Consolidators will have to tread the line between growing rapidly while also ensuring growth doesn’t hinder operations, particularly customer service, said experts at an industry panel. Amid consolidation, small and medium-sized brokerages will be able to remain competitive if they can find a way to leverage technology for the better, panellists discussed during the Young […]
By Alyssa DiSabatino | June 21, 2023
2 min read
Few Canadian P&C brokerages are looking at increasing compensation to attract and retain talent, even as they continue to try to distinguish themselves from their competition, a new industry report found. Like many industries, insurance has seen a shortage of talent and also an ever-present “war for talent.” However, only one in three brokerages who […]
By Jason Contant | June 21, 2023
3 min read
With insurance underwriters now voicing preference for ‘best-in-class’ commercial risks, it’s fallen to brokers to educate their clients about how to reduce their losses. And that means commercial brokers are becoming more like holistic risk advisors, making recommendations to their clients on loss control. “We certainly have moved away from being a procurement-only type service,” […]
By Phil | June 20, 2023
3 min read
Private equity (PE) firms are frequently described as caring more about themselves and their investors than their entrepreneur partners. Or they’re called whiz kids who don’t fully understand the industries into which they insert themselves. However, much like top-tier brokerages, the best PE firms have been in business for decades. And they know how to […]
By Phil | June 20, 2023
3 min read
Ontario saw a record 48 finalized brokerage transactions in 2022, mostly led by consolidators, said Suzanne Pountney, president of the Insurance Brokers Association of Ontario (IBAO), during the Young Broker Conference in Niagara Falls. “This is up 60% over last year. It also makes 2022 the highest year for M&A activity ever, according to IBAO […]
By Alyssa DiSabatino | June 19, 2023
2 min read
A growing wave of retirements means Canada’s property and casualty (P&C) insurance brokerages are losing the knowledge and experience of many of its senior leaders. “Many brokerages run into issues because they don’t have a system for knowledge transfer, which is a big missing piece that leads to E&O exposure,” says Christy Silvestri, president of […]
By Phil | June 16, 2023
2 min read
With McDougall Insurance Brokers now within the Definity fold, the brokerage has made a splash in the merger game, cutting a deal to acquire Alberta-based Drayden Insurance. McDougall announced it has entered into a definitive agreement to acquire 100% of Drayden for $208 million, subject to adjustments. The transaction will be funded by Definity, through […]
By David Gambrill | June 14, 2023
2 min read
Ontario’s broker self-regulatory body is looking at its licensing exams with a stronger focus on commercial lines and MGAs, Registered Insurance Brokers of Ontario (RIBO) CEO Patrick Ballantyne said last week during an industry event. “Those exams are currently under active review with a new blueprint set to be implemented this fall,” Ballantyne said during […]
By Jason Contant | June 12, 2023
3 min read
Commercial lines in Canada have changed in the aftermath of the pandemic. These days the monolithic ‘hard market’ has evolved into multiple markets differentiated by segmented pricing and best-in-class loss-control measures. And the commercial broker’s role has changed accordingly. After helping Canadian businesses navigate a longstanding hard market and noting that carriers have an appetite […]
By Phil | June 9, 2023
3 min read
Westland Insurance has appointed senior industry executive Robert Beauchamp as its new vice president of Quebec operations. Beauchamp will spearhead operations and drive growth in Quebec, the brokerage said in a press release. “This appointment marks Westland’s commitment to expanding its presence in the province and fostering even stronger relationships with Quebec clients, partners and […]
By Jason Contant | June 9, 2023
2 min read