Latest news with #Léonard
Montreal Gazette
5 days ago
- General
- Montreal Gazette
Use your bikes or walk during transit strike, STM chief urges Montrealers
By The head of the city's transit agency said transit users should opt for a bike or be prepared to walk during the nine-day strike of its maintenance workers. 'We invite customers to turn to active transportation: biking or walking, if they can, as traffic is likely to be difficult,' STM CEO Marie-Claude Léonard said in a news conference early Wednesday. The maintenance union has voted in favour of a strike that will start on June 9, and more job action could follow if there isn't an agreement with STM management. The two sides have met 70 times in the last year, and there are more negotiation sessions scheduled, right up to the strike deadline. If the strike goes ahead, it would be the first time transit workers went off the job since 2007. However, because transit is considered to be an essential service, some transit will continue to be offered. Adapted transit service isn't expected to be affected by the strike. Service levels will be normal during the June 13-15 Grand Prix weekend, Léonard said, so people can get to and from Jean-Drapeau Park. Having regular métro service is a public safety issue in case the island park has to be evacuated when hundreds of thousands of people are attending Grand Prix activities, Léonard said. Outside of the race, the STM intends to maintain regular service during peak hours and a modified schedule outside those hours. Léonard said users should double their normal travel time and expect buses and métros to be more crowded. She didn't say what the STM would do if overcrowding became a chronic problem during the strike, but said planners could make adjustments to certain routes and service levels when necessary. Here's what the schedule will look like June 9-11 Bus service 6:15 to 9:15 a.m., 3 to 6 p.m., and 11:15 p.m. to 1:15 a.m. Métro service 6:30 to 9:38 a.m., 2:45 to 5:48 p.m., and 11 p.m. to 1 a.m. No service outside these times. June 12 Bus service 6:15 to 10:15 a.m., 3 to 7 p.m., and 11:15 p.m. to 1:15 a.m. Métro service 6:30 to 10:38 a.m., 2:45 to 6:48 p.m., and 11 p.m. to 1 a.m. Service at up to 50 per cent outside these times. June 13-15 Normal bus and métro service June 16-17 Bus service 6:15 to 9:15 a.m., 3 to 6 p.m., and 11:15 p.m. to 1:15 a.m. Métro service 6:30 to 9:38 a.m., 2:45 to 5:48 p.m., and 11 p.m. to 1 a.m. Service at up to 50 per cent outside these times. During these times, all school lines and special shuttles will be maintained. The bus service for the closure of the REM will only be in place between 11:15 p.m. and 1:15 a.m. Léonard conceded it could be a difficult summer for transit users, as the STM is in negotiations with four unions, and the other unions could also call a strike in the coming weeks. At issue is the STM's wish to change the working conditions of its employees in order to assure that it can have the correct employees working at the right installations and at all times of the day and night in order to assure the agency delivers the appropriate service. The STM also wants more flexibility to resort to subcontracting work that she says isn't part of the STM's core business, like collecting garbage. Moren information is available on the STM's website.
