The beginning of 2023 saw a slowdown in mergers and acquisitions (M&A) activity in Canada’s P&C brokerage space as brokers’ interest in deal-making appeared to decline. At the time, the inflationary environment and higher cost of capital to make deals were mentioned as contributing factors. But by mid-2023, M&A activity picked up again, and it’s […]
By Jason Contant | September 26, 2024
3 min read
With current brokerage valuation multiples sometimes as high as 15 to 20 times EBITDA (earnings before interest, taxes, depreciation and amortization), buying a business is challenging for anyone without access to significant capital. So, how do brokerages finance their deals? “Aside from borrowing from banks, raising capital from insurers or private equity (PE) still continues […]
By Jason Contant | September 25, 2024
3 min read
Ontario’s financial services regulator is consulting on new guidance related to auto insurance rating and underwriting regulation. FSRA says the proposed guidance will help by “reducing regulatory lag and streamlining processes, so that premiums can be more closely matched to claims trends.” “This guidance marks an important milestone in FSRA’s Automobile Insurance Rating and Underwriting […]
By Jason Contant | September 23, 2024
3 min read
Wawanesa Mutual Insurance Company president and CEO Jeff Goy (pictured top right) will be retiring after a 35-year career with the insurer, including nearly 11 years as president and CEO. Effective Jan. 1, 2025, Evan Johnston (pictured left), the company’s executive vice president of strategy and related businesses, will serve as the 10th president in […]
By Jason Contant | September 19, 2024
2 min read
Artificial intelligence (AI) is touted as a way for actuaries and underwriters to be more efficient in their jobs and escape manual data entry — but most don’t believe it. And even if they did, many say they aren’t receiving the proper tech training to take full advantage of AI’s benefits. Almost seven out of […]
By David Gambrill | September 17, 2024
3 min read
Aviva Canada is warning consumers to beware of an Alberta-based ghost broker that’s claiming to be affiliated with Aviva, but is instead selling fake insurance policies. “It has come to our attention that Canadians are being scammed by representatives of a company known as AllcoveredbyAviva or Allcoveredbrokers, operating out of Alberta,” says Jamie Lee, head of financial crime […]
By Alyssa DiSabatino | September 17, 2024
2 min read
RIMS has partnered with Brokerslink, a global broker network, to offer its risk management certification to its affiliate members. The partnership aims to establish a global standard for risk management knowledge. As Steve Pottle, director of risk management at Thompson Rivers University puts it, the certificate program will provide affiliate brokers with a baseline for risk […]
By Alyssa DiSabatino | September 16, 2024
3 min read
AMC Insurance Services Ltd., based in Surry, B.C., announced it has acquired Western Associated Insurance Brokers Ltd. Acquisition of the Vancouver-based brokerage brings “a strong clientele and deep-rooted community connections” into the AMC fold, the firm says in a press release. Western Associated Insurance Brokers is a family owned and operated brokerage with more than […]
By Alyssa DiSabatino | September 12, 2024
1 min read
Clear market demand was behind U.S. carrier PURE Insurance’s entry into the Canadian affluent homeowners’ insurance market and plans to enter the auto insurance space next year, the head of the insurer’s Canadian branch told Canadian Underwriter in an interview Tuesday. “From a broker perspective, what we hear from our brokers is there’s definitely a […]
By Jason Contant | September 11, 2024
3 min read
Managing general agent Coalition announced the creation of its reinsurance intermediary, Coalition Re, which will provide capacity for cyber reinsurance treaties. The “active insurance provider” (which uses digital technology to help policyholders before, during and after an incident) will provide capacity for non-proportional cyber reinsurance treaties, says Coalition Re. It will also provide […]
By Alyssa DiSabatino | September 11, 2024
2 min read