Topic MGAs
How MGAs are dealing with underwriter shortages
December 12, 2022 by Jason ContantCanadian P&C managing general agencies (MGAs) are dealing with a lack of underwriters due to increased demand for products and services combined with traditional staff turnover, an industry executive told Canadian Underwriter. “MGAs are, from what we see, the fastest…
The real reasons behind Canada’s softer D&O market
December 9, 2022 by Philip Porado“Expanded insurer appetite and competition in the primary space,” as well as new capacity in excess layers, helps explain a softening of Directors and Officers (D&O) insurance pricing and limits expansions in Canada, says a recent quarterly market insights report…
Why your SME client needs intellectual property ‘pursuit’ coverage
November 24, 2022 by Jason ContantYour small and medium-sized enterprise (SME) clients need to consider intellectual property (IP) ‘pursuit’ coverage to allow them to take on large corporations to protect their products and market share, a specialist insurance provider told Canadian Underwriter. A business’s ability…
Covering larger risks? Why subscriptions may be the way of the future
November 18, 2022 by Philip PoradoAs claims from Cat events and other external risks get larger, the simplest solution to cobbling together coverage might be a subscription approach that spreads risk and reduces individual insurers’ losses. “Subscribing the risk is better for the industry,” George…
Are your clients’ short-term rental properties properly insured?
November 9, 2022 by George LongoWith COVID-19 safety protocols all but eliminated in Canada, many people are travelling and need places to stay. As an alternative to hotels, some are taking short-term rental spaces through services like Airbnb, VRBO and other online platforms. Now that…
Do your clients need vampire facial coverage this Halloween?
October 28, 2022 by Jason ContantYou may have seen Instagram influencers posting shots of their faces covered in their own blood – a macabre-looking skincare treatment known as a ‘vampire facial.’ Easily mistaken for scary Halloween make-up, a vampire or blood facial, or platelet-rich plasma…
Opinion: How to end subscription policy bottlenecks
October 21, 2022 by Douglas MorrowWhile the worst of the hard market in Canada is gradually drifting behind us and COVID-19 is taking something of a holiday, not all is rosy, especially for commercial lines business. Brokers worked tirelessly over the past several years to…
How Lloyd’s broke the bottleneck for Canadian MGAs
October 21, 2022 by Jason ContantEditor’s Note: This article has been revised to clarify the rules around continuous binding authorities emanating from Lloyd’s. Managing general agents (MGAs) with a binding authority contract from Lloyd’s — and where the capacity under the contract is provided…
How ESG affects the entire insurance supply chain
October 20, 2022 by Jason ContantImplementing environmental, social and governance (ESG) strategies will create a ripple effect impacting the entire insurance supply chain and billions of dollars in investments, said George Longo, president and CEO of MGA Excess Underwriting. “The ripple effect is going to…
Why RIBO’s considering a harmonized standard for broker licensing, and MGA carve-out
October 4, 2022 by Jason ContantThe Registered Insurance Brokers of Ontario (RIBO) is working with the Canadian Insurance Services Regulatory Organizations (CISRO) to review property & casualty agent and broker education and training requirements to make recommendations regarding a harmonized standard. This could take the…
How reinsurers view the rise of MGAs: a flash in the pan, or sustainable?
October 3, 2022 by David GambrillGlobal reinsurers are looking at the current rise of managing general agencies (MGAs) with a critical eye, questioning whether the phenomenon will be long-lasting, or simply a fad rooted in a hard-market demand for capacity. “At the risk of sounding…
Which firm racked up 8 mergers over the summer?
September 28, 2022 by Canadian Underwriter StaffBrokerage M&A has been hectic so far in 2022, with one firm bringing eight brokerages across Canada under its wing during the summer. Navacord today announced it closed eight acquisitions during July and August that expands the company’s presence in…