Looks as if the summer 2023 P&C brokerage merger train will keep on rolling into the fall. Specialist insurance and reinsurance broker BMS Group has acquired Canada-based insurance brokers, Smith & Reid Insurance Brokers Ltd. and O’Neil Insurance. Smith & Reid president Jeff Smith and vice president Dan Reid will work with Brian Gomes, president […]
By Phil | September 12, 2023
2 min read
The world has changed. And with it, your clients’ corporate exposures abroad have become increasingly complex. “Post-pandemic, international activities have become ‘business as usual’ for more and more companies. Today, brokers need to be aware of the challenges, risks, and various regional changes across the world so they can confidently advise their local clients on […]
September 11, 2023
3 min read
Federally regulated Canadian P&C insurers took in about $36.2 billion in 2023 Q2, establishing a new historical base upon which to compare future results under IFRS 17. The figure comes under the new, IFRS 17 category “Insurance Revenue,” which loosely translates into gross earned premiums. “Insurance Service Expenses,” which encompasses claims and underwriting expenses, totalled […]
By David Gambrill | September 6, 2023
2 min read
OTTAWA – The Bank of Canada held its key interest rate steady at five per cent on Wednesday, deciding against another rate hike as the economy begins to falter. “With recent evidence that excess demand in the economy is easing, and given the lagging effects of monetary policy, governing council decided to hold the policy […]
By Jason Contant | September 6, 2023
2 min read
In a post-pandemic hard market, where economic uncertainty mounts and severe weather losses continue to soar, the value of fast, efficient claims service has never been more important. “The frequency and ferocity of severe weather events will continue to increase and a hard property market is adding pressure on capacity,” says David Repinski, CEO of […]
September 1, 2023
3 min read
The auto insurance landscape is undergoing a seismic transformation amid the rapid emergence of advanced data analytics and digital technology. Changing consumer behaviors and the unprecedented impact of emerging technologies are revolutionizing insurers’ capabilities and strategies for a new era of efficiency and competitiveness. Forward-thinking companies are investing heavily in digital platforms that harness the […]
September 1, 2023
3 min read
Jason Storah is to become CEO of UK & Ireland General Insurance in mid-October when Tracy Garrad will succeed him as CEO of Aviva Canada. “It’s a huge honour and responsibility to be asked to lead the UK and Ireland General Insurance business,” Storah commented on the appointment. “I will miss everyone in Canada, but […]
By David Gambrill | August 30, 2023
2 min read
M&A deals dropped globally in the first half of 2023, but are expected to rebound after a brief lull, said global law firm Clyde and Co. Ever-changing market cycles, geopolitical uncertainty and general economic volatility has meant an uncertain growth outlook for some insurance firms. “We anticipate that the volume of transactions will start […]
By Alyssa DiSabatino | August 28, 2023
4 min read
Canadian insurers are grappling with the higher risk of wildfires as this year’s fire season breaks records, and experts say rising premiums are just one way the industry is seeking to adapt to the changing landscape. “The more losses, the more of these events, the higher the risk and the higher insurance premiums will trend,” […]
By Alyssa DiSabatino | August 28, 2023
4 min read
AXA XL has named Glen Hopkinson the new country manager for Canada. Removing the ‘interim’ tag from his title, the company said Monday that Hopkinson will lead AXA XL’s insurance operations in the country, effective immediately. “Glen’s extensive insurance expertise, paired with his commitment to providing the highest service to our clients, and his reputation […]
By David Gambrill | August 23, 2023
2 min read