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Brokers
What do downtime policies cover for truck owners?
October 17, 2022 Kevin Thomas and Tony MilitelloBusinesses operating trucks can see their livelihoods impacted by unforeseen incidents like mechanical failures, accidents, fires or vehicle thefts. For properly insured businesses, these incidents may result in downtime claims. And those claims often require careful consideration of limitations — because…
Why benefits, retirement and wealth planning are now P&C profit centres
October 14, 2022 Philip PoradoRecent merger deals announced by Canadian commercial P&C brokerages increasingly feature acquisitions of wealth management and employee benefits firms, and this is no accident, brokers tell Canadian Underwriter. This subset of M&A is about P&C brokerages becoming a type of…
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,…
OSFI’s third-party guidance to include insurer-broker contracts
October 12, 2022 by David GambrillCanada’s solvency regulator is preparing guidance that legal experts say will shift the scope of the regulator’s concerns about outsourcing data and technology to a much broader inquiry about insurers’ arrangements with third parties generally — including with broker partners.…
BrokerLink reaches milestone with latest deals
October 12, 2022 by Jason ContantBrokerLink has made its 19th and 20th acquisitions of 2022 with the purchase of two Ontario brokerages. The Intact Financial Corporation subsidiary said L&M Dallaire Insurance Ltd. and Cryderman Insurance Brokers Ltd. joined BrokerLink effective Oct. 1. Both brokerages offer…
Is cyber insurance upticking across Canadian organizations?
October 11, 2022 by Alyssa DiSabatinoSeventy-four per cent of organizations across Canada have decided to invest in cyber insurance in 2022 compared to 59% in 2021 despite increasing costs and requirements, finds a survey from the Canadian Internet Registration Authority (CIRA). However, most organizations…
Brokerage’s 11-year lawsuit against tech vendor allowed to continue
October 7, 2022 by David GambrillBallam Insurance Services, a Nova Scotia brokerage that sued its tech vendor 11 years ago over server issues, is allowed to proceed with its case despite examples of ‘inordinate’ and ‘inexcusable’ delays, the Supreme Court of Nova Scotia ruled Monday.…
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),…
Westland partners with American association for equipment, event rental coverage
October 6, 2022 by Jason ContantWestland Insurance Group and the American Rental Association (ARA) have announced an exclusive partnership to deliver insurance solutions to ARA members across Canada. ARA is an international trade association for owners of equipment and event rental operations, as well as…
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…
Many Canadians are driving more but are they telling their insurers?
October 6, 2022 Canadian Underwriter StaffInsurers across Canada gave drivers a break on their premiums during pandemic lockdowns to reflect a sharp reduction in the number of kilometres they were driving each month. But, even as 20% of Canadians report they’re driving to work more…
Paid How Gore Mutual’s new National Operations Centre offers brokers faster service, out-of-the-box solutions
October 6, 2022 Gore MutualGore Mutual has heavily invested in its transformation on its path to becoming a Bigger, Bolder and Better personal property market in Ontario. From enhanced service and technology to improved experiences, the company is committed to growing with its broker…