Despite the hard market slowing down service capabilities in some areas of the P&C industry, Canadian consumers seem satisfied with their insurance policies, according to a recent survey by insurance software company Duck Creek Technologies. Almost all insured Canadians who were surveyed (96%) felt confident to very confident in the coverage they bought, according […]
By Alyssa DiSabatino | May 26, 2023
2 min read
BrokerLink still sees plenty of M&A opportunities in provinces where it currently operates and doesn’t have any immediate plans to expand into new geographic areas, the brokerage’s president told Canadian Underwriter in an interview Tuesday. BrokerLink is focusing its resources on areas in which it has scale — Alberta, Ontario, and the Atlantic Canada provinces […]
By Jason Contant | May 24, 2023
4 min read
Navacord has invested heavily into its wealth management and group benefits capabilities, acquiring RWAM Insurance Administrators Inc and Programmed Insurance Brokers (PIB) Inc. “As Navacord’s largest transaction to date, the partnerships with RWAM and Programmed Insurance Brokers Inc. underscore Navacord’s dedication to fostering collaboration and innovation in the insurance and wealth management sector,” the brokerage […]
By David Gambrill | May 24, 2023
2 min read
Canada’s insurance regulators have confirmed insurers and brokers are each expected to comply with new guidance related to designing and managing sales incentive programs, even though the insurer is ultimately responsible for the fair treatment of customers for the full life cycle of the product. The Canadian Council of Insurance Regulators (CCIR) issued a Q&A […]
By David Gambrill | May 19, 2023
3 min read
Amid signs the recently easing directors and officers (D&O) coverage segment may gradually become a bit tougher, brokers and insurers will be taking a closer look at companies’ risk-mitigation procedures. When writing risks, Catherine Lanctot, senior vice president and national leader of the financial services group at Aon, noted the ideal process includes speaking directly […]
By Phil | May 19, 2023
3 min read
Canada’s financial solvency regulator’s new guideline for managing risks associated with third parties (including brokers) will require insurers to find a ‘balance point’ for compliance, one industry expert said. The Office of the Superintendent of Financial Institutions Guideline B-10: Third-Party Risk Management sets out enhanced expectations for federally regulated financial institutions (FRFIs). It aims to […]
By Alyssa DiSabatino | May 18, 2023
2 min read
Navacord founding partner Lloyd Sadd Insurance Brokers has acquired northern Alberta’s Casey Insurance, effective Apr. 1. Casey Insurance is a full-service brokerage offering home, auto and business insurance solutions to clients within the region of Peace River, Alta., and its surrounding communities. Founded in 1978, Casey offers policies from about 13 insurers, according to […]
By Alyssa DiSabatino | May 16, 2023
1 min read
McDougall’s $232-million merger with Ontario brokerage McFarlan Rowlands last week is only the beginning for Definity, which is seeking more M&A growth to put it into the Top-5 P&C insurance companies in Canada. In its 2023 Q1 earnings call, Definity announced the company’s organic growth is running at about 10%, but this alone would not […]
By David Gambrill | May 15, 2023
3 min read
With office vacancy rates rising in many Canadian cities, brokers need to coach building owners on the need to manage their insurance obligations. A 2023 Q1 report from commercial real estate firm Coldwell Banker Richard Ellis (CBRE) Canada notes, “The overall national office vacancy rate increased to 17.7% in Q1, with slight market softening noted […]
By Phil | May 12, 2023
4 min read
If you’re a fan of the Fast & Furious movie franchise, you’re probably looking forward to the 10th installment — Fast X — which opens May 19. But have you ever given much thought to how much it costs to insure these souped-up supercars? Likely not, but Mitch Insurance has. The Ontario-based brokerage looked at […]
By Jason Contant | May 11, 2023
4 min read