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New Merger Creates Largest Independent Insurance Brokerage in Atlantic Canada 0

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New Merger Creates Largest Independent Insurance Brokerage in Atlantic Canada

Two Long-Standing, Employee-Owned Brokerages Join Forces to Create Largest Independent Insurance Brokerage in Atlantic Canada St. John’s, NL (Jan. 8, 2025) – Cal LeGrow Insurance and Financial Group (Cal LeGrow) and MacLeod Lorway Financial Group Limited (MacLeod Lorway) are merging to create the largest independent insurance broker in Atlantic Canada with more than $130 Million in combined premium volume. “In a period of rapid consolidation which has seen private equity firms and aggregators gobbling up independent brokers, we decided to do things differently. Our teams are no strangers – we have known and admired each other for years and this was not a quick deal between strangers.” says Jeff LeGrow, who will serve as CEO for the combined entity.Adds LeGrow, “This merger earns us an even bigger seat at the table with insurance carriers which means we can deliver even better solutions for our clients throughout Atlantic Canada.”Stuart Macleod, President and CEO of MacLeod Lorway adds, “I have known Jeff LeGrow for over 30 years, and we have a shared belief in remaining fiercely independent. This model gives us the combination of people, talent and scale that will allow us to grow significantly within Atlantic Canada. I will continue as...

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Minnesota Judge Orders MyPillow to Pay $778K to Delivery Service DHL

Article 2 Comments A Minnesota judge has ordered MyPillow to pay nearly $778,000 for unpaid bills and other costs to package delivery service DHL, which had sued the company that’s synonymous with its founder, chief pitchman and election denier Mike Lindell. The award includes over $48,000 in interest and over $4,800 for DHL’s attorney’s fees. The order, signed last month by Hennepin County Judge Susan Burke, said MyPillow had agreed in October to pay DHL $550,000 but failed to do so and did not send anyone to a hearing last month on DHL’s effort to collect. DHL’s lawsuit, filed in September, is one of a series of legal and financial disputes involving Chaska, Minnesota-based MyPillow and Lindell, a prominent supporter of President-elect Donald Trump who has helped amplify Trump’s false claims that the 2020 election was stolen from him. Lindell said after the lawsuit was filed that MyPillow stopped using DHL over a year earlier in a dispute over shipments that he said were DHL’s fault. The “MyPillow Guy” is also being sued for defamation by two voting machine companies, Dominion Voting Systems in Washington, D.C., and Smartmatic in Minnesota. Copyright 2025 Associated Press. All rights reserved. This material may...

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Hottest Year Ever Sees World Breach 1.5C Global Warming Target

Article 0 Comments Earth’s warming exceeded 1.5C on an annual basis for the first time in 2024, according to two major climate science agencies. It’s the most potent evidence yet that countries are failing to meet a Paris Agreement goal of limiting global heating to that level as a decades-long average. The amount of time left to avoid eclipsing the goal “is now wafer thin,” said Colin Morice, a UK Met Office scientist, in a statement. Scientists sounded the alarm long before last year ended that 2024 would become the hottest year on record and almost certainly the first to surpass the 1.5C limit. Now both of those milestones have been confirmed in official statistical releases from two independent scientific agencies. Insured Losses From Natural Disasters Hit $140B as Climate Change ‘Shows Its Claws’ The EU’s Copernicus Climate Service measured the 2024 global average temperature to be 1.6C above the pre-industrial average, and the UK Met Office to be 1.53C above it. (Three other groups are expected to report Friday.) The clear acceleration in rising temperatures has puzzled scientists, even as the evidence of the fast-warming atmosphere became impossible to miss. The hottest day ever recorded happened on July 21,...

Broken Trust – Insurance Industry Included 0

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Broken Trust – Insurance Industry Included

By Stephen Applebaum and Alan Demers — It is a well-known adage that ‘trust takes years to build, seconds to break, and forever to repair.’ The extensive and growing loss of trust in our most treasured institutions is responsible for the recent and rapid transformation of behavior and attitudes across the entire landscape. Trust is created by the belief that institutions will uphold their stated values, follow established rules, and act with integrity, leading to a willingness to rely on them and respect their decisions. High levels of institutional trust are crucial for a well-functioning society, enabling cooperation, social stability, and citizen engagement. When trust in institutions is low, it can lead to cynicism, social unrest, decreased participation in civic life, and difficulty implementing policies. The insurance industry ranks high on the list of vilified industries, including but not limited to healthcare. Unfortunately, the murder of Brian Thompson and the ensuing criticism of that industry from many quarters is likely to bring more scrutiny to all segments of the insurance industry, including P&C. And some of that negativity may be justified. Assassination of UnitedHealthcare CEO Brian Thompson Aftermath The shocking number of sympathetic voices in support of the accused murderer of...

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When EVs Take Off: AM Best Reviews Impact on China Motor Insurance

Article 0 Comments Premiums for policies covering new energy vehicles in China have soared to $13.8 billion—a six-fold jump from the level recorded five years earlier, AM Best said in a special report. According to the report, “China’s New Energy Vehicle Boom Transforms Motor Insurance Market,” China leads the way globally in producing and selling new energy vehicles, NEVs, which in turn has stimulated demand for insurance coverage. (Editor’s Note: According to Wikipedia, in China, the term new energy vehicle is used for vehicles fully or predominantly powered by electric energy.) The report describes how China’s push to NEVs has further separated the auto insurance market there, with three major insurers that dominate the market— the People’s Insurance Co. of China (PICC); China Pacific Property Insurance Co. Ltd.; and Ping An Insurance (Group) Co. of China Ltd. — increasing market share over recent years, while struggling smaller and mid-sized players have scaled down or exited. Meanwhile, NEV auto makers are actively entering the insurance space, mainly by acquiring domestic insurance brokers, with one setting up an insurance company. “This may lead to potential change in the competitive landscape and closer cooperation between the insurers and manufacturers,” AM Best said in...

