Westland Insurance today rung in the New Year by acquiring two Alberta-based brokerages — Dyberg Insurance Inc. and Prairie Villa Insurance. “Maintaining a firm local focus, [the two brokerages have] formed deep and lasting ties to their communities,” Westland commented in an announcement about the deals. “This strategic acquisition grows Westland’s distribution presence in Northern […]
By Alyssa DiSabatino | January 5, 2024
1 min read
Employees deem leaders who psychologically detach from work when they aren’t in the workplace as more powerful and engaged in the office, new research shows. “We found that when leaders psychologically detached from work when at home – they did not actively think about work-related issues, but instead engaged in activities that allowed them to […]
By David Gambrill | January 5, 2024
3 min read
Alberta brokerage Drayden Insurance has announced the acquisition of Darson Insurance Services in Stony Plain, Alta. Drayden Insurance is a division of Ontario brokerage McDougall Insurance, which itself is a subsidiary of Definity Financial Corporation. In October 2022, Definity increased its ownership interest in McDougall from 25% to 75%, and owned approximately 78% of the […]
By Jason Contant | January 3, 2024
3 min read
Broker commissions in Canada’s property and casualty insurance industry were down by about 5% to 7% in personal lines last year, as noted in the Canadian Council of Insurance Regulators’ 2022 Annual Statement on Market Conduct Public Report. In personal auto lines, brokers received an average commission from insurers of 7.85% on auto policy sales […]
By David Gambrill | January 3, 2024
3 min read
An Alberta car dealership selling equipment warranties but not submitting the premiums to the insurer has been fined $85,000 by the province’s insurance regulator. Alberta Insurance Council [AIC] noted in its November 2023 decision that Penhold Car Farmers sold 17 equipment warranties for which it had not turned over the premiums to the unnamed insurer. […]
By David Gambrill | January 2, 2024
3 min read
BrokerLink has completed 20 total acquisitions in 2023, including two new brokerage deals — one in Alberta and one in Ontario. “The company remains a top succession option for principals who are thinking about the future of their operation and their employees and the door is always open for a conversation,” BrokerLink wrote in […]
By Alyssa DiSabatino | January 2, 2024
2 min read
Dave Partington, CEO, Gallagher Global Brokerage – Canada Canada’s property and casualty insurance industry will start to see the return on investments in artificial intelligence in 2024. Many organizations have invested heavily to develop AI solutions that deliver benefits to our clients and colleagues. At the front-end, brokers will use AI to better inform clients […]
By Phil | December 27, 2023
2 min read
Kenny Nicholls, president, CEO, Western Financial Group If there’s ever been a time for all industry players to come together and focus on the consumer, it is now. Much of the insurance industry’s focus over the past few years has been on managing premium levels, investing in technology, heightened M&A activity, dealing with more catastrophes, and fiercely […]
By Phil | December 26, 2023
2 min read
Adam Mitchell, CEO, Mitch Insurance Now, more than ever, size matters. The distribution landscape is evolving quickly; for smaller brokerages, the fear out there is very real. Those operating in this space know the road ahead will be fraught with challenges, and many are trying to figure out what to do. At this point, your brokerage needs […]
By Phil | December 26, 2023
2 min read
Bernard McNulty, Chief Agent, Canada, Allianz Commercial Many challenges our industry faced in 2023 will continue to be headwinds in 2024. These include climate change/natural catastrophes, cybercrime and inflation. The industry’s talent shortage will also continue to be a challenge in 2024. Companies must continue to encourage staff to be innovative, source talent from a variety of […]
By Phil | December 26, 2023
2 min read