29 Mar, 2024
2 mins read

Michele Carver | Insurance Brokers Association of BC (IBABC)

Michele Carver, President, Insurance Brokers Association of BC (IBABC)

“I originally wanted to be a veterinarian,” says Michele Carver, president of the Insurance Brokers Association of British Columbia (IBABC), and manager of agency compliance for The British Columbia Automobile Association (BCAA). “I worked in veterinary clinics while at university, but I ran out of money.”

BCAA was right down the street from Carver’s home at the time. Her father pushed her in that direction, so she joined the company. She has been there ever since, including while raising two children, now grown.

Focusing on family while trying to stay connected to opportunities at work was no easy task. It can be difficult for women, as they juggle priorities and as they age, to ensure they remain relevant.

“Over the last 12 years, I’ve thought, ‘If I don’t get on things, I’m going to lose traction,’” Carver shares. “I started purposefully doing a lot of networking and taking a lot of certifications to make up for my lack of a degree.”

Of course, Carver did not lose traction at all, extending his work beyond the walls of the BCAA about eight years ago by becoming involved with IBABC. Last year, she was first broker employee to step into the year-long role of president; and she will soon become the board’s chairwoman when a new nominee takes over as president of the association in May.

She is also involved with the Insurance Council of British Columbia as a non-voting member, doing a lot of committee work and sharing in discussions around things like changes to licensing.

“At IBABC, my mandate is to support our members to make sure they are as successful as possible,” says Carver. That includes, among other things, taking part in advocacy work and providing education. “I enjoy getting

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1 min read

As interest in CO2 storage grows, so does a parallel insurance industry

As developer interest in carbon capture and storage technology grows, an insurance market that specifically covers and assesses related risks is growing right alongside it.

Federal incentives related to carbon capture and sequestration [CCS] found in the 2022 Inflation Reduction Act and funding from the US Department of Energy’s [DOE] The Office of Clean Energy Demonstrations has spurred development of a number of projects across the country, including in McLean County — although those plans are currently on pause.

In December, the DOE announced around $890 million in funding could be distributed to three projects in North Dakota, Texas and California, depending on how award negotiations with project applicants go. The projects are part of an ongoing push from the Biden administration to get the US closer to net-zero carbon emissions by 2050.

CSS technology works by capturing emitted carbon dioxide — usually from a large industrial operation, like a power plant or an ethanol-producing facility — compressing it, then transporting it to underground wells for indefinite, monitored storage.

Gibson City-based ethanol producer One Earth Energy had its eye on sites in rural McLean County for such projects, although a December county board vote put a temporary halt on that project. Under the LLC One Earth Sequestration, the company applied for a special use permit to place three storage wells in eastern areas near Saybrook. [The wells were in addition to a separate pipeline proposal submitted to the state; the plan was to pipe captured CO2 from the Gibson City plant to the wells in McLean County.]

In a series of public hearings that concluded in December, the county’s Zoning Board of Appeals heard hours of testimony from both project proponents and opponents, many of whom were affiliated with Bloomington justice group Illinois People’s Action.

Some, however, had questions

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1 min read

Zenith Insurance ends broker contract; Alberta Finance Minister quotes rates pause

Editor’s Note: On Friday July 21, 2023, Canadian Underwriter sent out an e-newsletter with an incorrect subject heading, implying that Zenith pulled out of auto insurance in Alberta. In fact, Zenith has only canceled a contract with a brokerage that wrote auto for Zenith, and is still writing auto insurance business in Alberta. Canadian Underwriter apologizes for the error in the subject heading.

Zenith Insurance Company has terminated its relationship with an Alberta brokerage that was selling its auto insurance, with Alberta’s Finance Minister suggesting the move was related to the province’s rate pause.

“Zenith Insurance Company made the decision to end our relationship with one of our personal lines brokers in Alberta, impacting a small number of customers,” a Zenith Insurance spokesperson told CU. “We remain committed to serving the personal automobile insurance needs of customers within the province and across Canada through our other partners.”

