How blockchain will help brokers bypass traditional insurers
July 12, 2018 by David GambrillVancouver-based Fineqia International Inc. has taken an equity allocation in Black Insurance, a Tallinn, Estonia-based digital insurance startup on the blockchain that has set its sights on creating a direct investor-to-broker relationship, bypassing the need for a traditional insurance company.…
How this top-tier Canadian brokerage plans to double its revenue in 5 years
July 11, 2018 by David GambrillNavacord Inc., Canada’s fifth-largest insurance brokerage by premium volume, has entered into an agreement that will see a management-led buyout of its minority capital partner, Fairfax Financial Holdings Ltd., with the support of Madison Dearborn Partners (MDP), a leading private…
Brokerlink expands Ontario presence with latest acquisition
July 9, 2018 by David GambrillBrokerlink, one of Canada’s largest property and casualty insurance brokerages, has expanded its presence in Ontario with the acquisition of three new brokerages. Ontario brokerages Adriatic Insurance Brokers Ltd., Magermans & Raes Insurance Brokers Ltd., and Insurance Protection Group Inc.…
M&A-lite: a new way to transform the business
July 4, 2018 by Greg MeckbachImproving distribution and exploring sophisticated technologies such as artificial intelligence are among the major reasons why insurance CEOs are looking to make deals such as mergers and acquisitions these days. But some of these objectives can be accomplished through other,…
BFL Canada receives capital injection from Quebec pension fund manager
June 28, 2018 by David GambrillLa Caisse de dépôt et placement du Québec (CDPQ), a Quebec pension fund manager, has acquired a 20 per cent minority interest in BFL Canada, one of the largest commercial insurance brokers in Canada. The investment will help BFL Canada,…
Western Financial CEO reveals the strategy behind Axion deal
June 26, 2018 by Jason ContantWhen Western Financial Group acquired its first non-western Canadian brokerage last week, location obviously played a factor in its acquisition strategy. The more rural, the better, the brokerage told Canadian Underwriter Tuesday. The High River, Alta.-headquartered Western completed its acquisition…
Marijuana legalization to offer pot by mail, access to banks
June 26, 2018 Gene Johnson - THE ASSOCIATED PRESSMail-order weed? You betcha! With nationwide marijuana legalization in Canada on the horizon, the industry is shaping up differently there than the way it was established in nine U.S. states that have similarly broad legalization. Age limits, government involvement in…
Your clients may be aware of voice-activated tech, but are they buying it?
June 25, 2018 by Jason ContantCanadians’ awareness of voice-controlled, connected home devices such as Google Home or Amazon Echo is growing, but consumer interest in acquiring such a device is not keeping pace, a new study shows. Canada’s Internet Factbook 2018, released on June 20…
Why does the P&C industry still issue paper cheques?
June 21, 2018 by David GambrillWhy are brokerages and carriers still heavily reliant on sending out paper cheques, even when most of their clients likely don’t even own cheque books anymore? It all boils down to data. As inefficient and costly as they may be…
“Hey Broker, I need a quote.” Voice technology for brokerages arrives.
June 21, 2018 by Jason ContantAlexa, ask Excalibur Insurance for a car insurance quote. That possibility is just around the corner, as Wawanesa Mutual Insurance Company announced Thursday that it had opened an Innovation Outpost lab in Kitchener, Ont. that will connect customers with brokers…
How a $3-million brokerage increased its premium volume by 2,133% in five years
June 20, 2018 by Jason ContantFear of technology is preventing many brokerages from reaching their strategic objectives, a digital broker said last week at Gore Mutual’s Fast Forward event in Toronto. And it’s a myth, he added, that only large companies can afford to use…
Western Financial moves into central Canada with brokerage acquisition
June 20, 2018 by Jason ContantWestern Financial Group Inc. has acquired its first non-western Canadian brokerage, Axion Insurance Services Inc. Completed on June 19, the deal will allow Western Financial to add 10 Ontario-based locations and approximately 60 insurance experts to its existing network. Kenny…