For Canadian managing general agents, maintaining a diversified portfolio and effective distribution channel for products is crucial to success, according to Gary Hirst, president of CHES Special Risk. Hirst spoke to Canadian Underwriter Thursday, one day after CHES announced it…
While kidnap and ransom (K&R) insurance is one type of insurance nobody wants to have to use, there are a few things that should be kept top of mind for brokers placing the coverage. The most important consideration revolves around…
Canadian insurers are jumping out of the trampoline business. Gina Bennett, vice president of Markel Canada’s western region, told Canadian Underwriter Thursday that there are few markets to approach for trampoline risks, as most sports insurance carriers have exited writing…
In the wake of a threatened bombing in Stratford, Ont., and a restaurant bombing near Toronto, landlords of office towers may want to review their security systems to reduce their risk of liability. In general, owners of multi-tenant buildings have…
Insurance professionals fresh to Canada’s property and casualty insurance market from Europe may notice how much of Canada’s commercial business is underwritten by Lloyd’s of London. “Lloyd’s (as a market) is again the largest commercial writer in Canada [in 2017],…
Brokers or managing general agents (MGA) looking to buy another MGA could be looking at multiples of four times commission just to be able to compete with insurers looking to make the same purchase, industry analysts say. Philip Heywood, partner…
Brokers are finding it more difficult to place some standard commercial risks, such as property and liability, and this is changing the managing general agent market, an official with a new MGA association says. “A number of the standard market…
Canadian businesses are taking a pass on terrorism insurance because they are not convinced they face a high enough risk to warrant the extra premium of at least $2,500 a year, brokers say. Property and commercial general liability policies tend…
If a terrorist attack takes place in Canada, brokers could face errors and omissions (E&O) claims from business clients whose property and liability policies do not cover them, the director of a Canadian managing general agent suggested Wednesday. A typical…