Marsh & McLennan agrees to buy Jardine Lloyd Thompson
September 18, 2018 by Greg MeckbachIf a US$6.4-billion deal announced Tuesday is approved, commercial brokerages Marsh and Jardine Lloyd Thompson will be owned by the same company. New York City-based Marsh & McLennan Companies Inc. says its board of directors has agreed to an acquisition…
Why Quebec’s largest brokerage doubled up on life insurance
September 11, 2018 by Jason ContantFor its latest acquisition, Quebec’s largest brokerage decided to look outside its traditional stronghold of property and casualty insurance, which represents about 90% of its revenue base. On Aug. 8, Lussier Dale Parizeau announced the acquisition of Trinome Conseils. Patrice…
Canadian hail insurance broker acquired by Hub
September 11, 2018 by Greg MeckbachHub International Ltd. continues to buy Canadian property and casualty brokerages, with the acquisition of Ottawa-based Access Insurance Brokers Inc. as well as a Saskatchewan provider of farm insurance. Chicago-based Hub announced Monday it has acquired Frontier Business Centre Ltd.,…
How Guidewire is changing its approach to the market
September 10, 2018 by Greg MeckbachGuidewire Software Inc. is “not interested” in building a services organization and is touting its new analytics and data services group to insurance buyers. The new analytics and data services group – formed after the acquisition in 2017 of modelling…
Will consumers soon be able to access policy documents electronically?
September 6, 2018 by Jason ContantHow close is the industry to consistently allowing consumers to access insurance documents electronically, such as by email? “It’s a bit of a hodge podge out there at the moment,” Colin Simpson, CEO of the Insurance Brokers Association of Ontario…
How much buyers are willing to pay for online books of business
September 5, 2018 by Jason ContantBuyers are pricing in potential future market disruption, such as online distribution, when buying a broker’s books of business, a P&C transaction advisor told Canadian Underwriter Wednesday. Mike Berris, partner and practice group leader with Vancouver-based Smythe Advisory said he…
Best exit strategies for selling your brokerage
September 1, 2018 by Jason ContantLooking to sell your brokerage? Don’t assume your brokerage will eventually sell for an ever-increasing multiple of revenue, or that you will be able to sell at the high end of the current ranges, a P&C advisory and consulting firm…
When a broker leaves a brokerage, who owns the clients?
September 1, 2018 by Jason ContantPersonal relationships with clients are a critical part of a broker’s business. So, when a broker decides to leave a brokerage, who owns the clients — the broker or the brokerage? “Really, the brokerage,” said John Elwick, a partner with Alexander…
How to prevent brokers from poaching clients when they leave the brokerage
August 30, 2018 by Jason ContantInsurance companies or brokerages trying to prevent employees from poaching clients should include precise and specific employment restrictions on time and geography, a commercial litigation lawyer cautioned Wednesday. To draft an enforceable non-solicitation agreement, brokerages should provide realistic parameters on…
The evolution of the commercial broker
August 28, 2018 by David GambrillCommercial insurance brokers will move beyond their sales role in the future and become true advisors on risk, industry executives predict. Signs of a hardening commercial insurance market provide one impetus for brokers to turn to risk advice to add…
Broker’s licence suspended for taking $8,000 in premiums without authorization
August 27, 2018 by Jason ContantA B.C. broker has had her sales licence suspended for three years after she took approximately $8,000 in premiums without authorization. The broker admitted she took the funds without authorization to pay for a relative’s medical expenses and her intention…
Hot opportunity in this Canadian insurance line is linked to M&A
August 24, 2018 by Greg MeckbachRepresentations and warranties (R&W) insurance is becoming a hot market, as commercial clients wonder whether mergers and acquisitions could expose them to unforeseen liabilities. In Canada, the R&W market “has really expanded,” according to Brian Kelly, a Montreal-based managing partner…