Topic Operations
Definity’s McDougall merges with McFarlan Rowlands
May 8, 2023 by Jason ContantLarge Ontario brokerage McDougall Insurance Brokers Limited, a subsidiary of Definity Financial Corporation, has merged with another large provincial brokerage — McFarlan Rowlands Insurance Brokers Inc. The combination of McDougall and McFarlan Rowlands represents more than $700 million in annual…
How OSFI wants P&C insurers to manage their third-party risks
May 8, 2023 by David GambrillCanada’s financial solvency regulator has published its final revised guideline for managing risks associated with third-party contracts and arrangements, having addressed industry concerns about scope, prescription and the timing of implementation. Guideline B-10: Third-Party Risk Management sets out enhanced third-party…
Westland expands reach in Ontario with latest acquisition
May 5, 2023 by Jason ContantWestland Insurance has acquired Ontario-based First Durham Insurance & Financial Ltd., one of the largest and oldest full-service independent brokerages in the Durham Region. “Effective May 1, this acquisition helps Westland expand its reach in the important Ontario market,” Westland…
ICBC announces new president and CEO
May 1, 2023 by Jason ContantInsurance Corporation of British Columbia’s (ICBC) board of directors has appointed David Wong as its new president and CEO, effective May 15. Wong, a chartered professional accountant, will join ICBC following years of experience at the province’s power utility, BC…
Brokers optimistic about growth, but support for 2 key M&A strategies declines
May 1, 2023 by Philip PoradoWhile property and casualty (P&C) insurance brokers in Canada said they’re optimistic about the future, Canadian Underwriter‘s 2023 National Broker Survey shows declining support for two key brokerage growth strategies, including M&A. When asked about expected financial performance in 2023,…
What our 2023 survey says about broker job satisfaction
May 1, 2023 by Philip PoradoBeyond recruiting challenges, data from Canadian Underwriter’s 2023 National Broker Survey show retention will continue to be a major issue for property and casualty (P&C) insurance brokers this year. The survey, answered by more than 150 brokers nationwide, asked about…
Why the P&C broker talent crunch won’t end soon
April 28, 2023 by Philip PoradoWhile the hard market’s still a huge challenge for Canada’s broker distribution channel in 2023, finding qualified workers was also top concern for brokers. So said more than 150 nationwide respondents to Canadian Underwriter’s 2023 National Broker Survey. The survey,…
How brokers can protect clients from ESG and DEI claims risk
April 25, 2023 by Philip PoradoBrokers placing directors and officers (D&O) insurance coverage should recognize the growing importance of how private company clients manage both environmental, social and governance (ESG) and diversity, equity and inclusion (DEI) concerns. Those issues are of increasing concern to the…
Why ‘reverse mentoring’ is better than mentoring
April 25, 2023 by David GambrillMentoring up, or ‘reverse mentorship,’ in which managers learn as much from employees as employees learn from their managers, is fast becoming a topic of conversation in a P&C industry characterized by significant gaps in age and professional experience. “I’m…
Navacord makes largest acquisition of the year
April 24, 2023 by Jason ContantNavacord has made its fifth and largest transaction of the year with the acquisition of British Columbia-based SeaFirst Insurance Brokers, effective Apr. 1. With roots dating back to 1950, SeaFirst Insurance has since grown to one of the largest commercial…
Can risk management companies close the talent gap?
April 20, 2023 by Jason ContantA high percentage of today’s pool of risk managers has been working in the industry a long time, and the next largest group are fairly new to the business. Those in the younger group “are excited about what they’ve done…
Meet WTW’s new North America Proposition Leader
April 17, 2023 by Jason ContantLaura Doddington has been appointed as WTW’s new North America Proposition Leader, the commercial brokerage announced Monday. Based in Toronto, Doddington will be responsible for pricing, product, claims and underwriting (PPCU) personal lines for WTW’s Insurance Consulting and Technology business.…