As claims from Cat events and other external risks get larger, the simplest solution to cobbling together coverage might be a subscription approach that spreads risk and reduces individual insurers’ losses. “Subscribing the risk is better for the industry,” George…
You may have seen Instagram influencers posting shots of their faces covered in their own blood – a macabre-looking skincare treatment known as a ‘vampire facial.’ Easily mistaken for scary Halloween make-up, a vampire or blood facial, or platelet-rich plasma…
While the worst of the hard market in Canada is gradually drifting behind us and COVID-19 is taking something of a holiday, not all is rosy, especially for commercial lines business. Brokers worked tirelessly over the past several years to…
Editor’s Note: This article has been revised to clarify the rules around continuous binding authorities emanating from Lloyd’s. Managing general agents (MGAs) with a binding authority contract from Lloyd’s — and where the capacity under the contract is provided…
Implementing environmental, social and governance (ESG) strategies will create a ripple effect impacting the entire insurance supply chain and billions of dollars in investments, said George Longo, president and CEO of MGA Excess Underwriting. “The ripple effect is going to…
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…
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…
Canadian managing general agencies (MGAs) have developed a new real-time, online platform that allows brokers to match their quote applications with MGAs underwriting that specific class of business. Once the match has been made, the platform promises to shave days,…
Just when pandemic chaos was starting to ease, the light that Canada’s commercial insurance brokers saw at the end of the tunnel is starting to look like an onrushing train named the Recession Special. With recent lifting of COVID-19 public…
For years, insurers have poached commercial underwriters from one another amid M&A activity, an aging population and hard/soft markets. But that’s left the industry with less seasoned talent and slower investment in acquisition, training and retention. “Suddenly, more so than…
If you’re looking to place a risk through an insurer that’s not licensed to write business in Canada, it’s important to understand the requirements around filing federal and provincial taxes, as well as special broker licenses. Although direct placement with…
Clients looking for property and casualty coverage have options other than insurers licensed to write coverage in Canada. But brokers and managing general agents say there are hazards and tax implications when placing with an unlicensed or non-admitted insurer. And…