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Early IRA and 401(k) Withdrawals: What to Know

Traditional exceptions to the early withdrawal penalty include (1) disability, (2) reaching age 59.5, (3) to cover certain unreimbursed medical expenses, (4) separation from service after reaching age 55 (for employer-sponsored plans), (5) distributions that satisfy the “series of substantially equal periodic payments (SEPP)” rules or (6) death. Hardship distributions provide another way for 401(k) participants to access retirement funds. The terms of the specific plan will govern the types of distributions that are permitted. In the most general terms, participants can take a hardship distribution to cover “an immediate and heavy financial need.” The amount of the distribution can cover only the amount of the need, and while the need can be created because of financial liabilities incurred voluntarily, consumer purchases generally don’t quality. While hardship distributions may be permitted, they also may be subject to the 10% early withdrawal tax unless a specific exception applies. Note that hardship distributions cannot be repaid. Qualified plans can also permit a participant to take a nontaxable loan. If the participant repays the loan according to the terms of the agreement, the loan will not generate taxes and penalties. New and Less Common Exceptions For tax years beginning in 2024, the Secure...

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South Korea Reviews Airport Runway Walls After Fatal Jeju Crash

Article 0 Comments South Korea plans to review the concrete walls positioned just beyond the end of some airport runways after an aircraft attempting an emergency landing smashed into one just over a week ago, killing almost everyone on board. Authorities will alter all of the concrete structures at local airports that were designed to support so-called localisers, instruments installed on poles at the end of the runway to guide landing of planes, Transport Minister Sangwoo Park said at a briefing on Tuesday. “No matter how the wall complies with rules or not, we will immediately improve them in a way to consider safety more,” Park said. He didn’t provide details on how the government intends to carry out the changes. South Korean transport officials have previous said the equipment was built in accordance with local rules. The decision comes as authorities seek to reassure travelers of air safety following the crash of Jeju Air Co Ltd flight 2216 that killed 179 passengers on the morning of Dec. 29. The decision to alter the airport infrastructure is the first action the South Korean government has announced since the tragedy took place. The deadly crash of the Boeing Co. 737-800 plane,...

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Americans Head Into 2025 With Financial Confidence: Survey

Related to their concerns about inflation, 38% expected their living expenses to be higher in the first half of 2025 than they were in late 2024. Sixty-seven percent of respondents reported having some form of debt: 40% credit card debt, 18% mortgage or home equity debt and 18% medical debt. On average, those with credit card debt owe on average $8,295, $364 more than in 2023: Gen Xers: $10,141 on average Boomers: $9,502 Millennials: $6,859 Gen Zers: $2,990 These debtors said they are paying down what they owe by $491 a month on average, up from $363 the year before. Caregivers in the survey reported unique challenges. Ninety percent said their responsibilities have increased or stayed the same as last year’s. Seventy-five percent reported that they have some type of debt, compared with 62% of non-caregivers. Ruggles noted that family caregiving is a demanding responsibility with significant financial challenges because of the costs or loss of income associated with it. However, 82% of caregivers are planning to take action in 2025 in response to factors affecting their finances, compared with 68% of non-caregivers who are doing the same. “Caregivers report that they are adjusting their strategies by cutting back on...

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Finland’s Elisa Says Baltic Undersea Cables Were Torn Apart by External Force

Article 0 Comments Two undersea telecommunications cables that were damaged in the Baltic Sea on Dec. 25 appeared to have been torn apart by a strong external force, Finland’s Elisa said on Monday, adding that they had now been repaired. Baltic Sea nations are on high alert after a string of power cable, telecom link and gas pipeline outages since Russia invaded Ukraine in 2022. The NATO military alliance has said it will boost its presence in the region. Finnish police seized the Eagle S tanker carrying Russian oil on Dec. 26 and said they suspected that the vessel had damaged the Finnish-Estonian Estlink 2 power line and four telecoms cables on Christmas Day by dragging its anchor across the seabed. Finland Finds Anchor Drag Marks Left by Tanker That Broke Cables Sweden’s navy on Friday sent a vessel equipped for underwater work to aid Finland’s seabed investigation. “The current suspicion is that the external force has been caused by an anchor,” Jaakko Wallenius, Chief Security Officer at Elisa, which owns two of the four fiber optic lines, told Reuters on Monday. The cables, running between Finland and Estonia, are steel-reinforced with a diameter of just over two centimeters, with...

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Citi Wealth Taps J.P. Morgan Wealth Exec for Investment Advisory Role

Turansky, who most recently served as managing director and head of advisory programs at J.P. Morgan Wealth Management, will be responsible for defining and implementing the strategy for expanding fiduciary investment programs and platforms within Citi Wealth. At J.P. Morgan, Turansky was responsible for the strategic direction and development of all advisory programs and the execution of the overall business model, Citi said. Earlier, he served in leadership positions at multiple advisoryfunctions in almost 11 years with Merrill Lynch.