Topic Operations
Why most of your commercial clients are underinsured by at least 30%
December 12, 2023 by Jason ContantAccurate valuation and occupancy data points remain top challenges for commercial broker submissions, according to Greg McCutcheon, president of Canada’s largest property data provider, Opta Information Intelligence. In this inflationary environment, keeping up with valuations and ensuring commercial property brokers…
MGA acquires Echelon’s surety division
December 11, 2023 by Jason ContantMontreal-based managing general agency REVAU Advanced Underwriting Inc. has acquired Echelon Insurance’s surety division. “This acquisition aligns with REVAU’s focus on expanding its existing surety operations across Canada,” the MGA said in a press release Monday. “The teams’ shared values,…
Private equity firm acquires digital brokerage
December 8, 2023 by Jason ContantPrivate equity firm Southampton Financial Inc. has announced its acquisition of Ontario-based digital insurance brokerage aha insurance. Launched in 2017, Waterloo, Ont.-based aha insurance offers consumers the ability to quote, purchase and manage car and home insurance policies entirely online.…
What Canadian risk managers earned in 2023
December 7, 2023 by Alyssa DiSabatinoCanadian risk managers earned a median annual base salary of $122,000, according to a recent Risk Management Society (RIMS) survey. This accounts for a 1.6% increase from $120,000 in 2021, when RIMS last conducted this survey. However, the salary for Canadian…
U.S.-based insurance provider to acquire Sutton Special Risk
December 6, 2023 by Jason ContantNew York-headquartered insurance services provider Amynta Group has entered into a definitive agreement to acquire specialty insurance managing general underwriter (MGU) Sutton Special Risk Inc. “The acquisition of Sutton expands Amynta’s offerings in the accident and health market and accelerates…
Is your board looking at their own diversity?
December 5, 2023 by Jason ContantIt’s no longer sufficient for insurance industry board members to talk about diversity across the organization — boards need to actively look at their own diversity and address any gaps, KPMG suggested in a recent thought leadership piece. “To build…
How P&C investment returns will impact carriers in 2024
December 5, 2023 by Alyssa DiSabatinoWhile repricing risk has no doubt helped P&C insurers improve profitability, investment returns driven by a higher interest rate environment are increasing insurers’ profits globally, a new Swiss Re sigma report shows. And yet, most carriers will not earn their…
Why you should use consumer advertising to recruit talent
December 4, 2023 by Jason ContantCanadian P&C insurance industry companies may want to consider leveraging existing consumer advertising tactics, including social media channels like TikTok, and apply them to recruitment efforts. It’s no secret the industry continues to face a ‘war for talent,’ particularly as…
What a buyers’ market means for brokerage M&A
December 1, 2023 by David GambrillHow can consolidators afford to buy brokerages when interest rates on bank loans to finance deals have steeply increased? Firms that are actively engaged in brokerage buying and selling told CU they have become more selective. “We are getting a…
How to recruit underwriters when job candidates get multiple offers
November 30, 2023 by Alyssa Di SabatinoCompetition for available qualified underwriting talent is fierce. “We’ve got candidates in the mix that will often have two or three offers in hand,” said Stefan Rolfe, associate director of insurance at Impact Recruitment. “And they can often bounce one…
Westland appoints new COO
November 27, 2023 by Alyssa DiSabatinoDon Thompson has been appointed Westland Insurance Group’s new chief operating officer (COO), the brokerage announced. Thompson will assume the role effective January 1, 2024. He has over 30 years of experience in the P&C insurance industry and is…
These red flags may waive a brokerage buyer off a deal
November 24, 2023 by David GambrillRising interest rates are changing the brokerage M&A environment and giving sellers a shorter timeline to produce the projected earnings. And chances are, if they haven’t produced reliable returns already, the buyers may balk on a purchase, said Yan Charbonneau,…