Yahoo
15-05-2025
- Business
- Yahoo
Triple-I/Milliman: U.S. P/C Insurance Reports Best Underwriting Results Since 2013, But California Wildfire Losses and Potential Economic Impacts of Tariffs Pose Challenges
MALVERN, Pa., May 15, 2025--(BUSINESS WIRE)--The U.S. property/casualty (P/C) insurance industry reported a net combined ratio (NCR) of 96.6 in 2024 – a year-over-year (YoY) improvement of 5.1 points and the industry's best underwriting performance since 2013, according to the latest report -- Insurance Economics and Underwriting Projections: A Forward View – from the Insurance Information Institute (Triple-I) and Milliman, a collaborating partner. However, losses from the January California wildfires and emerging economic challenges from tariffs could weigh on industry performance in 2025, potentially offsetting recent momentum. Key 2024 Highlights: Personal lines narrowed the profitability gap with commercial lines, as both segments reported net combined ratios under 100 for the year. Personal auto reported a 2024 NCR of 95.3, a 9.6-point improvement YoY, driven by double-digit net written premium (NWP) growth of 14.4% in 2023 and 12.8% in 2024. Homeowners' 2024 NCR of 99.7 marked an 11.2-point improvement over 2023, the first sub-100 result since 2019. The 2024 NWP growth rate of 13.6% was the highest in over 15 years, up from 12.4% in 2023. Challenges on the Horizon: General liability continues to soften, posting its worst NCR since 2016, and the third worst since 2010. The January 2025 Los Angeles County wildfires are expected to drive the worst Q1 performance for the P/C industry in more than 15 years, adding pressure to early-year underwriting results. For tariffs already in place as of early May 2025, the impact on underlying growth and replacement costs shows signs of negative effects, starting with personal auto, followed by homeowners and renters, commercial auto and commercial property. Michel Léonard, Ph.D., CBE, chief economist and data scientist at Triple-I, noted that P/C underlying economic growth in 2025 was twice that of U.S. gross domestic product (GDP) growth, at 5% compared to 2.5% YoY. Additionally, P/C replacement costs are expected to increase at a slower pace than the overall U.S. Consumer Price Index (CPI), with rates projected at 1.0% versus 2.0% YoY. "While P/C economic drivers continue to outperform the broader U.S. economy – with stronger growth and lower replacement cost inflation – we now anticipate a shift in 2025 due to ongoing and expanded tariffs," said Léonard. "These headwinds are expected to slow the sector's momentum, potentially leading to a contraction later in the year that could exceed the overall GDP slowdown. Additionally, replacement costs, initially projected to rise more slowly than CPI, may accelerate and begin to outpace it, adding further pressure. Even though rising costs may lead to additional premium increases, these will likely be insufficient to offset slowing consumer spending and corporate investment." Jason B. Kurtz, FCAS, MAAA, a principal and consulting actuary at Milliman, a premier global consulting and actuarial firm, noted that adverse prior year development (PYD) for commercial auto and general liability continues to be a significant drag on profitability, having increased for three consecutive years. Regarding general liability, Kurtz said the line experienced significant reserve strengthening during 2024. "The 2024 net combined ratio of 110 included a staggering nine points of adverse prior year development, amounting to more than $9 billion of reserve strengthening, the highest seen in at least 15 years. It is also concerning that the hard-market years 2020-2023, which saw significant rate increases, are also seeing reserve increases," Kurtz said. Turning to workers' compensation, Kurtz said combined ratios once again benefited from double-digit favorable PYD for the eighth consecutive year. Donna Glenn, FCAS, MAAA, chief actuary at the National Council on Compensation Insurance (NCCI), provided a preview of this year's average lost cost level changes and discussed the long-term financial health of the workers' compensation system. "The workers' compensation system continues an era of exceptional performance with strong results and a financially healthy line," said Glenn. "And while there are early indications of potential headwinds on the horizon, the industry is positioned well to navigate these challenges." Note to News Media: Insurance Economics and Underwriting Projections: A Forward View is a quarterly report offered exclusively to Triple-I members and Milliman customers. Members of the news media may request copies for reporting purposes only. About the Insurance Information Institute (Triple-I) Since 1960, the Insurance Information Institute (Triple-I) has been the trusted voice of risk and insurance, delivering unique, data-driven insights to educate, elevate and connect consumers, industry professionals, policymakers and the media. An affiliate of The Institutes, Triple-I represents a diverse membership accounting for nearly 50% of all U.S. property/casualty premiums written. Our members include mutual and