager will make practical recommendations that will reduce condo corporations’ risk and help improve the availability of insurance. For example, if a condo corporation can’t obtain insurance because of numerous water damage claims, the risk manager will identify that as the obstacle for the condo corporation and advise them on the maintenance required to reduce that risk.
While the commercial insurance market has been hardening globally, there are a number of condominium corporations in Alberta that are feeling the pressures more significantly than others. The IBC risk manager, to be hired early this year, will work closely with the insurance industry, the provincial government and condominium corporations to understand risks facing condos and how they can prioritize actions needed to access much-needed insurance.
“We recognize the seriousness of the issues facing a number of condominium corporations in Alberta, especially in Fort McMurray, and want to help all stakeholders find solutions,” said Celyeste Power, Vice-President, Western, IBC. “Insurance is all about understanding and pricing for risk. Engaging with a risk manager will help those who are having difficulty finding insurance to take steps that will help them get the insurance coverage they need.”
There are about 9,000 condominium corporations across Alberta, and recent media reports suggest at least a handful are having trouble accessing insurance or are seeing increased rates. Being better informed will help condominium boards to examine and respond to these concerns. The risk manager hired by IBC will be able to increase boards’ awareness about how insurers view risks and evaluate properties. The risk manager can also provide advice on how claims history, building materials and location can affect insurance rates.
“We understand this is an incredibly stressful situation for Albertans in the affected condos. We do not want to see any Albertan lose their home or have difficulty paying their bills. We are hopeful that this first step will help inform those affected and improve the situation,” Power added.
This is just one step of many that the insurance industry is taking to address this issue. IBC has brought together industry representatives and key stakeholders to take action and is also working closely with the provincial government.
“It is essential that all stakeholders work together to find common-sense solutions to relieve the pressure in the condominium market right now,” Power concluded.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 128,000 Canadians, pays $9.4 billion in taxes and has a total premium base of $59.6 billion.
For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow us on Twitter @IBC_West or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
How insurance for condominium corporations works
Tough market conditions have led to companies re-evaluating their risk appetite for writing new business and having more discipline in commercial underwriting. Many insurers across Canada, and in Alberta in particular, have seen more frequent and more severe weather losses, including losses as a result of the 2013 floods in Calgary, the 2016 wildfires in Fort McMurray and the 2019 fires in High Level.
- 7 of Canada’s 11 most-costly insured disaster events have taken place in Alberta, and this has contributed to changes in the way companies underwrite risk and price premiums.
- Several lines of insurance business are currently experiencing high losses. A hardening insurance market – a period where claims payouts have increased – makes insurers less inclined to write new business, making it more difficult for commercial consumers to obtain insurance.
Insurers look at a number of factors to assess risk and price premiums, including the following:
- Type of construction and the materials used in the building’s construction, including whether materials are fire resistant, e.g., wood frame structures are considered higher risk.
- Location of the condo, e.g., buildings located on flood plains pose a greater risk of water damage due to overland flooding, and in the northern parts of Alberta, water damage from burst pipes is more prevalent.
- Multi-unit condos are prone to water damage through accidental overflowing of toilets and bathtubs, as well as burst pipes and supply line failures.
- Claims history, such as repeated water damage claims or multiple other claims, will affect the availability and affordability of insurance coverage.
There are unique risks to consider when insuring condo corporations, including the following:
- Difficult economic conditions have led to higher vacancy rates, which pose significant risks.
- A unit occupied by tenants, as opposed to the unit owner, may not be maintained as adequately and repairs may not happen as quickly.
- Higher tenancy rates can often lead to less oversight from the board of directors, which could lead to irregular maintenance or substandard repairs in the condo building.
What you can do now:
- Talk to your insurance representative about what risk management strategies will help protect your condo. An efficient and effective maintenance program will help to mitigate many of the risks your condo corporation faces.
If you are a condo unit owner:
- Ask your condo corporation about its maintenance strategy and what it is doing to mitigate risks.
- Ask your condo corporation about the condo’s claims history and whether there are maintenance issues that need to be addressed.
- If you have questions about insurance, call IBC’s Consumer Information Centre at 1‑844‑2ask‑IBC for more information.
SOURCE Insurance Bureau of Canada
The holidays are here and many drivers will be traveling to visit family and friends to celebrate. With increased traffic and unpredictable road conditions, it’s important for everyone to be prepared and drive smart.