Due to privacy reasons, the company cannot comment on the name of the broker.

Zenith has a market share of 0.43% for Alberta private passenger vehicles, according to the Approved Automobile Insurance Rate Board Filings.

Across Canada, the company’s total auto claims ratio was 85.77% in 2022, although on the personal accident (auto benefits) side, it was 119.52% — meaning the company lost about nineteen cents for every premium dollar it brought in on the personal accident side, according to MSA Research stats published in Canadian Underwriter‘s 2023 Annual Stats Guide.

“We recommend that any questions regarding Alberta’s automobile rate pause or reform efforts be directed to the Insurance Bureau of Canada [IBC],” Zenith Insurance’s spokesperson said.

Insurers are facing increased vehicle repair costs and surges in legal fees. These factors — coupled with the rate of pause — are challenging insurers’ ability to remain viable, Aaron Sutherland,

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2 mins read

Forsyth insurance-fraud victim demands consequences for disgraced broker

FORSYTH — Rosebud County Insurance agent Kileen Hagadone has been permanently barred from conducting insurance business in Montana after a judge’s ruling last week. But the impact of her alleged criminal activity is still being uncovered, and one of her former customers is speaking out.

“I always thought (Kileen) was a really exceptional person, and I worked with her husband for 26 years. He is a great guy,” said Donald Purdon, a Forsyth resident and former customer of Hagadone, on Friday. “She needs to feel like she did have some consequences. That she did hurt people. Whichever she did, she impacted a lot of people.”

Purdon realized he was a victim of an insurance scam long before news broke in April that Hagadone was under investigation for accusations of questionable practices.

“We had a fire. It engulfed everything. We called Kileen and told her, you know, we had a fire. And she said, ‘Ok, you’re covered, just call the office and I’ll get back to you,'” Purdon said. “About an hour later, half an hour later, she called and said, ‘Well, you’re not covered.’ And we said, ‘Well, what do you mean we’re not covered? We just lost 48 years worth of stuff, Ki.’ And she said, ‘Well, the paperwork never gets done.’ What? What do you mean the paperwork never got done? We paid by the year.”

Donald Purdon

Kelsey Merison/MTN News

Donald Purdon

One of the only words Purdon has to describe what happened to him: heartbreaking.

“You know it’s just, it’s heartbreaking. We lost 48 years’ worth of photos, we lost DVDs. I lost 48 years’ worth of all my tools, my welding, my construction, that we’ve been building up so we could retire. My wife lost a bunch of her sewing stuff, all of her office stuff. I

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1 min read

Montana insurance broker lost license following investigation

A Forsyth insurance broker has permanently lost her license after complaints surfaced that she was accepting premium payments but not purchasing insurance policies.

Montana Insurance Commissioners Troy Downing announced Wednesday that he had secured a court order on July 12, 2023, permanently barring Kileen Hagadone and his business, Rosebud County Insurance, Inc. from conducting insurance-related business in Montana.

Hagadone’s license was suspended in April by Downing.

Downing’s office has alleged that Hagadone forged signatures and misappropriated hundreds of thousands of dollars from clients across Rosebud County, including Chief Dull Knife Community College in Lame Deer.
The college, one of the largest victims, paid around $200,000 in premiums for two years but never received any coverage, Rosebud County Sheriff Allen Fulton told MTN News in April. The sheriff’s office is investigating the case for possible criminal violations.

Downing also noted in a news release that attempts to pay premiums through bank accounts controlled by Hagadone and Rosebudy County Insurance were rejected for non-sufficient funds.

“By allegedly accepting premium payments and not purchasing the insurance policies, Hagadone placed his customers at a substantial risk of losing their coverage. Our agency also worked with the involved insurance companies to ensure customers did not see a lapse in coverage and were not double-charged for their policies,” Downing said in a statement. “Our agency’s first priority is protecting consumers. By revoking Hagadone’s license, we prevent this alleged fraud from claiming more victims.”

Downing reminded consumers to always contact insurance companies directly to ensure policies were properly placed by an agent.

