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News BrokersInsuranceMarkets / CoveragesMergers and Aqcuisitions

Definity acquires majority stake in an Ontario brokerage

October 7, 2022 by Jason Contant

Definity Financial Corporation has increased its ownership interest in Ontario-based brokerage McDougall Insurance from approximately 25% to 75%, “building a broker partnership with proven M&A expertise.” The partnership is for a cash consideration of $217 million (subject to post-closing adjustments),

Fleet of excavator machines for rent
News AssociationsBrokersCommercial LinesConstructionInsuranceMarkets / CoveragesProducts

Westland partners with American association for equipment, event rental coverage

October 6, 2022 by Jason Contant

Westland Insurance Group and the American Rental Association (ARA) have announced an exclusive partnership to deliver insurance solutions to ARA members across Canada. ARA is an international trade association for owners of equipment and event rental operations, as well as

Halifax's Fairview container pier
News InsuranceMarkets / CoveragesRisk

Clearing ports, adding skilled labour key to unblocking supply chain: task force

October 6, 2022 The Canadian Press

OTTAWA – A federal task force says Canada’s transportation supply chain is approaching its “breaking point” and urgent action from both government and industry is needed to keep goods flowing. The National Supply Chain Task Force makes 21 recommendations in

Tree shredder and specialized dumper truck on a city street
News AdjustersBrokersClaimsClaims CanadaCommercial LinesConstructionInsuranceMarkets / Coverages

How do truck owners calculate downtime claims?

October 5, 2022 Kevin Thomas and Tony Militello

When a business’ profits are dependent on having a truck or fleet of trucks fully operational, any downtime can lead to lost profits. For that reason, many purchase optional coverage and can make claims if a vehicle is inoperable due

Firefighter spraying water at a house fire
News CatastrophesClaimsInsuranceMarkets / Coverages

No way to enforce fire codes on First Nations, and new law would be costly: document

October 5, 2022 Stephanie Taylor - THE CANADIAN PRESS

OTTAWA – There is no way to enforce building or fire codes on First Nations and pursuing a legislative fix would require significant time and money, federal officials warn in an internal briefing document. But Blaine Wiggins, the senior director

Flash in the pan
News BrokersCommercial LinesInsuranceMarkets / CoveragesMGAsReinsurance

How reinsurers view the rise of MGAs: a flash in the pan, or sustainable?

October 3, 2022 David Gambrill

Global reinsurers are looking at the current rise of managing general agencies (MGAs) with a critical eye, questioning whether the phenomenon will be long-lasting, or simply a fad rooted in a hard-market demand for capacity. “At the risk of sounding

Forest fire in an arid climate
News ClaimsInsuranceMarkets / Coverages

Crews battle out-of-control wildfire in regional park in B.C.

October 3, 2022 The Canadian Press

COQUITLAM, B.C. – A regional park in British Columbia’s Lower Mainland has been closed since Saturday as crews battle a wildfire sparked in persistently hot and dry conditions. The Metro Vancouver Regional District posted an update on social media, saying

Rubble and damage from Hurricane Fiona in Newfoundland
News AdjustersCatastrophesClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesRestoration

What happened to the ‘quiet’ hurricane season?

September 30, 2022 by Jason Contant

Not long ago, hurricane season began very quietly with no North Atlantic hurricanes in all of August. But now it appears 2022 could produce a record-breaking hurricane. Property data provider CoreLogic is predicting Hurricane Ian could be the costliest Florida

Magnifying glass over a key on a laptop keyboard which has a law scale symbol on it
News BrokersClaimsInsuranceLegislation / RegulationMarkets / CoveragesProducts

Will Canada’s cyber reporting be harmonized?

September 30, 2022 by Alyssa DiSabatino

The Insurance Bureau of Canada would like to see a harmonization in Canada on cyber reporting, says Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar. “A lot of regulators around the world

Injured woman who is using her disability insurance benefits
News BrokersCommercial LinesEmploymentInsuranceMarkets / CoveragesProductsReinsurance

How to use captives to manage employee benefits risks

September 28, 2022 Mauricio Suarez

By recent counts, more than 7,000 captive insurance companies exist globally, used primarily by multinational companies to take control of various risks. And yet, fewer than 200 of them are used to write employee benefits (EB) risks. Which means less

Workers cleaning up devastation from Hurricane Fiona
News AdjustersCatastrophesClaimsClaims CanadaInsuranceMarkets / CoveragesRestoration

What claims adjusters are seeing from Fiona

September 28, 2022 by Jason Contant

Claims adjusters are seeing a wide variety of personal and commercial lines claims in the wake of post-tropical storm Fiona – everything from food spoilage and infrastructure claims to total losses. “Currently, we are seeing claims for personal and commercial

Threads intertwining to represent mergers of eight companies
News AnnouncementsBrokersInsuranceMarkets / CoveragesMergers and AqcuisitionsMGAs

Which firm racked up 8 mergers over the summer?

September 28, 2022 Canadian Underwriter Staff

Brokerage M&A has been hectic so far in 2022, with one firm bringing eight brokerages across Canada under its wing during the summer. Navacord today announced it closed eight acquisitions during July and August that expands the company’s presence in