Topic MGAs
Despite “aggressive growth goals,” insurers cautioned to keep their powder dry
April 25, 2022 by David GambrillAlthough the industry achieved a highwater mark financial result in 2021, industry executives are cautioning insurers to keep their powder dry and not reduce pricing drastically to grow market share. “I just look through the windscreen, all the things coming…
Why multi-factor authentication isn’t the cure-all for your client’s cyber woes
April 21, 2022 by Jason ContantStaying one step ahead of cybercriminals seems to be a never-ending battle for insurers and insureds, cyber experts said during an industry event Wednesday. “The problem is, as we increase our cyber hygiene and become better insureds, the criminals adapt…
Regulators’ principles of conduct: Are ‘MGAs’ the same as retail brokers?
April 13, 2022 by Jason ContantThe Financial Services Regulatory Authority of Ontario (FSRA) is proposing to adopt principles of conduct for insurance intermediaries, including adjusters, brokers, MGAs and third-party administrators. Whether the principles apply to MGAs in the same way as retail brokers is open…
Burns & Wilcox’s new president in Canada
April 12, 2022 by Jason ContantEditor’s Note: This story has been updated to include information from Burns & Wilcox Jodie Kaufman Davis has been promoted to expanded leadership roles, including president of Burns & Wilcox Canada. “Jodie is the first-ever president of Burns &…
Placing business with non-licensed markets: What to look for
March 31, 2022 by Greg MeckbachClients looking for property and casualty coverage have options other than insurers licensed to write coverage in Canada. But brokers and managing general agents say there are hazards and tax implications when placing with an unlicensed or non-admitted insurer. And…
How Canada’s P&C industry is reacting to the hybrid office
March 31, 2022 by David GambrillSeventy-one per cent of Canada’s P&C industry reports being happy with their new hybrid office arrangements, according to a Canadian Underwriter online poll. Almost 46% reported being ‘very satisfied’ with moving to hybrid work, while a further 26% were satisfied.…
Fee disclosure: Where national guidance meets provincial regulation
March 29, 2022 by David GambrillIf you are a broker concerned about fair dealing with consumers, must you disclose your premiums that are baked into their premium rates? Or only those fees separate and apart from your commissions? In fine Canadian fashion, the answer depends…
Brokers and carriers react to MGA self-regulation
March 28, 2022 by Jason ContantProperty and casualty insurance carriers and brokers have embraced the Canadian Association of Managing General Agents’ (CAMGA) self-regulatory regime, the association’s managing director tells Canadian Underwriter. Late last year, CAMGA’s board and membership approved and adopted the undertaking as a…
Talent crunch getting tighter, broker survey shows
March 23, 2022 by David GambrillFinding qualified talent is the biggest challenge facing almost seven out 10 Canadian brokerages right now. And the talent crunch is getting even tighter. Sixty-nine per cent of brokers report finding qualified workers their biggest challenge – a 7% increase…
How insurers and brokers are adapting to cyber-pricing shifts
March 22, 2022 by Jason ContantMGAs and insurers continue to report increased severity and frequency of cyber claims. In fact, in-house data shows cyber claims have been increasing for years, said Lindsey Nelson, cyber development leader at CFC Underwriting. Simultaneously, the take-up of cyber insurance…
Canadian MGA adopts new national brand
February 1, 2022 by Alyssa DiSabatinoAgile Underwriting Solutions announced that Guardian Risk Managers and Exhale Insurance will be rebranded under Agile, effective Feb. 1, 2022. Agile, based in Nova Scotia and owned by Westland Insurance, is an MGA that specializes in hard-to-place personal and commercial…
Intangible asset damage can be as costly as physical loss
January 27, 2022 by Greg Meckbach and Jason ContantYou can’t light them on fire. A tornado can’t blow them away. They won’t rot of mold when wet. Still, damage to intangible assets, like brand recognition and reputation, can harm a business as much as the destruction of a…