If you have questions regarding coverage or to report suspected fraud, contact the Commissioner of Securities and Insurance at 406-444-2040 or go to CSIMT. gov.

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1 min read

Lionel Richie signs on as brand ambassador for GR-based insurance broker

GRAND RAPIDS, Mich. — A Grand Rapids insurance company announced Lionel Richie has signed on as its official brand ambassador.

Acrisure made the announcement Thursday.

We’re told Richie will engage with Acrisure’s social media communities to spread awareness for the company’s services. He’ll also highlight the company’s shift toward becoming a Fintech services provider.

Acrisure says Richie chose to join their team for their innovative business practices and because the company aligns with his morals and professional ambitions.

“Acrisure could have coasted on its reputation as a massive player in the insurance industry, but it hasn’t. Instead, it avoided the complacency that comes with success and has embraced innovation in so many ways. As a result, Acrisure has emerged as a true leader in the Fintech space,” says Richie. “From what I’ve seen, its culture really values ​​empathy – a sign that you can be focused on growth without forgetting where you started. At the end of the day, that’s the type of company I want to work with.”

The company previously landed the rights to name the home of the Pittsburgh Steelers “Acrisure Stadium.”

READ MORE: Grand Rapids company makes a deal to name the stadium of the NFL’s Pittsburgh Steelers

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2 mins read

Maryland Legal Aid files lawsuit against Somerset County landlord found to be operating without a license.

Landlord Lawsuit

SOMERSET COUNTY, Md – Maryland Legal Aid is taking a Somerset County landlord to court, citing instances of retaliation by a landlord against tenants who reported shoddy conditions in rental properties in Princess Anne and Crisfield.

MT Vernon LLC and Eric Sessoms are named by the lawsuit, which says the group operated apartments in Crisfield and Princess Anne with issues including a lack of smoke detectors, broken glass, dead outlets, water leaks, and more.

According to the Maryland Legal Aid Society, Mt Vernon Group and Mr. Sessoms advertised a $2,500 security deposit for each property, but then later increased the security deposit to more than two times the monthly rent, which is illegal.

The Defendants violated the Maryland Consumer Protection Act and the Maryland Fair Debt Collection Act by seeking rent on their unlicensed properties.

Lastly, Mr. Sessoms and Mt Vernon Group retaliated against both tenants by trying to evict them after they complained about the dangerous conditions which they had a right to do.

The lawsuit alleges that when the tenants spoke up, Sessoms moved to evict them, even serving a notice to vacate one of the units.

Maryland Legal Aid moved to have the evictions dismiss finding that MT Vernon LLC was operating without a license in both jurisdictions.

The latest lawsuit is now seeking damages for the tenants and fixes in the units.

“The law allows them to recover damages for this landlord’s illegal actions, we would like these tenants and other tenants to have safe, habitable properties, these tenants are enforcing their rights for that, they’re enforcing their rights to pay a legal security deposit ,” said Maryland Legal Aid Attorney Jamie Miliman.

Miliman tells us that tenants have multiple options to have the units repaired, including a petition for rent escrow,

Maryland Legal Aid says

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1 min read

5 Best Insurance Brokerage Stocks To Buy Now

In this article, we discuss the 5 best insurance brokerage stocks to buy now. If you want to see more stocks in this selection, check out 11 Best Insurance Brokerage Stocks To Buy Now.

5. Brown & Brown, Inc. (NYSE:BRO)

Number of Hedge Fund Holders: 29

Brown & Brown, Inc. (NYSE:BRO) offers insurance products and services in the United States, Canada, Ireland, and the United Kingdom. It has four main business segments – Retail, National Programs, Wholesale Brokerage and Services. On April 25, Brown & Brown, Inc. (NYSE:BRO) reported a Q1 non-GAAP EPS of $0.84 and a revenue of $1.12 billion, outperforming Wall Street estimates by $0.03 and $50 million, respectively. It is one of the best insurance brokerage stocks to invest in.

