Paid 2023 Underwriters of the Year | Natalie Magaletta, Commercial Lines Underwriter, Northbridge

Natalie Magaletta joined Northbridge in 2011 as a summer student in commercial lines. After a brief stint on the broker side as a marketer, she returned to underwriting with a new perspective after having learned both sides of the industry. She credits her time on the broker side with making all the difference in building relationships with her broker partners. Continuing education is important to Magaletta; she obtained her CIP in 2020 and is working toward her FCIP. She lists auto liability as her favourite coverage to work with. In her free time, she enjoys yoga, concerts, and travelling. 

Magaletta says she feels honoured by the recognition by FCA Insurance Brokers, a member of the Canadian Broker Network — Canada’s largest network of independent brokers. “I’m truly grateful that my efforts are appreciated by such a reputable brokerage in the industry. I’m overjoyed knowing how proud this will make my mom. She’s a retired underwriter who has won this award before, so it feels extra special to follow in her footsteps,” she says.  

Q: What is one opportunity underwriters should focus more on? 

“Cyber liability is really important to focus on right now with the way the world is evolving to rely more on technology. Every insured has cyber exposure, whether they realize it or not, and I’ve found there are a ton of unknowns still surrounding this relatively new risk. The cost to settle these claims is rapidly growing, so adequate coverage and pricing are more crucial than ever.”  

Q: What is the biggest challenge for underwriters? 

“Current economic conditions. With inflation rising, a lot of consumers are looking at ways to reduce their insurance costs any way they can. Rather than sacrificing coverage to lower costs, I’ll always try to find a unique win-win solution that keeps both my clients’ and my company’s best interests in mind.”  

Q: What makes for a great broker-underwriter relationship? 

“Complete transparency with each other is vital to a successful working relationship. We’re all busy, so it’s important to set expectations right away and trust that your business partners will support you just as much as you support them. I’ve also found that visiting my brokers on a monthly basis has been really impactful to my relationships, because we get to work hands-on together on their accounts and foster that personal touch, which is easily lost when everything is done virtually.” 

Q: Why did you become an underwriter, and what do you love most about it? 

“I felt underwriting was the role where I could truly make a difference for the broker, insured, and insurer all in one place. I joke around that my attention to detail makes me more of an ‘overwriter’ than an ‘underwriter,’ but I love how things are constantly changing in this industry. Every day presents the opportunity for me to learn something new.”