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Holiday Hangover Grips Stocks & Bonds in Worst Start Since 2003

What You Need to Know The S&P 500 fell for the first time in 10 weeks, snapping the longest streak of gains in almost 20 years. In the stock market, the pullback followed a flurry of buying that had sat uneasily with Wall Street contrarians. Viewed through the lens of positioning, the picture arguably remains bearish. This isn’t how Wall Street hoped to ring in 2024. Loaded up and bullish after a spirited holiday rally, investors were smacked with old worries in the new year, among them fresh questions about the path of Federal Reserve policy. The result: a cross-asset drubbing that surpassed any to start a year in at least two decades. The S&P 500 fell for the first time in 10 weeks, snapping the longest streak of gains in almost 20 years. Treasuries and corporate credit dropped the most since October. For traders primed for interest-rate cuts in March, a hotter-than-forecast jobs report potentially blurred the outlook further on Friday. But the seeds of disillusionment were sown weeks before, when investors shed bearish wagers and dived into risky assets of all stripes. With the pool of new buyers running low, bulls were left to contend with a nagging sense they’d...

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Oregon Judge Refuses to Dismiss 2015 Climate Lawsuit Filed by Youth

Article 0 Comments A judge in Oregon rejected a U.S. Department of Justice request to dismiss a 2015 lawsuit brought by young people that alleges the federal government knew the dangers posed by carbon pollution but that it has continued through policies and subsidies to support the fossil fuel industry. U.S. District Court Judge Ann Aiken said the parties “do not disagree that the climate crisis threatens our ability to survive on planet Earth. This catastrophe is the great emergency of our time and compels urgent action.” “While facts remain to be proved, lawsuits like this highlight young people’s despair with the drawn-out pace of the unhurried, inchmeal, bureaucratic response to our most dire emergency,” she wrote in her decision late last week. In a statement, Julia Olson, an attorney with the group Our Children’s Trust representing the plaintiffs, said she expects a trial in the case later this year. In a similar lawsuit in Montana, a judge last year ruled the Montana Environmental Policy Act violates the plaintiffs’ state constitutional right to a clean and healthful environment. The 1971 law requires state agencies to consider the potential environmental impacts of proposed projects and take public input before issuing permits....

Westland Insurance acquires Dyberg Insurance Inc. and Prairie Villa Insurance 0

Westland Insurance acquires Dyberg Insurance Inc. and Prairie Villa Insurance

Westland continues to grow across Canada with two acquisitions in Alberta Surrey, BC (Jan. 4, 2024) – Westland Insurance is pleased to announce that it has acquired Dyberg Insurance Inc. and Prairie Villa Insurance, effective January 1st. Prairie Villa Insurance has roots going back to 1973 in Northern Alberta, now with three longstanding offices located across the Peace Country. Maintaining a firm local focus, they’ve formed deep and lasting ties to their communities. This strategic acquisition grows Westland’s distribution presence in Northern Alberta with a team of talented professionals who can support clients with personal, commercial, and farm insurance solutions. Established in 1953, Dyberg Insurance is a family-owned brokerage located in Edmonton, AB. Renowned for its exceptional personal and commercial insurance services, Dyberg Insurance has built a strong presence within its community. Dyberg Insurance will be integrated with Westland’s existing Edmonton operations. “I’m very pleased to welcome Prairie Villa Insurance and Dyberg Insurance to the Westland team,” says Jamie Lyons, Westland’s President & CEO. “With a shared dedication to exceptional customer service and community involvement, we’re poised to create formidable partnerships with these two brokerages. We look forward to working with their passionate teams of employees to continue making a...

Speeding in neighbourhoods a major concern: CAA survey 0

Speeding in neighbourhoods a major concern: CAA survey

Ottawa, ON (Jan. 4, 2024) – Canadians are deeply alarmed about speeding in our neighbourhoods, even as a sizeable number admit to doing it themselves, according to polling released today by the Canadian Automobile Association (CAA). Nearly 9 in 10 Canadians (88 per cent) say they are deeply worried about speeding in residential areas, while 1 in 5 (22 per cent) admit to doing it at least sometimes, CAA’s polling found. Meanwhile, speed-related collisions are on the rise, accounting for a quarter of fatal collisions in the last year for which federal government data is available. “Canadians are right to be alarmed about speeding,” says Ian Jack, vice-president, public affairs, CAA National. “Speed-related collisions are preventable. That is why CAA is asking Canadians to slow down in 2024 and keep everyone safe.” According to the Traffic Injury Research Foundation, travelling even 10 km/hr over the speed limit increases the likelihood of a collision by 60 per cent, while saving the average driver only four minutes on a trip. “Don’t forget speed limits are posted for ideal weather. Especially while most of the country is in the thick of winter, we should all really try to respect the speed limit or...

Crawford Technologies Launches AI-driven Language Translation Solution 0

Crawford Technologies Launches AI-driven Language Translation Solution

Instant Language Assistant launched Toronto, ON (Jan. 3, 2024) – Crawford Technologies, a leading provider of innovative document solutions that streamline, improve and manage customer communications, announced the general availability of Instant Language Assistant (ILA) as part of its AccessibilityNow® platform. AccessibilityNow provides software solutions that offer a wide range of tailored services to meet the document accessibility and inclusion needs of organizations and governments of all levels. Crawford Technologies’ ILA, the company’s latest accessible communication solution, is a dual-screen device that breaks down communication barriers by allowing users to communicate via text, speech, American Sign Language (ASL) and/or braille, all in any language desired. Using ILA, users can speak, spell aloud or type their words and the entire conversation is immediately communicated to the other party in their chosen language, using the most sophisticated language-based AI technology on the market. Real-time conversations are instantly translated. Numerous countries, including the U.S., have enacted laws and regulations mandating language access services in various industries. ILA easily facilitates this and provides complete accessibility using external Bluetooth® devices such as keyboards, braille displays and hearing aids. Additional benefits of Crawford Technologies’ ILA include: Speech and captions in more than 120 languages, including ASL and various...

