Morning Briefing: AssuredPartners expands into Canada through LJ Stein deal

Morning Briefing: AssuredPartners expands into Canada through LJ Stein deal | Insurance Business Canada

Morning Briefing: AssuredPartners expands into Canada through LJ Stein deal
AssuredPartners expands into Canada through LJ Stein deal
AssuredPartners, the Florida-based firm which has bought 150 insurance brokerages in the past 5 years, has expanded into Canada with the acquisition of speciality oil and natural gas insurance brokerage LJ Stein.

“We are excited to have the clients and staff of LJ Stein join AssuredPartners.” said Tom Riley, President and COO of AssuredPartners. “This team is so focused and passionate about the energy industry, it is demonstrated in their dedication and highly technical skill sets. With this union, AssuredPartners now has a presence in Canada with LJ Stein’s Calgary location.”

The 13 staff of LJ Stein in its offices in Northern Appalachia and Calgary will continue to be part of operations under CEO David Stein.
 
Top factors impacting medical costs revealed
Sun Life Financial has revealed its fourth annual report on the costliest medical conditions covered by Sun Life stop-loss insurance from 2012 to 2015 and explores emerging trends to help brokers and self-funded employers understand and mitigate their risks.

The report shows a 25 per cent rise in million-dollar claims compared to last year’s analysis. During the four years of the study, billed charges from medical care providers totaled $9 billion

Cancer continues to dominate, accounting for 26.6 per cent of all stop-loss claims and occupying the top 2 slots of the table with claims totaling $618 million in stop-loss reimbursements; Chronic/end-stage renal disease (kidneys) held steady in the number-three spot on the list, accounting for over $369 million in combined first-dollar claims and stop-loss claims reimbursements.

Transplants have seen a sharp rise in the 4-year study period, rising 65 per cent and totaling $62.2 million; and a 79 per cent rise in bone marrow/stem cell transplant costs.
 
Consumer goods firms risking data breaches
Businesses in the consumer products sector are too often putting the acquisition of customer insights ahead of data privacy; risking fines and reputational damage.

In analysis of more than 300 executives at 86 large global consumer products firms by Capgemini’s Digital Transformation Institute, 90 per cent of firms said they have been hit by a breach of customer data although half do not have a clear policy on customer data security and privacy.

The report comes ahead of new regulations affecting organizations which holds data within the European Union, including many North American multinationals.

Capgemini calculates that with the current preparedness of organizations, the global consumer products industry risks sanctions with magnitudes of over 3.5 per cent of its U$9 trillion value by failing to comply with the new EU rules alone.