Topic
Professional Development
What key factors spark E&O claims against brokers?
May 25, 2023 David GambrillSenior broker retirements, a labour shortage that’s spurring firms to bring new, inexperienced employees into brokerages, and a hybrid office may be combining to increase a broker’s errors and omissions (E&O) exposure. “It’s very difficult to track [broker E&O] claims…
BrokerLink president shares thoughts on brokerage M&A
May 24, 2023 by Jason ContantBrokerLink still sees plenty of M&A opportunities in provinces where it currently operates and doesn’t have any immediate plans to expand into new geographic areas, the brokerage’s president told Canadian Underwriter in an interview Tuesday. BrokerLink is focusing its resources…
Definity’s McDougall merges with McFarlan Rowlands
May 8, 2023 by Jason ContantLarge Ontario brokerage McDougall Insurance Brokers Limited, a subsidiary of Definity Financial Corporation, has merged with another large provincial brokerage — McFarlan Rowlands Insurance Brokers Inc. The combination of McDougall and McFarlan Rowlands represents more than $700 million in annual…
ICBC announces new president and CEO
May 1, 2023 by Jason ContantInsurance Corporation of British Columbia’s (ICBC) board of directors has appointed David Wong as its new president and CEO, effective May 15. Wong, a chartered professional accountant, will join ICBC following years of experience at the province’s power utility, BC…
What our 2023 survey says about broker job satisfaction
May 1, 2023 Philip PoradoBeyond recruiting challenges, data from Canadian Underwriter’s 2023 National Broker Survey show retention will continue to be a major issue for property and casualty (P&C) insurance brokers this year. The survey, answered by more than 150 brokers nationwide, asked about…
Why the P&C broker talent crunch won’t end soon
April 28, 2023 Philip PoradoWhile the hard market’s still a huge challenge for Canada’s broker distribution channel in 2023, finding qualified workers was also top concern for brokers. So said more than 150 nationwide respondents to Canadian Underwriter’s 2023 National Broker Survey. The survey,…
Why ‘reverse mentoring’ is better than mentoring
April 25, 2023 by David GambrillMentoring up, or ‘reverse mentorship,’ in which managers learn as much from employees as employees learn from their managers, is fast becoming a topic of conversation in a P&C industry characterized by significant gaps in age and professional experience. “I’m…
How brokerages are attracting and retaining key diverse talent
April 24, 2023 by Alyssa DiSabatinoBringing new talent through the doors is a priority for brokerages nationwide, said 322 respondents to a recent Canadian Underwriter online survey. About two-thirds (71%) of brokers, reporting all levels of diversity within their senior leadership, have seen at least some…
Can risk management companies close the talent gap?
April 20, 2023 Jason ContantA high percentage of today’s pool of risk managers has been working in the industry a long time, and the next largest group are fairly new to the business. Those in the younger group “are excited about what they’ve done…
Why DEI plays into broker employee satisfaction — and turnover
April 17, 2023 by Alyssa DiSabatinoAmid a shortage of P&C industry talent, brokerages should heed the fact there may be a subtle risk to failing to address diversity — employee attrition. Brokers working in organizations without diversity in senior leadership are three times more likely to…
Top 3 ways Canada’s insurance brokerages promote diversity
April 6, 2023 Philip PoradoRegardless of how far along Canadian brokerages are in their efforts to build diverse workplaces, they are in general agreement about the best ways to get there. And that’s the case even among firms that acknowledge they haven’t yet made…
McDougall merges with 100-year-old brokerage
April 5, 2023 by Jason ContantMcDougall Insurance has merged with 100-year-old brokerage Rayburn Insurance Brokers Ltd., a fourth-generation family-owned business located in Tweed, Ont. Rayburn Insurance has been in business since 1922. The brokerage serves Tweed, Northbrook and surrounding areas, offering home, auto, commercial, farm,…