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Inigo Issues 3rd Catastrophe Bond for $100 Million

Article 0 Comments Inigo Ltd. announced it has issued its third catastrophe bond for $100 million via Montoya Re Ltd. The cat bond will cover North American named storms and earthquakes and will use a PCS industry loss index trigger. The coupon is 11.5% above money market fund returns, said Inigo, noting the bond will be fronted by Hannover Re and Inigo’s Syndicate 1301 at Lloyd’s will remain the beneficiary of the coverage. “We are very pleased to return to the catastrophe bond market with our third transaction which will be on risk until the end of March 2027. This issuance will bring our total amount of outstanding cat bond limit to $325 million,” commented Adam Alvarez, head of Insight at Inigo. “ILS investors have shown continued interest in this asset class and this initiative demonstrates Inigo’s commitment to finding effective ways to match investor appetite with our clients’ risk,” he added. “Inigo’s rolling programme of multiyear cat bond placements are now a central part of our financial strategy. This strategy provides stable, long-term capital that enables us to provide effective solutions to our clients’ evolving needs.” Inigo’s previous two catastrophe bonds, launched on April 1, 2022 and Dec. 14,...

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Merck Settles Coverage Dispute With Insurers Over War Exclusion in NotPetya Attack

Article 0 Comments Merck & Co. Inc. has reportedly reached a deal with insurers over a closely-watched coverage dispute related to a massive cyberattack in 2017. The New Jersey Supreme Court in July 2023 agreed to hear the case after a state appeals court ruled months prior against eight insurers, finding that a hostile/warlike action exclusion in an all risks property insurance policy did not apply to a Russian-linked cyberattack attack called “NotPetya” on the pharmaceutical firm. Related: New Jersey Appeals Court Affirms War Exclusion Does Not Apply to Cyber Attack Bloomberg Law reported three insurers filed with the court on Wednesday and that the settlement is confidential. More than 30 insurers were involved in the case at the start, but many have since resolved their claims with Merck. Eight insurers that remained in the case included Ace American, Allianz, Liberty Mutual, QBE, XL and Lloyd’s syndicates. Merck’s property insurance program included the “all risks” property policies in a three-layer structure, with $1.75 billion in total limits above a $150 million deductible. The remaining eight insurers’ policies insured percentages of coverage in one, two or all three of the layers. In total, they disputed about $700 million in coverage or...

How to Stay Top of Mind (Without Becoming Annoying) 0

How to Stay Top of Mind (Without Becoming Annoying)

Start Slideshow When your client has a decision to make and money is involved, you want to be their first call. This means you must be top of mind: the first name they think of when they need advice. Your competition might be their accountant, other financial advisors, family members and financial professionals they know in the community. How do you stay top of mind con a consistent basis? For 11 ideas, see the gallery. These are only a few examples of easy ways you can stay top of mind with your clients. Once you see these, you’ll think of plenty more. Credit: fizkes/Adobe Stock Start Slideshow

Manitoba Public Insurance Shares Top 5 Frauds of 2023 0

Manitoba Public Insurance Shares Top 5 Frauds of 2023

Winnipeg, MB (Dec. 29, 2023) – Every year, auto insurance fraud in Manitoba costs customers more than an estimated $50 million. To raise awareness of this cost, Manitoba Public Insurance (MPI) is sharing its top five attempted frauds from 2023, as investigated by the Corporation’s Special Investigations Unit (SIU). “Our experts in SIU investigate suspicious claims to give customers the peace of mind that the right claims are being paid for the right amount,” said Satvir Jatana, MPI’s Chief Customer Officer. “This annual list showcases some of the most unique ways people attempt to commit fraud, and the techniques MPI’s experts use to stop them, helping to save our ratepayers millions of dollars.” Last year, MPI’s SIU closed over 3,000 investigations, which resulted in claims savings of over $10.5 million for customers. No. 1: Memory lapse A customer opened a collision claim for their vehicle but could not confirm what had occurred to cause the damage. They reported they were only made aware of the need for repairs when they went to an impound lot to obtain their belongings from the vehicle. They also denied consuming any alcohol, drugs or medication in the 12 hours before the incident. Based on...

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FTC Reaches Settlement With XCast Labs Over Illegal Robocalls

Article 0 Comments U.S. regulators and XCast Labs have agreed on a proposed settlement of charges that the company facilitated billions of illegal robocalls, the Federal Trade Commission (FTC) said on Tuesday. The FTC also ordered the Voice over Internet Protocol (VoIP) provider to pay a $10 million civil penalty but suspended the fine “based on its inability to pay,” it said in a statement. The penalty will be due immediately if XCast “misrepresented its financial condition,” and XCast must cut ties with firms that do not follow telemarketing rules, it added. Regulators sued Los Angeles-based XCast over charges it helped other companies contact people on the National Do Not Call Registry and generally deceive them into making purchases or contributions after previously warning the company multiple times. Related: Do Not Call: States Sue Telecom Company Over Billions of Robocalls “Companies that turn a blind eye to illegal robocalling should expect to hear from the FTC,” Samuel Levine, director of the FTC’s Bureau of Consumer Protection, said in the statement. The company said the FTC press release violated the spirit of the settlement “which was that XCAST LABS did not admit to any violations, but agreed to not do what...