Topic Brokers
Will brokers have a one-stop shop for MGAs?
February 23, 2022 by Jason ContantThe Canadian Association of Managing General Agents (CAMGA) is looking at using a technology platform that will make it easier for brokers to deal with MGAs. “CAMGA’s currently in the exploratory process of building a platform that will make it…
Brokers bemoan lack of seasoned underwriters
February 22, 2022 by Gloria CilliersA major shortage of seasoned commercial underwriting staff is impacting broker relationships and productivity, some brokerages have reported. For an industry already struggling with a country-wide talent crunch exacerbated by the pandemic, renewed M&A activity and a hard market, brokers…
Large brokerage makes fourth acquisition in 2022
February 18, 2022 by Jason ContantNavacord Corp. is expanding its reach in northern Alberta with the addition of Stone Insurance Brokers. Based in Manning, Alta., Stone Insurance Brokers services clients across northern Alberta and British Columbia, specializing in forestry, farming, transportation and oil and gas. …
How independent brokers can compete with the ‘big boys’
February 18, 2022 by Gloria CilliersOf the list of things keeping independent brokers up at night, none is more daunting than finding ways to compete with an “overwhelming amount of consolidators swallowing the industry,” say members of Canada’s largest network of independent brokers. “It’s a…
Are we past the hard market peak?
February 17, 2022 by Alyssa DiSabatinoInsurance brokers want the hard market to end, and brokerage executives say we might be edging closer to the peak of it. Doug Morrow, CEO and managing partner at Excel Insurance Group, says we are “near” or “slightly past”…
Expanding brokerage announces rebrand, new approach to insurance
February 16, 2022 by Jason ContantOntario brokerage Mitchell & Whale Insurance Brokers has announced it is rebranding its company under the new name Mitch. Announced on Valentine’s Day, the rebrand will officially launch in late March and will be accompanied by a new value proposition…
Lawyers on boutique D&O: Don’t just take your broker’s word for it
February 16, 2022 by David GambrillFor boutique D&O coverages, a law firm says companies should be bringing in a lawyer to look at the contract coverage and not just rely on the opinion of the insurance broker about coverage. This is particularly true in business…
Large brokerage reprimanded in credit card fraud case
February 14, 2022 by Jason ContantThe Insurance Council of British Columbia has reprimanded Westland Insurance Group Ltd. for failing to take appropriate action after becoming aware of a possible compromise of client information. Council executive director Janet Sinclair found that while Westland co-operated with agencies…
How and where brokerages can find their next hire
February 11, 2022 by Alyssa DiSabatinoThe ongoing war for talent, coupled with the Great Resignation, has forced brokerages to shift their mindset on how they find and recruit talent. And that includes reaching out directly to suitable candidates on social media. Brokerages must begin to…
Challenging market conditions remain for these two lines in Canada
February 10, 2022 by Jason ContantMarket conditions for cyber and directors’ and officers’ (D&O) lines of business remain challenging in Canada, according to Aon plc’s latest quarterly Global Market Insights Report. Aon’s report for the fourth quarter of 2021, released Wednesday, emphasizes how new forms…
Wildfire costs show need for preventative measures
February 9, 2022 by Greg MeckbachNatCat costs from summer 2021’s B.C. wildfires reached $77 million in insured damage in White Rock Lake and $78 million in Lytton. With renovations adding value to homes, and by extension insurable damage risk, it may make sense to encourage…
Is M&A growth better than organic growth?
February 9, 2022 by Alyssa DiSabatinoWhen it comes to expanding your brokerages business, M&A may not always be better than organic growth, said panellists during a Canadian Underwriter webinar on Feb. 8. Doug Morrow, CEO and managing partner, Excel Insurance Group, sent a plea…