Topic Mergers and Aqcuisitions
How new sources of capital are changing (re)insurance
July 18, 2023 by Glenn McGillivrayBack in July 2004, I wrote an article for Canadian Underwriter called ‘Our own worst enemy,’ about the mechanics of the insurance cycle. The piece explained “cyclical rate peaks and valleys in (re)insurance [i.e., primary insurance and reinsurance] markets almost…
Navacord broadens benefits practice with new acquisition
July 17, 2023 by Alyssa DiSabatinoNavacord has announced its acquisition of Belay Advisory, a benefits consulting and wealth advisory firm based in Alberta. This deal follows the burgeoning trend of P&C firms expanding their offerings into the financial services realm, in order to become a one-stop…
Large Canadian brokerages announce latest M&A deals
July 13, 2023 by Jason ContantCanadian P&C brokerage merger and acquisition activity continues to burn red-hot in the second half of 2023, with large brokerages BrokerLink and Acera Insurance announcing a combined three deals recently. BrokerLink acquired Ontario-based Donnell Insurance Brokers Ltd. and New Brunswick-based…
Is the mutual insurance company model under threat?
July 11, 2023 by Alyssa DiSabatinoMutuals were some of the first insurance companies to settle in Canada. But despite their longstanding history, there are existential threats that could “end the ability for mutual companies to participate in the market,” a mutual insurer executive said during…
How consolidation is changing broker-insurer relationships
July 7, 2023 by Alyssa DiSabatinoBrokerage consolidation is changing how insurers interact with their broker partners, panellists said during the Insurance Brokers Association of B.C. (IBABC) AGM and Leader’s Conference in Whistler, B.C., last week. The impact of consolidation is most acute for insurers who…
Mutuals group Collectivfide appoints head of M&A
July 6, 2023 by David GambrillCollectivfide Insurance Group has appointed Eric Walker as its head of mergers and acquisitions (M&A). Formed in 2019, Collectivfide’s shareholders represent mutual insurance companies in Ontario and across Canada. The company is committed to protecting the independent broker distribution channel.…
What’s driving Navacord’s M&A growth strategy
June 30, 2023 by David GambrillCanada’s fourth-largest brokerage, Navacord, took another step Wednesday in building what it calls “The Great Canadian Brokerage,” announcing an M&A deal with Mitchell McConnell Insurance Ltd. in New Brunswick. Mitchell McConnell Insurance, whose legacy dates to 1927, is headquartered in…
Large Canadian brokerage now operating coast to coast
June 28, 2023 by Jason ContantEditor’s Note: An original version of this article incorrectly identified Western Financial Group as Westland. Canadian Underwriter apologizes for the error. Western Financial Group now operates coast to coast following its full acquisition of Huestis Insurance and Associates Ltd.…
Behind the big brokerage merger between ONE and BSI
June 27, 2023 by David GambrillONE Insurance and BSI Insurance are combining to form the largest Manitoba-owned brokerage network, serving the province through 28 branches in 26 different communities. The new company would bring together two of Manitoba’s oldest insurance brokers, with a total of…
Meet CBN’s latest member brokerage
June 27, 2023 by Jason ContantOntario-based My Insurance Broker (MIB) has joined the Canadian Broker Network (CBN). Based in Richmond Hill, MIB offers a variety of insurance products including home (as well as cottage and condo insurance), auto (Uber insurance, online auto quotes, motorcycle and…
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…