stock companies, personal and commercial lines, primary insurers and reinsurers – serving regional, national and global markets. About The Institutes The Institutes® are a not-for-profit comprised of diverse affiliates that educate, elevate, and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes and nearly 20 affiliated business units, people and organizations are empowered to help those in need with a focus on understanding, predicting, and preventing losses to create a more resilient world. The Institutes is a registered trademark of The Institutes. All rights reserved. About Milliman Milliman leverages deep expertise, actuarial rigor, and advanced technology to develop solutions for a world at risk. We help clients in the public and private sectors navigate urgent, complex challenges—from extreme weather and market volatility to financial insecurity and rising health costs—so they can meet their business, financial, and social objectives. Our solutions encompass insurance, financial services, healthcare, life sciences, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visit View source version on Contacts Triple-I: Loretta Worters, lorettaw@ Milliman: Jeremy Engdahl-Johnson, Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
15-05-2025
- Business
- Business Wire
Triple-I/Milliman: U.S. P/C Insurance Reports Best Underwriting Results Since 2013, But California Wildfire Losses and Potential Economic Impacts of Tariffs Pose Challenges
MALVERN, Pa.--(BUSINESS WIRE)--The U.S. property/casualty (P/C) insurance industry reported a net combined ratio (NCR) of 96.6 in 2024 – a year-over-year (YoY) improvement of 5.1 points and the industry's best underwriting performance since 2013, according to the latest report -- Insurance Economics and Underwriting Projections: A Forward View – from the Insurance Information Institute (Triple-I) and Milliman, a collaborating partner. However, losses from the January California wildfires and emerging economic challenges from tariffs could weigh on industry performance in 2025, potentially offsetting recent momentum. 'While P/C economic drivers continue to outperform the broader U.S. economy – with stronger growth and lower replacement cost inflation – we now anticipate a shift in 2025 due to ongoing and expanded tariffs." Key 2024 Highlights: Personal lines narrowed the profitability gap with commercial lines, as both segments reported net combined ratios under 100 for the year. Personal auto reported a 2024 NCR of 95.3, a 9.6-point improvement YoY, driven by double-digit net written premium (NWP) growth of 14.4% in 2023 and 12.8% in 2024. Homeowners' 2024 NCR of 99.7 marked an 11.2-point improvement over 2023, the first sub-100 result since 2019. The 2024 NWP growth rate of 13.6% was the highest in over 15 years, up from 12.4% in 2023. Challenges on the Horizon: General liability continues to soften, posting its worst NCR since 2016, and the third worst since 2010. The January 2025 Los Angeles County wildfires are expected to drive the worst Q1 performance for the P/C industry in more than 15 years, adding pressure to early-year underwriting results. For tariffs already in place as of early May 2025, the impact on underlying growth and replacement costs shows signs of negative effects, starting with personal auto, followed by homeowners and renters, commercial auto and commercial property. Michel Léonard, Ph.D., CBE, chief economist and data scientist at Triple-I, noted that P/C underlying economic growth in 2025 was twice that of U.S. gross domestic product (GDP) growth, at 5% compared to 2.5% YoY. Additionally, P/C replacement costs are expected to increase at a slower pace than the overall U.S. Consumer Price Index (CPI), with rates projected at 1.0% versus 2.0% YoY. 'While P/C economic drivers continue to outperform the broader U.S. economy – with stronger growth and lower replacement cost inflation – we now anticipate a shift in 2025 due to ongoing and expanded tariffs,' said Léonard. 'These headwinds are expected to slow the sector's momentum, potentially leading to a contraction later in the year that could exceed the overall GDP slowdown. Additionally, replacement costs, initially projected to rise more slowly than CPI, may accelerate and begin to outpace it, adding further pressure. Even though rising costs may lead to additional premium increases, these will likely be insufficient to offset slowing consumer spending and corporate investment.' Jason B. Kurtz, FCAS, MAAA, a principal and consulting actuary at Milliman, a premier global consulting and actuarial firm, noted that adverse prior year development (PYD) for commercial auto and general liability continues to be a significant drag on profitability, having increased for three consecutive years. Regarding general liability, Kurtz said the line experienced significant reserve strengthening during 2024. 