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(April 2, 2008) Independent Financial Brokers of Canada has announced it will offer corporate errors and omissions insurance for life insurance agencies.

Corporate E&O insurance is required in some jurisdictions for managing general agencies (MGAs), associate general agencies (AGAs), and personal corporations. Because many insurance agencies are small operations, some have tried to keep costs down by relying on extended individual coverage held by their licensed agents.

According to the Insurance Council of British Columbia, this may leave the agency exposed to losses not covered in the individual policies.

The IFB teamed up with Echelon General Insurance Company to provide corporate policies with premiums starting at $500. The new program is designed to work in conjunction with the IFB’s individual plans.

“The missing piece of the puzzle has been an insurer who truly understood the nature of the life insurance industry and the many different corporate structures that exist within it,” says John Whaley, executive director of IFB. “One-size-fits-all solutions simply don’t work in this marketplace. We were delighted to find that insurer in Echelon.”

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Jovian ups stake in BetaPro

(April 2, 2008) Jovian Capital has inked a deal to up its stake in BetaPro Management Inc., buying an additional 15% of the company.

The $5.2 million price tag for the additional stake will be paid for in cash and debt. Pending regulatory approval, the deal will close by the end of April.

The purchase is in addition to the February 26 announcement that Jovian was buying 5% of BetaPro, which has now been increased to 6%. If both purchases are approved, Jovian will own 60% of the firm.

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RBC heads south to Chile

(April 2, 2008) The Royal Bank of Canada continues to make inroads into foreign markets, announcing the opening of an office in the financial district of Santiago, Chile.

The office will focus on providing financial advisory services to high-net-worth clients.

“Chile is an exciting new frontier for RBC,” said Antonio Vianna, head of RBC Wealth Management, Latin America region. “We are extremely selective in the markets in which we operate, and within those markets our goal is to build long-term partnerships. Chile is at an exciting time in its economic history and we want to be here to participate in its growth.”

The office will be headed by Richard Diego, former president of the American Chamber of Commerce, Chile.

“Richard brings a superb level of invaluable experience and expertise to our clients,” said Anthony Cooper, RBC Wealth Management vice president & regional manager, Latin America.

(04/02/08)