Topic Brokers
This province is Hub’s latest benefits firms acquisition target
December 12, 2023 by Alyssa DiSabatinoGlobal commercial brokerage Hub International announced the acquisitions of two Alberta benefits firms this week. Hub, based in Illinois, has acquired JRP Financial Services, Inc., as well as the shares of The Musgrave Group. Terms of the transactions were…
How new vehicle tech is changing the auto theft equation
December 11, 2023 by Philip PoradoThere’s a small upside to Canada’s current auto theft wave, industry sources have told Canadian Underwriter. Thieves’ adoption of technologies that can capture vehicle key fob signals means criminals no longer need to resort to violent methods like carjacking to…
Private equity firm acquires digital brokerage
December 8, 2023 by Jason ContantPrivate equity firm Southampton Financial Inc. has announced its acquisition of Ontario-based digital insurance brokerage aha insurance. Launched in 2017, Waterloo, Ont.-based aha insurance offers consumers the ability to quote, purchase and manage car and home insurance policies entirely online.…
How Cat modelling can help your real estate clients
December 8, 2023 by David GambrillWith so many NatCats affecting the real estate property insurance sector, catastrophe (Cat) modelling is becoming a fixture for clients seeking coverage in a tightening market, a Hub International report states. “Catastrophe (CAT) modeling is…becoming essential in real estate resiliency,”…
Floods, wildfires: How an incorrect address cost a broker his job
December 6, 2023 by David GambrillInsurance Council of British Columbia has fined a former broker $1,500 for failing to notify his commercial client that the company’s address change — which located the business in a floodplain — triggered a lack of coverage during a subsequent…
Why the hospitality hard market won’t end in 2024
December 6, 2023 by Alyssa DiSabatinoPersistent labour shortages, forecasted lower levels of travel, elevated inflation and rising property insurance rates will threaten the hospitality industry’s profitability in 2024, Hub International predicts in its 2024 Outlook series. Yet, with prolonged periods of government mandated shutdowns, low…
How underwriters can expedite the submission process for brokers
December 4, 2023 by Alyssa DiSabatinoUnderwriters can use generative AI to help speed up their turnaround times with their broker partners, says an insuretech executive. Underwriters can use insurtech platforms, or generative AI tools like Chat GPT, to input their submissions, along with a…
What a buyers’ market means for brokerage M&A
December 1, 2023 by David GambrillHow can consolidators afford to buy brokerages when interest rates on bank loans to finance deals have steeply increased? Firms that are actively engaged in brokerage buying and selling told CU they have become more selective. “We are getting a…
Merger creates scale for two Ontario brokerages
November 28, 2023 by David GambrillSelectpath Insurance, a Navacord brokerage, has partnered with Myers Insurance to enlarge the southwestern Ontario presence of each brokerage. Headquartered in Wallaceburg, Ont., and with an office in Corunna, Myers Insurance is a second-generation multi-lines brokerage run by president Jim…
Aviva Canada to acquire “capital light” MGA
November 27, 2023 by David GambrillAviva Canada is acquiring Optiom O2 Holdings Inc., a managing general agent (MGA) that specializes in vehicle replacement insurance in Canada. The $170-million Cdn deal is subject to regulatory approval and is expected to close in the first quarter of…
Can car dealerships manage insurance risks from vehicle thefts?
November 27, 2023 by Philip PoradoCar thefts began rising across Canada in 2020 during the COVID-19 pandemic and have been climbing ever since – fuelled by organized crime rings using new technologies to steal key fob codes and take vehicles while their owners are asleep.…
Westland appoints new COO
November 27, 2023 by Alyssa DiSabatinoDon Thompson has been appointed Westland Insurance Group’s new chief operating officer (COO), the brokerage announced. Thompson will assume the role effective January 1, 2024. He has over 30 years of experience in the P&C insurance industry and is…