'The 2024 net combined ratio of 110 included a staggering nine points of adverse prior year development, amounting to more than $9 billion of reserve strengthening, the highest seen in at least 15 years. It is also concerning that the hard-market years 2020-2023, which saw significant rate increases, are also seeing reserve increases,' Kurtz said. Turning to workers' compensation, Kurtz said combined ratios once again benefited from double-digit favorable PYD for the eighth consecutive year. Donna Glenn, FCAS, MAAA, chief actuary at the National Council on Compensation Insurance (NCCI), provided a preview of this year's average lost cost level changes and discussed the long-term financial health of the workers' compensation system. 'The workers' compensation system continues an era of exceptional performance with strong results and a financially healthy line,' said Glenn. 'And while there are early indications of potential headwinds on the horizon, the industry is positioned well to navigate these challenges.' Note to News Media: Insurance Economics and Underwriting Projections: A Forward View is a quarterly report offered exclusively to Triple-I members and Milliman customers. Members of the news media may request copies for reporting purposes only. About the Insurance Information Institute (Triple-I) Since 1960, the Insurance Information Institute (Triple-I) has been the trusted voice of risk and insurance, delivering unique, data-driven insights to educate, elevate and connect consumers, industry professionals, policymakers and the media. An affiliate of The Institutes, Triple-I represents a diverse membership accounting for nearly 50% of all U.S. property/casualty premiums written. Our members include mutual and stock companies, personal and commercial lines, primary insurers and reinsurers – serving regional, national and global markets. About The Institutes The Institutes® are a not-for-profit comprised of diverse affiliates that educate, elevate, and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes and nearly 20 affiliated business units, people and organizations are empowered to help those in need with a focus on understanding, predicting, and preventing losses to create a more resilient world. The Institutes is a registered trademark of The Institutes. All rights reserved. About Milliman Milliman leverages deep expertise, actuarial rigor, and advanced technology to develop solutions for a world at risk. We help clients in the public and private sectors navigate urgent, complex challenges—from extreme weather and market volatility to financial insecurity and rising health costs—so they can meet their business, financial, and social objectives. Our solutions encompass insurance, financial services, healthcare, life sciences, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visit
Ottawa Citizen
28-04-2025
- Business
- Ottawa Citizen
Dynacor Announces Retirement of Mr. Léonard Teoli and Appointment of New Chief Financial Officer
Article content MONTREAL — Dynacor Group Inc. (TSX: DNG) ('Dynacor' or the 'Corporation'), today announced with deep gratitude the retirement of Mr. Léonard Teoli and the appointment of a new Chief Financial Officer. Article content Article content After a 14-year career at Dynacor and following a long-standing transition plan, Mr. Léonard Teoli will retire from the Corporation as Chief Financial Officer and Vice-President, Finance. He had informed both the CEO Jean Martineau and the board in June 2024 of his intention to retire after the 2024 year-end financial results. Article content Article content 'Léonard has ably shepherded our financial performance since our start-up period, while instilling the discipline to invest in priorities that set the stage for our next chapter,' said Jean Martineau, President and CEO. 'His experience and knowledge of the mining sector were of great benefit to Dynacor and have created an opportunity to build on a strong foundation. Over the past 14 years, he has been an invaluable partner to me and to the management team. I have greatly appreciated working with Léonard.' Article content 'Members of the Board of Directors join with members of the management team and Dynacor employees in congratulating Mr. Teoli for his durable contribution and for his greatly appreciated personality. We wish Léonard a fulfilling retirement, full of new adventures and precious moments with his loved ones.' Article content The Corporation is pleased to announce, effective May 1, 2025, the appointment of Stéphane Lemarié as new Chief Financial Officer and Vice-President, Finance. Stéphane is a seasoned accounting and finance executive with over 25 years of experience in senior auditing and finance management roles in multinational environments within both public and private corporations. He joined Dynacor in 2017 as Controller and Director of Financial Information where he has successfully stewarded the company's financial reporting and capital allocation. Prior to this, he spent three years at MPC (Technicolor) in Montreal where he held the key role of Financial Controller. Stéphane began his career in international finance as an auditor for KPMG in France, serving large industrial clients for 14 years. Article content 'As we begin to execute on our international expansion plans, Stéphane will bring a combination of financial, operational and sector expertise to complement our reinforced leadership team,' said CEO Jean Martineau. 