On April 25, Brown & Brown, Inc. (NYSE:BRO) declared a $0.115 per share quarterly dividend, in line with previous. The dividend is payable on May 17, to shareholders of the company as of May 8.

Citi analyst Michael Ward upgraded Brown & Brown, Inc. (NYSE:BRO) on April 18 to Buy from Neutral with a target price of $69, up from $62. The analyst favors property and casualty brokers over underwriters due to their lower balance sheet risk. Despite some difficulties faced by Brown & Brown, Inc. (NYSE:BRO) recently, including tough comparisons in employee benefits, dealer services headwinds, and disruptions caused by Hurricane Ian, the company is poised for growth, according to the analyst.

According to Insider Monkey’s fourth quarter database, 29 hedge funds were bullish on Brown & Brown, Inc. (NYSE:BRO), compared to 27 funds in the prior quarter. Select Equity Group is the largest stakeholder of the company, with 17.2 million shares worth $983.40 million.

TimesSquare US Small/Mid Cap Growth Strategy made the following comment about Brown & Brown, Inc. (NYSE:BRO) in its Q4 2022 investors

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1 min read

Man believed to be involved in Molino 2 Wildfire located

TUCSON, AZ — The US Forest Service said the man wanted for questioning regarding the Molino 2 Wildfire near Tucson was located.

Officials say members of the public provided multiple tips to help identify and locate the man.

He was interviewed and the case has now been referred to the US Attorney’s Office.

Officials say the fire began on April 30 and caused a closure of the Catalina Highway, Santa Catalina Ranger District, and the Coronado National Forest.

Investigators say video footage shows a white male, approximately in his 50s or 60s, wearing a light gray colored shirt with tan cargo pants approaching a scene where filmmakers were shooting a homemade target.

Throughout the video, the group is seen stepping back and allowing the suspect to take five shots using his personal shotgun, according to officials.

Investigators say the suspect’s shotgun was loaded with incendiary bullets that caused sparks to fly starting the wildfire.

According to officials, using incendiary bullets and starting a wildfire are violations and are punishable by up to six months in jail or $5,000. The violations are considered Class B misdemeanors.

The man’s identity has not been released. It is unknown if he faces any charges.

Anyone with information is asked to contact the Coronado National Forest at 520-388-8343 or by email at [email protected].

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1 min read

How does your insurance cover tornado damage? Insurance agents explain

VIRGINIA BEACH, Va. — For David and Elaine Munitz, Sunday’s EF-3 tornado in Virginia Beach is still a shock.

News

Tornado damages 100+ homes in Virginia Beach, officials say

6:24 PM, Apr 30, 2023

“I was actually outside and didn’t realize what was happening until the noise started to get louder, and louder, and louder,” David said.

The Munitzs, along with their neighbors and workers, are picking up pieces and assessing the damage.

WATCH: New drone video shows destruction from EF-3 tornado in Great Neck area

“Looking at the damage, it’s a lot of work,” Elaine said. “It’s going to take time to get it done.”

The Munitzs told News 3 they’re missing both sides of their fencing and had items fly through their porch towards their home.

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Zak Dahlheimer/WTKR

The Munitzs, along with their neighbors and workers, are picking up pieces and assessing the damage. It comes after an EF-3 tornado tore through their Virginia Beach home on April 30, 2023.

Insurance was top of mind for them after filing claims for their homes and cars following the storm.

“We’re very uncertain what is covered and what is not covered,” Elaine said.

“Out-of-pocket expenses can go up into the $10,000 to $20,000 range,” David added.

News 3 also spoke with Rebekah Nelson, a spokesperson for USAA.

According to Nelson, a standard homeowner’s policy typically covers any damage related to a tornado.

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Neighbors, volunteers lend helping hand during Virginia Beach tornado cleanup

4:12 PM, May 02, 2023

“You’ll want to look for ‘wind and hail’ on your policy,” Nelson said. “That would be what’s called your declarations page. It declares all of the coverages that you have on your policy.”

Meanwhile, State Farm agent Kimberly Hitchman has been on the ground working with residents in the Great Neck

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