What’s new: In brief (January 23, 2005)

Broker network Hub International has named James S. Barton as president and COO of B.C.-based Hub International Barton Ltd. Also George C. Robertson has been named chief sales officer. James Barton replaces Craig Barton, who will remain as chair and CEO, as well as president of Canadian operations for Hub International. Hub also announces that Tina Osen, CEO of Hub International TOS in Burnaby, B.C. has been named to the journal Business in Vancouver’s "top 40 under 40" list.

Bermuda-based XL Capital says it losses from the Indian Ocean tsunami should reach US$75 million, pre-tax, with two-thirds of this borne by its insurance segment and the remainder to it reinsurance operation. The company also advises that its losses from the third quarter 2004 U.S. hurricanes have risen to US$520 million. The company had originally estimated losses of US$446 million.

The Accounting Standards Board (AcSB) will issue new standards on financial instruments for Canadian businesses on Tuesday, to be implemented by October 1, 2006 latest. The new rules are in line with international standards and "fill the gap in GAAP" in terms of when and how corporations should recognize financial instruments on their balance sheets. Both the FASB in the U.S. and the International Accounting Standards Board (IASB) have issued similar standards, although the AcSB admits those standards have met with some resistance even in light of modifications made.