'He has a track record of managing near-term performance and long-term planning, and he has a deep understanding of the complexities of our unique business model.' Article content About Dynacor Article content Dynacor Group is an industrial ore processing company dedicated to producing gold sourced from artisanal miners. Since its establishment in 1996, Dynacor has pioneered a responsible mineral supply chain with stringent traceability and audit standards for the fast-growing artisanal mining industry. By focusing on fully and part-formalized miners, the Canadian company offers a win-win approach for governments and miners globally. Dynacor operates the Veta Dorada plant and owns a gold exploration property in Peru. The company plans to expand to West Africa and within Latin America. Article content Article content The premium paid by luxury jewellers for Dynacor's PX Impact® gold goes to Fidamar Foundation, an NGO that mainly invests in health and education projects for artisanal mining communities in Peru. Visit for more information. Article content Certain statements in the preceding may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release. Article content Article content Article content Article content Article content Contacts Article content
National Post
28-04-2025
- Business
- National Post
Dynacor Announces Retirement of Mr. Léonard Teoli and Appointment of New Chief Financial Officer
Article content MONTREAL — Dynacor Group Inc. (TSX: DNG) ('Dynacor' or the 'Corporation'), today announced with deep gratitude the retirement of Mr. Léonard Teoli and the appointment of a new Chief Financial Officer. Article content Article content After a 14-year career at Dynacor and following a long-standing transition plan, Mr. Léonard Teoli will retire from the Corporation as Chief Financial Officer and Vice-President, Finance. He had informed both the CEO Jean Martineau and the board in June 2024 of his intention to retire after the 2024 year-end financial results. Article content 'Léonard has ably shepherded our financial performance since our start-up period, while instilling the discipline to invest in priorities that set the stage for our next chapter,' said Jean Martineau, President and CEO. 'His experience and knowledge of the mining sector were of great benefit to Dynacor and have created an opportunity to build on a strong foundation. Over the past 14 years, he has been an invaluable partner to me and to the management team. I have greatly appreciated working with Léonard.' Article content 'Members of the Board of Directors join with members of the management team and Dynacor employees in congratulating Mr. Teoli for his durable contribution and for his greatly appreciated personality. We wish Léonard a fulfilling retirement, full of new adventures and precious moments with his loved ones.' Article content The Corporation is pleased to announce, effective May 1, 2025, the appointment of Stéphane Lemarié as new Chief Financial Officer and Vice-President, Finance. Stéphane is a seasoned accounting and finance executive with over 25 years of experience in senior auditing and finance management roles in multinational environments within both public and private corporations. He joined Dynacor in 2017 as Controller and Director of Financial Information where he has successfully stewarded the company's financial reporting and capital allocation. Prior to this, he spent three years at MPC (Technicolor) in Montreal where he held the key role of Financial Controller. Stéphane began his career in international finance as an auditor for KPMG in France, serving large industrial clients for 14 years. Article content 'As we begin to execute on our international expansion plans, Stéphane will bring a combination of financial, operational and sector expertise to complement our reinforced leadership team,' said CEO Jean Martineau. 'He has a track record of managing near-term performance and long-term planning, and he has a deep understanding of the complexities of our unique business model.' Article content About Dynacor Article content Dynacor Group is an industrial ore processing company dedicated to producing gold sourced from artisanal miners. Since its establishment in 1996, Dynacor has pioneered a responsible mineral supply chain with stringent traceability and audit standards for the fast-growing artisanal mining industry. By focusing on fully and part-formalized miners, the Canadian company offers a win-win approach for governments and miners globally. Dynacor operates the Veta Dorada plant and owns a gold exploration property in Peru. The company plans to expand to West Africa and within Latin America. Article content Article content The premium paid by luxury jewellers for Dynacor's PX Impact® gold goes to Fidamar Foundation, an NGO that mainly invests in health and education projects for artisanal mining communities in Peru. Visit for more information. Article content Certain statements in the preceding may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release. Article content Article content Article content Article content Article content Contacts Article content Article content
