Jardine Lloyd Thompson CEO Steve McGill has announced his resignation, concurrent with the brokerage reporting earnings significantly below forecast. Financial results indicate the company’s earnings will almost 19% short of analysts’ targets. The reason, the company notes in a statement, is the faster-than-expected drop in premiums leading to lower revenues, specifically in the U.S. and U.K.
With Tuesday marking the official end of the 2004 Atlantic hurricane season, risk modeling firm RMS says it will undertake an extensive research project to better understand the forces behind this year’s unusually high level of storm activity which resulted in four named hurricanes touching down in the U.S. Among the elements being studied is the phenomenon of “serial clustering”, where climate patterns lead to an increased propensity for severe storm activity in a single region.
The Insurance Bureau of Canada (IBC) will hold its annual general meeting Wednesday at 2 p.m. at the Ontario Bar Association, 20 Toronto St. in Toronto.
