Operations
Despite the economic disruption from the COVID-19 pandemic, some brokerage owners could sell their business for multiples of more than four times revenue, but there is potential downside to this, Ontario brokers heard Wednesday at their annual convention. “About 15 years ago, the multiples that buyers paid to acquire brokerages were in the 2.5 to […]
By Greg Meckbach | October 23, 2020
3 min read
Traditional insurance policies can be hard to read on mobile devices and legalistic language can make them difficult to understand, Lloyd’s suggested in a recent report. The design and format of policy documents is important, Lloyd’s said in Building simpler insurance products to better protect customers, a report released Oct. 12. “Many traditional policy documents […]
By Greg Meckbach | October 21, 2020
2 min read
A broker principal shares his story about how his fledgling brokerage managed to navigate its way through the various business disruptions caused by COVID-19
October 20, 2020
4 min read
Kent Rowe, vice president of commercial lines for Wedgwood Insurance, is staying on for another year as president of the Insurance Brokers Association of Canada. IBAC held its annual general meeting Sept. 23. IBAC announced Monday that its 2019-20 executive will remain in place for an additional year “to provide stability and continuity” amid IBAC’s […]
By Greg Meckbach | October 19, 2020
Legal / Regulation
A Manitoba broker received a $250 fine recently for failing to advise a client that his policy had been moved to a different insurer until two weeks after the policy had expired. In its decision, the Insurance Council of Manitoba found that on Jan. 1, 2019, an unnamed brokerage had cancelled its contract with Insurer […]
By David Gambrill | October 19, 2020
British Columbia’s Liberal party, which ruled the province from 2001 through 2017, is promising to open auto insurance up to competition if voters return the Liberals to power in the Oct. 24 election. “The ICBC monopoly is a failure and it’s time to offer drivers cheaper rates — that’s what competition will do,” Liberal leader […]
By Greg Meckbach | October 7, 2020
Based on recent consumer research and brokers surveys, Canadian Underwriter has identified three crucial topics of conversation to help brokers forge stronger bonds with their clients
October 5, 2020
6 min read
Westland Insurance Group and BrokerTeam Group have both announced separate deals this past week. Westland Insurance Group Ltd. acquired two Alberta brokerages, effective Oct. 1. Surrey, B.C.-based Westland announced Friday it closed the acquisition of Carstairs, Alta.-based Ironside Insurance Brokers and Picture Butte, Alta.-based G&E Insurance. This adds 19 employees to Westland, which now has […]
By Greg Meckbach | October 2, 2020
1 min read
Specialization continues to be a major growth strategy for brokers, as our third annual National Broker Survey shows. But has the pandemic exposed the limits to specialization…?
October 1, 2020
9 min read
A B.C. broker received a $1,000 fine and was ordered to complete a course in auto insurance for her role in trying to help a man purchase a car for his son-in-law. The provincial broker regulator found that the broker, Lini Outh, had fraudulently transferred the ownership and insurance to the son-in-law without his knowledge […]
By David Gambrill | September 29, 2020
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