The persistent pace of M&A activity in 2023 will remain undaunted in the new year, and as activity hastens, the industry can expect organic growth to be challenged, one expert shared during a recent broker convention. “I wouldn’t be surprised to see a large-scale merger or acquisition occur in 2024 that really dynamically changes the […]
By Alyssa DiSabatino | October 20, 2023
3 min read
Financial institutions, more often than not, have surplus capital. “To satisfy their shareholders, either they need to invest that capital or buy into businesses so they can have a return,” notes Suzanne Pountney, president of Insurance Brokers Association of Ontario (IBAO). “If you’ve checked your investments or RRSPs lately, it’s not been pretty, so they’re […]
By Phil | October 19, 2023
3 min read
For brokers, the biggest obstacle in selling cyber insurance to clients might not be what you think. Traditional roadblocks to a sale include price, board approval, and executive complacency. But here’s an unlikely naysayer that’s making the rounds of brokerage watercooler chat — corporate IT departments. Turns out IT departments are the Number 1 obstacle […]
By Jason Contant | October 18, 2023
2 min read
Traci Boland is the new president of the Insurance Brokers Association of Canada (IBAC). Boland is partner and manager at Ontario West Insurance Brokers and Bill Blaney Insurance Brokers. She holds more than over 20 years’ experience in the industry and was involved with IBAC for nearly six years prior to her new appointment. She […]
By Alyssa DiSabatino | October 18, 2023
2 min read
Drivers used to get a reminder in the mail that their license or plate renewal is approaching. But in 2022, the Ontario government stopped mailing out physical notices for expiring licenses. Some drivers didn’t get the memo. Mitch Insurance is seeing an increase in policy non-renewals from clients whose licenses expired without their knowledge. […]
By Alyssa DiSabatino | October 17, 2023
2 min read
Buyers of Canadian P&C brokerages are becoming more selective in their M&A targets, with an increased focus on future profitability, Vancouver-based advisory firm Smythe LLP told Canadian Underwriter. Purchasers are still quoting high revenue multiples and prices aren’t necessarily decreasing, but acquirers’ criteria for what they’re willing to pay for is narrowing, said Alex Wong, […]
By Phil | October 16, 2023
3 min read
Fresh from completing three mergers this month, Navacord president and CEO Shawn DeSantis tells Canadian Underwriter the company is working to expand its geographic presence and build national scale. In British Columbia, Navacord announced its latest deal with Harbord Insurance earlier this month. The brokerage has joined Waypoint Insurance, a Navacord brokerage based on Vancouver […]
By Alyssa DiSabatino | October 13, 2023
2 min read
With the Global Federation of Insurance Associations (GFIA) citing a $900-billion cyber insurance protection gap, Canadian brokers are seeing a huge growth opportunity in cyber, with some predicting cyber insureds will ultimately overtake the proportion of those covered by property insurance. “I mentioned cyber earlier on upward of a $1-trillion protection gap and growing,” said […]
By David Gambrill | October 12, 2023
2 min read
BrokerLink has completed its largest acquisition to date in Alberta with the purchase of Alpine Insurance Inc., the brokerage announced Wednesday. The brokerage also acquired Ontario-based Eagen Insurance Brokers Inc. Both deals were effective Oct. 1. “Alpine Insurance marks BrokerLink’s largest purchase in the West to date, and provides an opportunity to expand service in […]
By Jason Contant | October 12, 2023
2 min read
Intact’s executive vice president Debbie Coull-Cicchini will retire as of Jan. 1, 2024, the company announced Wednesday. Louis Gagnon, CEO, Intact Financial Corporation Canada, announced Coull-Cicchini’s retirement to Intact’s brokers in Atlantic, Ontario and Western Canada. “I have had the privilege of working directly with Debbie for many years, both while I was a broker and […]
By Alyssa DiSabatino | October 12, 2023
2 min read