Topic
Professional Development
Industry veteran joins Westland following acquisition
January 13, 2023 by Jason ContantIndustry veteran Doug Morrow has joined Westland Insurance as its new vice president of commercial insurance for Alberta, the brokerage announced earlier this week. Most recently president and CEO of Excel Insurance Group, Morrow joined Westland as vice president, commercial…
How to motivate a top performer if you can’t promote them
January 4, 2023 by Jason ContantEvery brokerage has one or more top performers, but what can you do if you can’t promote them? Try developing interim strategies to help these employees get their underlying needs met, advises a new blog from Harvard Business Review. When…
Are your remote workers less engaged?
December 15, 2022 Jason ContantExecutives’ fears that remote workers are becoming less engaged and spontaneous when working online than they are while in the office may be unfounded, new research has determined. One of executives’ biggest worries about remote work is the reduction in…
How MGAs are dealing with underwriter shortages
December 12, 2022 by Jason ContantCanadian P&C managing general agencies (MGAs) are dealing with a lack of underwriters due to increased demand for products and services combined with traditional staff turnover, an industry executive told Canadian Underwriter. “MGAs are, from what we see, the fastest…
Do digitally efficient brokerages make better acquisition targets?
December 2, 2022 Alyssa DiSabatinoBrokerage owners shouldn’t just invest in digitization for its own sake, says one financial advisor. They should do it to make a purchase and integration easier for consolidators. Consolidators don’t necessarily expect small brokerages to digitize before acquisition, said Alex…
Why financing your brokerage ownership aspirations should come last, not first
November 29, 2022 by Alyssa DiSabatinoFinancing is usually the last piece of the brokerage ownership puzzle, suggests one P&C financial advisor, even though 57% of young brokers see financing as their biggest obstacle to ownership, according to Canadian Underwriter survey results. Broker entrepreneurs should ensure…
How young, aspiring brokerage owners can outflank the consolidators
November 24, 2022 by Alyssa DiSabatinoWith the older generation of brokers retiring, opportunities are abound for young brokers who want to buy into an existing independent brokerage, said panellists in Canadian Underwriter’s LinkedIn Live event, ‘How to become a young brokerage owner.’ “[Independent broker owners]…
Why being a good broker alone won’t cut it for ownership
November 23, 2022 by Alyssa DiSabatinoWant to own your own brokerage? Get familiar with the business side of things first, said a P&C financial advisor in a Canadian Underwriter LinkedIn Live panel discussion. “When I think about what makes a successful brokerage owner, most brokerage…
Three options for selling your brokerage
November 11, 2022 Philip PoradoA consistent stream of property and casualty brokerage acquisition announcements over the past few years likely has a lot of brokerage owners thinking about how they’ll eventually exit the business. For most sales transactions, there are three basic options. One…
IBC announces new president and CEO
November 10, 2022 Canadian Underwriter StaffCelyeste Power will succeed retiring Insurance Bureau of Canada (IBC) president and CEO Don Forgeron at the end of 2022. Power, who takes over as president and CEO on January 1, 2023, is currently executive vice-president for strategic initiatives and…
How to develop the P&C industry’s future leaders
November 8, 2022 by Jason ContantIt’s important for women in Canada’s insurance industry to hear stories about the paths other women leaders have taken to achieve success, said the winner of a national leadership award from the Insurance Institute of Canada. “We need to give…
What happens to wealth advisors when P&C brokers buy them out?
November 4, 2022 Philip PoradoSuccession planning is a key component of the acquisition strategies employed by P&C brokers buying wealth management, retirement planning and employee benefits advisories. That said, P&C brokerage buyers aren’t looking for the sellers to leave right away after the sale.…