How this public insurer plans to save $1 billion a year
November 13, 2018 by Jason ContantChanges to accident benefits regulations will result in projected net savings of $1 billion annually, British Columbia’s Ministry of Attorney General said Friday. Changes to Insurance Corporation of British Columbia’s (ICBC) accident benefits will cost an estimated $200 million annually.…
Large commercial brokerage reports ‘stealth’ firming in casualty lines
November 13, 2018 by Jason ContantA recent report from commercial brokerage Willis Towers Watson has confirmed what Canada’s largest insurer is saying: the commercial insurance market is showing signs of firming as casualty losses mount. “The seemingly ‘stealth’ firming within the casualty market comes as…
Towerhill Insurance Brokers sold to BrokerLink
November 12, 2018 by Jason ContantEditor’s Note: George Longo, president and CEO of commercial brokerage Towerhill Insurance Brokers, sold his Towerhill retail brokerage business to BrokerLink, as reported on Nov. 12, 2018. In a statement to his clients, Lloyd’s syndicates and colleagues, Longo said he…
Hub acquires two western-Canadian brokerages
November 9, 2018 by Jason ContantGlobal insurance brokerage Hub International announced this week it has acquired the assets of two western-Canadian brokerages. Hub acquired on Wednesday the assets of Tri-Line Agencies Inc., a full-service, independent brokerage headquartered in Rose Valley, Sask. Tri-Line Agencies offers personal…
CAA Insurance parent agrees to buy Echelon Insurance
November 9, 2018 by Greg MeckbachCAA Club Group has agreed to buy non-standard auto insurer Echelon Insurance for $175 million, the companies said Friday. The deal will allow CAA Insurance to reach new markets and customers, CAA Club Group president Jay Woo wrote in an…
JLT shareholders approve merger with Marsh & McLennan
November 8, 2018 by Greg MeckbachA US$6-billion deal that could form the world’s largest commercial brokerage is one step closer to reality. Britain’s Jardine Lloyd Thompson Group plc announced Wednesday that 99.9% of its shareholders voted in favour of having JLT acquired by Marsh &…
The ‘big area of inefficiency’ for brokers
November 8, 2018 by Greg MeckbachThe holy grail for brokers, of having their computers talk directly to carriers’ computers, is “going to happen,” an InsurTechTO speaker suggested Wednesday. “The big area of inefficiency is still duplicate entry,” Michael Loeters, senior vice president of commercial insurance…
Successful test of real-time data exchange on first notice of loss
November 7, 2018 by David GambrillCommercial brokerages and carriers have confirmed in a test case scenario that they can successfully exchange claims data from a first notice of loss (FNOL) form electronically, beginning and ending in the broker management system (BMS). In the Toronto Insurance…
Condo deductibles need to be clearer: provincial regulator
November 6, 2018 by Jason ContantProposed regulations on deductibles for condominium insurance in Quebec need to be clear, affordable and consider the number of units in the building, the province’s self-regulatory body for brokers, agents and claims adjusters said Monday. “The government is saying, ‘Well,…
Brokers give performance-based pay a thumbs-up
November 6, 2018 by David GambrillThis story is one in a series reporting on the results of 2018 National Broker Survey, conducted by Canadian Underwriter. The survey of more than 800 P&C brokers nationally was designed to identify the success strategies of both producers and principals. Find other instalments in the…
Navacord continues to expand its construction practice with latest partnership
November 5, 2018 by Jason ContantEffective Nov. 1, commercial brokerage Navacord Corp. continued to expand its construction practice with the addition of Westmount Guarantee Services Inc. as a broker partner. Founded in 2011, Markham, Ont.-based Westmount Guarantee provides Tarion bonds (developers’ surety), condominium deposit insurance…
Canadian travel insurance provider names new CEO
November 5, 2018 by Jason ContantTravel insurance and assistance provider Allianz Global Assistance Canada (AGAC) has appointed Chris Van Kooten as chief executive officer, effective immediately. Van Kooten brings extensive insurance industry experience to his new position, having held executive leadership roles with several Canadian…