What’s new: In brief (January 05, 2005)

Troubled Loyalist Insurance Group Ltd. (TSX Venture: LOY) has been downgraded to “tier 2” status by the TSX Venture Exchange. Trading in Loyalist shares was halted by the TSX on December 7, on failure to file interim financial results. The company did report third quarter 2004 financials on December 9, but these were unaudited.

Hub International has continued its re-branding campaign in early 2005, announcing that Martin Assurance & Gestion de Risques will become Hub International Quebec Ltd. At the same time, Talbot Agency of Illinois and Hub International of Illinois will merge to become Hub International Illinois. Bill Zanoni becomes president and CEO of Hub International Illinois, while Andre Soucisse is president and CEO of Hub International Quebec.

Florida’s “last resort” homeowners insurer, Citizens Property Insurance, has filed for a nearly 20% average rate increase on its personal lines accounts, on the orders of state insurance regulators. The rate hikes will be most significant for those in higher risk areas such as Tampa Bay, where Citizens had already implemented rate increases immediately following last year’s hurricane season as a result of massive claims growth from sinkhole damage.