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Companies merging represented by two arrows converging
News BrokersInsuranceMarkets / Coverages

Aon to acquire NFP in major brokerage merger

December 20, 2023 Philip Porado

Aon expanded its worldwide property and casualty insurance market presence by today acquiring NFP — a leading middle market P&C broker, benefits consultant, wealth manager and retirement plan advisor. Aon will acquire NFP for an estimated $13.4 billion at closing.

Joe D'Annunzio
News BrokersInsurance

2024 Executive Outlook | Joe D’Annunzio, BrokerLink

December 19, 2023 Canadian Underwriter Staff

Joe D’Annunzio, president, BrokerLink Canada’s property and casualty insurance industry must be all about the customer in 2024. Many people are struggling to pay their bills due to inflation and they have tough choices to make. Customer service will become

David Bowcroft
News BrokersInsurance

2024 Executive Outlook | David Bowcott, NFP

December 19, 2023 Canadian Underwriter Staff

David Bowcott, co-leader, NFP Construction & Infrastructure Group As we enter 2024, signs exist the Canadian P&C insurance hard market is abating. But clients are nevertheless putting in place measures they hope will sustain them through future hardening. We are beginning

Bad car crash
News BrokersClaimsInsurance

Do auto clients ask for trouble by hiking deductibles?

December 15, 2023 Philip Porado

During the recent renewal cycle, many personal auto customers opted to increase their deductibles to reduce their annual premiums. Now, those decisions are leading customers who’ve been in accidents to delay pursuing claims because they don’t have enough cash on

Fire, flood, hurricane
News BrokersCatastrophesClaimsInsurance

Can Canada’s P&C industry catch up to NatCats?

December 14, 2023 Philip Porado

In much of Nova Scotia, last summer was hell. The Tantallon wildfire in May and June generated $165 million in insured damage, mostly for personal property, by the time the flames went out July 4. In a normal year, residents

News BrokersInsurance

How insurance premium financing enhances client relationships

December 13, 2023 Jeffrey Psiuk

Canadian brokerages aren’t taking full advantage of an opportunity to arrange premium financing for their clients, particularly for commercial policies covering broad-based risks. In Canada, only 15% of brokered premiums are financed. By comparison, the U.K. rate is 20%, and

Office building for rent
News BrokersInsuranceMarkets / Coverages

How COVID-19’s wane could change commercial real estate coverage

December 13, 2023 Philip Porado

Real estate pundits, including panellists at a Columbia University School of Business discussion early this year, are sounding the alarm about North America’s downtown cores. They’re predicting employees will shun return-to-office mandates, sparking tenancy death spirals for commercial lessors that

Minor car accident
News BrokersClaimsInsurance

How economic woes hike minor accident claims

December 13, 2023 Philip Porado

Current economic conditions have people stressed, and it’s showing up in personal auto claims, said Jesica Ryzynski, a claims specialist with Mitch Insurance. Minor at-fault accidents among insureds are taking place more frequently, she told CU, with many taking place

Person entering data into system
News BrokersCommercial LinesConstructionInsuranceMarkets / CoveragesProductsTechnology

Why most of your commercial clients are underinsured by at least 30%

December 12, 2023 by Jason Contant

Accurate 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

Carjacker with gun
News BrokersClaimsInsuranceTechnology

How new vehicle tech is changing the auto theft equation

December 11, 2023 Philip Porado

There’s a small upside to Canada’s current auto theft wave, industry sources have told Canadian Underwriter. Thieves’ adoption of technologies that can capture vehicle key fob signals means criminals no longer need to resort to violent methods like carjacking to

Digital puzzle pieces; digital M&A concept
News BrokersCommercial LinesEmploymentInsuranceMarkets / CoveragesMergers and AqcuisitionsMGAsProfessional DevelopmentTechnology

Private equity firm acquires digital brokerage

December 8, 2023 by Jason Contant

Private 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.

Business for sale sign.
News BrokersInsurance

What a buyers’ market means for brokerage M&A

December 1, 2023 David Gambrill

How 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