Topic Management
How this firm hires mostly 20-somethings
June 26, 2023 by Alyssa DiSabatinoWhile much of the P&C insurance industry is seeing large-scale attrition as industry veterans near retirement, one specialty underwriting firm has built a team comprised mostly of employees in their mid- to-late twenties. For TruStar Underwriting, a specialty Managing General…
Insurer appoints industry veteran as president and CEO
June 23, 2023 by Jason ContantEverest Insurance has appointed industry veteran Renato Rodrigues as president and CEO of Everest Insurance Company of Canada. Rodrigues will lead Everest Canada’s insurance business strategy, overseeing its underwriting, claims, operations and finance functions, Everest Insurance said in a press…
Who’s acquiring Canadian P&C brokerages?
June 22, 2023 by Jason ContantPrivate equity (PE) and insurer-backed brokerage acquisitions appear to have surged in recent years, but it’s difficult to get a true number as not all transactions are reported, business advisory and consulting firm Smythe LLP said in a new report.…
Why consolidation slows down service levels
June 21, 2023 by Alyssa DiSabatinoConsolidators will have to tread the line between growing rapidly while also ensuring growth doesn’t hinder operations, particularly customer service, said experts at an industry panel. Amid consolidation, small and medium-sized brokerages will be able to remain competitive if they…
Where brokerages stand on increasing compensation to attract talent
June 21, 2023 by Jason ContantFew Canadian P&C brokerages are looking at increasing compensation to attract and retain talent, even as they continue to try to distinguish themselves from their competition, a new industry report found. Like many industries, insurance has seen a shortage of…
What private equity firms have in common with insurance distributers
June 20, 2023 by Mitch Green and Ethan WolfePrivate equity (PE) firms are frequently described as caring more about themselves and their investors than their entrepreneur partners. Or they’re called whiz kids who don’t fully understand the industries into which they insert themselves. However, much like top-tier brokerages,…
Insurer requests no change in overall auto rates
June 19, 2023 by Jason ContantDespite cost overruns related to a new digital platform, Manitoba’s public auto insurer is requesting no change in the overall rates for the 2024/25 insurance year. If the province’s Public Utilities Board approves Manitoba Public Insurance’s (MPI) general rate application,…
Brokerage M&A activity spikes in era of high interest rates
June 19, 2023 by Alyssa DiSabatinoOntario saw a record 48 finalized brokerage transactions in 2022, mostly led by consolidators, said Suzanne Pountney, president of the Insurance Brokers Association of Ontario (IBAO), during the Young Broker Conference in Niagara Falls. “This is up 60% over last…
How to hire more Gen-Z underwriters
June 14, 2023 by Alyssa DiSabatinoEmployers of all industries want to hire the newest generation of workers, Generation Z, and so the insurance industry needs to make sure it’s getting ahead of the curve, especially with a dearth of property and casualty underwriters in Canada. …
Westland appoints industry veteran to new VP role
June 9, 2023 by Jason ContantWestland Insurance has appointed senior industry executive Robert Beauchamp as its new vice president of Quebec operations. Beauchamp will spearhead operations and drive growth in Quebec, the brokerage said in a press release. “This appointment marks Westland’s commitment to expanding…
Will lack of diversity mean the end of your brokerage?
June 7, 2023 by Jason ContantInvesting in diversity, equity and inclusion (DEI) initiatives could literally spell the difference between survival and death for a brokerage, a panellist suggested Tuesday during a Canadian Underwriter webinar. Colette Taylor, chief operating officer at Sovereign Insurance, expressed concern about…
How a shared-risk approach to tech can keep mutual insurers competitive
June 5, 2023 by Matthew ScottCanada’s mutual insurance industry has been around for as long as the country itself and has innovated over that time. Now it’s driving digital transformation to enable new capabilities, improve service and keep pace with market competition. These changes come…