Over the Christmas holidays and New Year’s, 530 people are injured and two people are killed in 2,000 crashes every year in B.C.* That’s one crash every three minutes.
Here are ICBC’s tips to get home safe this holiday season:
Check your vehicle. Many B.C. highways require winter tires, labelled with either the mountain/snowflake symbol or the mud and snow (M+S) designation. Top up wiper fluid for clearer visibility and pack an emergency kit including blanket, food and water.
Slow down. Posted speed limits are for ideal conditions only. It takes more time and distance to come to a complete stop on wet, icy or snowy roads. Adjust your speed to the conditions and always maintain a safe travelling distance between vehicles.
Avoid distraction. Make important calls and program your GPS before you begin driving and let your family and friends know you’re not available while driving. If you’re on a longer drive, use highway rest stops to take a break and check your messages.
Take a break. Pull over as soon as you start to feel drowsy. Get out and walk around to get some fresh air. If that’s not enough, pull over to a safe area, turn off your car and take a nap.
Plan for a safe ride home. If your holiday festivities involve alcohol, plan ahead for a safe ride home: arrange a designated driver, call a taxi, take transit or use Operation Red Nose where available. There’s no excuse to drink and drive.
Christmas holiday statistics:*
During the Christmas holidays, on average, one person is killed and 350 people are injured in 1,300 crashes in B.C. every year.
During the Christmas holidays, on average, 260 people are injured in 810 crashes in the Lower Mainland every year.
During the Christmas holidays, on average, 69 people are injured in 340 crashes on Vancouver Island every year.
During the Christmas holidays, on average, 45 people are injured in 180 crashes in the Southern Interior every year.
During the Christmas holidays, on average, 15 people are injured in 87 crashes in the North Central region every year.
New Year’s statistics:*
Every year during New Year’s, on average, one person is killed and 180 people are injured in 700 crashes in B.C.
Every year during New Year’s, on average, 130 people are injured in 470 crashes in the Lower Mainland.
Every year during New Year’s, on average, 17 people are injured in 78 crashes on Vancouver Island.
Every year during New Year’s, on average, 15 people are injured in 95 crashes in the Southern Interior.
Every year during New Year’s, on average, nine people are injured in 48 crashes in the North Central region.
*Christmas is defined as 18:00 hours December 24 to midnight December 26. New Year’s is defined as 18:00 hours December 31st of the previous year to midnight January 1 of the New Year. ICBC data for injury and crashes based on five year average (2014 to 2018); police data for fatalities based on five year average (2013 to 2017).
Christmas is quickly approaching, and although the holiday is associated with cheer and generosity, scammers are in full force, ready to take advantage of unwary individuals who can be easily duped.
In the spirit of the popular holiday tune, Better Business Bureau wants people to be aware of the 12 scams of Christmas. These frauds and cons are common during the holiday season, and being alert can save clients from the negative repercussions of these frauds during the otherwise jolly holiday season.
Click through the following slides for Better Business Bureau’s 12 Days of Christmas Scams.
On the twelfth day of Christmas, a scammer gave to me:
Twelve malware e-cards
During the holidays, people love to spread the cheer, sometimes in the form of holiday e-cards. But viruses and malware often travel in e-mail attachments or links.
Better Business Bureau advises deleting e-mails from people whose names you don’t recognize. When in doubt, delete the e-mail or e-card. It is better to take caution than to fall victim to a corruptive virus.
Eleven stranded grandkids
Family is important, especially around the holidays. Scammers, however, can take advantage of this, utilizing what the Better Business Bureau characterizes as the “classic grandparent scam.”
If someone calls or sends an email pretending to be a grandchild, relative or friend, claiming they were robbed or harmed overseas, asking for money, check to verify that it is true before taking action.
Ten counterfeit gifts
Everybody likes a good deal, but low prices on luxury goods almost always means that the product is a cheap counterfeit.
Be careful while holiday shopping this year, especially online. Counterfeit transactions are illegal and harmful for brand owners and can leave customers dissatisfied.
Make sure that you purchase goods from a credible merchant. Read our article Safety Tips for Cyber Monday for online shopping strategies.
Nine pockets picked
Cold weather means bundling up. But with some of the extra padding of a puffy coat, we may not notice pickpockets who are willing to take advantage of the situation.
