Topic Commercial
How Lloyd’s Canada says the industry can better prepare for the next time a pandemic causes business interruption
August 9, 2021 by Greg MeckbachLloyd’s is talking to Canadian government authorities about how business interruption risk, arising from a pandemic, can be transferred in the future. “In Canada, Lloyd’s has talked to the federal finance department and different provincial government regulators,” Lloyd’s Canada president…
Westland acquires brokerages in B.C. and Ontario
August 6, 2021 by Jason ContantWestland Insurance Group Ltd. has expanded their footprint in British Columbia and Ontario with the acquisition of two brokerages. The large independent Canadian-owned brokerage announced Wednesday the acquisition of National Brokers Insurance Services Inc. in Ontario and Lambert Insurance Agencies…
How Fairfax is reserving for COVID-19 business interruption reinsurance charges
August 4, 2021 by Greg MeckbachThe uncertainty around business interruption insurance coverage and the impact of a United Kingdom Supreme Court are among the reasons Toronto-based Fairfax Financial Holdings has put aside more than US$80 million this year in COVID-19 reserves. Fairfax reported July 29…
Why Intact has no intention of selling BrokerLink
August 4, 2021 by Greg MeckbachIf you knock on Intact’s door offering money to buy its BrokerLink subsidiary, prepare to get rejected. “You are far more likely to see us putting way more capital in [the property and casualty insurance brokerage] space than the other…
The many shapes of recovery
August 1, 2021 by David Gambrill, Editor-in-ChiefWill the post-COVID recovery follow the shape of a V, U, W, or square-root symbol? It all depends on the insurance.
Gallagher no longer buying major Willis Towers Watson assets
July 30, 2021 by Greg MeckbachA bunch of Willis Towers Watson plc workers, who anticipated that their divisions were being sold to Arthur J. Gallagher & Co., will be staying with Willis Towers Watson after all. Rolling Meadows, Ill.-based Gallagher announced July 26 that a…
NFP partnership aims to support aerospace clients in Canada
July 28, 2021 by Jason ContantLarge brokerage NFP Corp. has joined forces with Piiq Risk Partners to form an exclusive Canadian partnership. With a strategic focus on the aerospace and aviation industries, the collaboration will provide solutions and services to the Canadian operations of global…
Stoppage of Aon-Willis combo won’t slow brokerage M&A activity: KPMG Canada deal advisor
July 28, 2021 by Greg MeckbachMid-sized brokers need to be careful in their approach to mergers-and-acquisition proposals but the abrupt cancellation of Aon’s $30-billion acquisition of Willis Towers Watson is not going to slow down deal-making within the brokerage sector, a Montreal-based insurance M&A expert…
Will brokers’ travel expenses return to 2019 levels?
July 27, 2021 by Greg MeckbachAs economies re-open with more people getting their COVID-19 vaccinations, corporate executives will put more thought into their decisions on whether or not employees travel, suggests the CEO of Marsh & McLennan Companies Inc. New York City-based Marsh & McLennan…
Boom or bust: What MGAs are seeing in commercial lines
July 27, 2021 by Jason ContantWith many people still working from home, one marine underwriter has seen the pleasurecraft line of business “take off.” But that doesn’t mean it’s smooth sailing for marine underwriting. It can still be difficult finding capacity for small- or mid-sized…
How many people Marsh hired amidst ‘distraction and uncertainty’ of Aon-Willis merger discussions
July 26, 2021 by Greg MeckbachAmid the uncertainty over Aon PLC’s now-scuttled plan to acquire Willis Towers Watson PLC, Marsh & McLennan Companies Inc. increased its staff level by nearly 2,000 during the first half of 2021, Marsh & McLennan CEO Dan Glaser says. “We…
Severe drought expected to cost Alberta $1 billion in insurance payouts
July 23, 2021 by Jason ContantCrop insurance payouts in Alberta will likely reach about $1 billion later this year due to hot, dry weather that is contributing to severe drought conditions, Alberta’s Minister of Agriculture and Forestry said Thursday. “This year’s crop insurance claims will…