Topic Operations
IBC announces new president and CEO
November 10, 2022 by Canadian Underwriter StaffCelyeste Power will succeed retiring Insurance Bureau of Canada (IBC) president and CEO Don Forgeron at the end of 2022. Power, who takes over as president and CEO on January 1, 2023, is currently executive vice-president for strategic initiatives and…
What happens to wealth advisors when P&C brokers buy them out?
November 4, 2022 by Philip PoradoSuccession planning is a key component of the acquisition strategies employed by P&C brokers buying wealth management, retirement planning and employee benefits advisories. That said, P&C brokerage buyers aren’t looking for the sellers to leave right away after the sale.…
The best way to support young prospective broker owners
November 4, 2022 by Alyssa DiSabatinoMentorship and training are the best ways to support young brokers who aspire to senior leadership or brokerage ownership roles, say brokers responding to a Canadian Underwriter online survey. However, brokerage principals and their employees aren’t fully aligned on how…
How to keep your top sales producers from flying the coop
November 3, 2022 by David GambrillSix out of ten employers don’t really understand what motivates their salespeople, which may cause their top sales producers to seek work elsewhere, according to a Harvard Business Review blog. While employers are responding to staff burnout by tweaking the…
New senior executive for two major P&C brand names
November 2, 2022 by Jason ContantInsurance industry veteran Guy Lecours has been appointed chief operating officer of L’Unique and Unica, effective Nov. 21. Christian Fournier, executive vice president and lead of property and casualty insurance at Beneva, announced the appointment Wednesday. Lecours succeeds Yves Gagnon,…
How acquisitions help P&C brokers boost cross-selling options
October 28, 2022 by Philip PoradoSeveral Canadian commercial P&C brokerages are actively acquiring wealth management, retirement planning and employee benefits firms so they can boost revenues by adding to their product ranges. The simple math suggests a larger product suite — one that brings in…
Mapping your customer’s journey? Try the same with your employees
October 27, 2022 by David GambrillMonitoring your company’s systems and processes, as opposed to monitoring the work output of your individual employees, may be the answer to boosting your company’s productivity by 9% to 10% annually, suggests a new article by Harvard Business Review. A…
Communication around claims must be top priority: CEOs
October 24, 2022 by David GambrillSupply chain pressures and labour shortages mean Canada’s P&C industry and its suppliers need to focus on communications around claims service to maintain consumer trust and high service levels, insurance executives told a broker conference last week. Matthew Turack, group…
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…
Canadian P&C brokerage M&A explodes in late 2022
October 13, 2022 by Jason ContantP&C brokerage merger and acquisition activity in Canada remains strong and healthy, as evidenced by the number of deals announced in just the past couple of weeks. Those deals involve brokerages that include Westland Insurance Group, BrokerLink, Western Financial Group,…
Definity acquires majority stake in an Ontario brokerage
October 7, 2022 by Jason ContantDefinity Financial Corporation has increased its ownership interest in Ontario-based brokerage McDougall Insurance from approximately 25% to 75%, “building a broker partnership with proven M&A expertise.” The partnership is for a cash consideration of $217 million (subject to post-closing adjustments),…
Where DEI training doesn’t work
October 6, 2022 by Alyssa DiSabatinoIncorporating diversity, equity and inclusion (DEI) successfully into the workplace has to come from a genuine desire to improve a workplace culture rather than as a way to check boxes, speakers said in a RIMS Canada Conference panel discussion. “Often…