A Manitoba broker has been fined $500 and ordered to pay investigation costs of $2,000 for failing to disclose to the province’s broker regulator that he had previously been the subject of a disciplinary investigation by B.C.’s broker regulator. “The licensee falsely declared on his licensing applications, dated May 5, 2020, May 12, 2021, and […]
By David Gambrill | July 25, 2023
3 min read
Correction: The article has been amended to show Andrew Agencies has 22 locations, not 200 as previously reported. Canadian Underwriter apologizes for the error. On the heels of separate deals that closed at the beginning of the month, large Canadian P&C brokerages Westland Insurance, BrokerLink and Acera Insurance have again announced new M&A activity. […]
By Jason Contant | July 19, 2023
3 min read
Alberta’s auto insurance rate pause has caused one insurer to back away from the market, with others potentially following suit. The insurer is said to have a market share of less than 0.5% of auto policies in Alberta, a source familiar with the matter told Canadian Underwriter, affecting about 16,000 clients. Plus, there are as […]
By Alyssa DiSabatino | July 19, 2023
4 min read
Navacord has announced its acquisition of Belay Advisory, a benefits consulting and wealth advisory firm based in Alberta. This deal follows the burgeoning trend of P&C firms expanding their offerings into the financial services realm, in order to become a one-stop shop for their commercial and personal clients. An aging demographic among owners of small- and medium-sized […]
By Alyssa DiSabatino | July 17, 2023
2 min read
While consumers might have noticed their insurance rates are still increasing, prices are flattening out compared to last year’s single- or double-digit increases, two new reports from Applied Systems showed. Commercial lines saw an overall rate increase of 7.39% in this year’s first quarter, but the pace is slower than the previous year (8.35%), Applied’s […]
By Alyssa DiSabatino | July 14, 2023
2 min read
Canadian P&C brokerage merger and acquisition activity continues to burn red-hot in the second half of 2023, with large brokerages BrokerLink and Acera Insurance announcing a combined three deals recently. BrokerLink acquired Ontario-based Donnell Insurance Brokers Ltd. and New Brunswick-based Kent & White Insurance Ltd., effective July 1. Acera’s transaction with Alberta-based Ruston Agencies Ltd. […]
By Jason Contant | July 13, 2023
3 min read
Canada’s P&C insurance industry is showing signs of market softening despite the many reasons for a hard market to persist, according to a June 2023 Marketplace Insights report from Lloyd Sadd, a Navacord brokerage. The report cites many reasons industry observers have predicted a hard market to endure through 2023, including ongoing economic and political […]
By David Gambrill | July 11, 2023
3 min read
Brokerage consolidation is changing how insurers interact with their broker partners, panellists said during the Insurance Brokers Association of B.C. (IBABC) AGM and Leader’s Conference in Whistler, B.C., last week. The impact of consolidation is most acute for insurers who typically deal with small brokerage firms but are now required to adapt to large brokerage […]
By Alyssa DiSabatino | July 7, 2023
3 min read
Collectivfide Insurance Group has appointed Eric Walker as its head of mergers and acquisitions (M&A). Formed in 2019, Collectivfide’s shareholders represent mutual insurance companies in Ontario and across Canada. The company is committed to protecting the independent broker distribution channel. “Eric’s expertise and proven track record in the M&A, valuation and operations consulting space is […]
By David Gambrill | July 6, 2023
2 min read
In the lead-up to the July 1 reinsurance renewals, both the pricing and structural market dynamics that defined the Jan. 1, 2023 renewal period held steady, said Gallagher Re’s most recent 1st View renewals report. During the July 1 renewals, mid-year placements caught up and aligned with prevailing market undercurrents, it said. “With the improved […]
By Phil | July 6, 2023
2 min read