While out and about this holiday season, keep your purse or wallet secure. Better Business Bureau also warns against putting shopping bags down, even for a moment. Experienced thieves are waiting for the perfect moment to snatch up any valuables.
Eight stolen gift cards
Gift cards can be the perfect gift: easy to buy and are usually a big hit with recipients. However, make sure that you are purchasing gift cards from a reputable dealer.
Scammers can sell you a card and use the funds, even before you have the chance to give the card as a gift, the Better Business Bureau claims.
Seven fake coupons
Buying so many gifts during the holiday season, it is no surprise that many look to coupons to save a little cash, but Better Business Bureau suggests that people use caution when downloading coupons.
A retailer’s website is the best place to find coupons, and be wary particularly if a website asks for personal information.
Six Santa scammers
Receiving a letter from Santa Claus can be the highlight of the Christmas season for a young child, but these websites could put you at risk for identity theft.
Before entering any personal information, verify that the site is real, and not just gathering data to commit fraud.
Five fake charities
The Christmas season is about generosity, and many charities thrive on end-of-the-year giving as part of their annual income.
Although Better Business Bureau encourages charity, be careful when giving this holiday season. Scammers set up fake charities that have names that often sound legitimate or are similar to popular charities. Verify the organization before you make a charitable donation this Christmas.
Four bogus websites
For those who do not know what to look for, it can be almost impossible to differentiate a real website from a bogus one.
It is easy for a hacker to mimic a real website. A red flag is if a website reads “http” in the address bar instead of the more secure “https.” Additionally, if contact information is not listed, or they are asking for a payment by wire or money card, look for verification that the website is not a fraud.
Three travel scams
Travelling during the holidays can get pricey, so airfare bargains can be tempting. But this is just another way that scammers can take advantage of unsuspecting travellers.
Be cautious when booking travel through an advertisement online, and never wire money to someone you do not know. Using trusted travel agencies or websites recommended by friends and family members can ensure that you will not fall victim to travel scams.
Two phony loves
Everyone wants someone special to share a kiss under the mistletoe or as the ball drops on New Year’s. But for those looking for love online, the holidays are a prime time for scams.
Be careful when finding an online sweetheart, especially with an online match that that gets cozy too fast and asks for money, the Better Business Bureau warns.
… And a totally fictitious puppy
There may be no better gift than a cute and cuddly puppy, but be careful when buying a pet online.
Scammers take advantage of those who want to give puppies for the holidays. Sometimes these puppies can come from puppy mills, and could have serious health problems. Other scams could involve paying for the pet online, but never receiving the puppy because it was all a scam.
If you decide to give man’s best friend for Christmas, find a reputable breeder or local rescue league to avoid being burdened by an online con.
Excerpted article by Hannah Bender, PropertyCausualty360
Clients to Gain Greater Insight into the Effectiveness of Cybersecurity Investments
Marsh, the world’s leading insurance broker and risk adviser, announced the launch of an enhanced suite of cyber risk quantification consulting capabilities that offer clients new insight into the impact of their cybersecurity investments.
The enhanced consulting capabilities are powered by Blue[i] Cyber, a new cyber risk analytics engine that integrates Marsh’s market-leading cyber risk quantification models with X-Analytics, Secure Systems Innovation Corporation (SSIC)’s patented cyber risk model for which Marsh is the exclusive insurance broker and risk consulting provider.
With these enhanced cyber risk consulting capabilities, Marsh clients for the first time will be able to quickly and easily:
- Evaluate the effectiveness of cybersecurity controls and prioritize risk mitigation accordingly.
- Engage in data-driven “what-if” scenarios to evaluate existing and future cyber investments.
- Evolve cybersecurity from technical jargon to a board-level conversation.
- Meet cyber risk disclosures and reporting requirements more easily.
Use financial analysis of cyber risk exposure to inform their risk management strategies, including risk mitigation and risk transfer decisions.
“Although cyber often ranks high on risk agendas, many organizations struggle to understand how their cybersecurity strategy impacts their financial exposure to cyber risk,” said Reid Sawyer, US Cyber Risk Consulting Practice Leader, Marsh. “With Marsh’s enhanced quantification consulting capabilities, clients will be able to gain greater clarity into the impact their cybersecurity investments have on risk reduction and make more informed cyber risk capital allocation decisions.”
The enhanced cyber risk quantification consulting capabilities powered by Blue[i] Cyber are immediately available in the US, Canada, and Europe.
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US$17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.