Operations
Alberta will move to a no-fault system for auto physical damage if the province’s brokers have their way. That’s just one of 20 legislative and regulatory changes the Insurance Brokers Association of Alberta (IBAA) has recommended to Alberta’s Auto Advisory Committee in a white paper released March 9. The white paper, The Framework: Fixing the […]
By Adam Malik | March 10, 2020
2 min read
One industry professional with a reinsurance background is really not surprised by the announcement yesterday by Aon plc that it intends to acquire Willis Towers Watson for $30 billion in stock. “I think the writing has been on the wall for some time – even prior to the rumoured acquisition of Willis by Aon of […]
By Jason Contant | March 10, 2020
3 min read
Global brokerage Aon plc announced Monday it intends to acquire Willis Towers Watson for reportedly nearly $30 billion in an all-stock transaction. “This combination will create a more innovative platform capable of delivering better outcomes for all stakeholders, including clients, colleagues, partners and investors,” said Aon CEO Greg Case. “Our world-class expertise across risk, retirement and health […]
By Jason Contant | March 9, 2020
After a bit of a lull in M&A announcements in the Canadian property and casualty space since the beginning of the year, it looks like the market for P&C brokerages and employee benefits solutions remains strong. Deals seem to be announced around the beginning of the month. There were a handful of transactions at the […]
By Jason Contant | March 6, 2020
Brokers who can best balance online distribution with personal advice will reap the benefits in the current merger and acquisition (M&A) environment, a brokerage M&A expert noted recently. “In Canada, brokers have generally been successful in defending against pure direct insurance distribution models,” Mike Berris, a partner with Vancouver-based Smythe Advisory, wrote in a blog […]
By Jason Contant | March 4, 2020
Legal / Regulation
A B.C. broker has been banned from holding a licence for five years and fined $5,000 for committing insurance fraud. The province’s broker regulator, the Insurance Council of B.C., found that Martin Hroch submitted 74 false insurance claims for physiotherapy services through his brokerage’s health and wellness program over a 13-month period. “The amount claimed […]
By David Gambrill | March 4, 2020
Insurance Bureau of Canada (IBC) has issued a series of policy recommendations to help improve the affordability of strata insurance in British Columbia, some of which touch upon suggestions made by the province’s broker association. IBC’s recommendations include: Last month, Canadian Underwriter asked Chuck Byrne, the executive director and chief operating officer of the Insurance […]
By Jason Contant | March 2, 2020
Some insurers are specifically allocating internal resources to address silent cyber, while others are outsourcing it, speakers noted recently at NetDiligence’s Cyber Risk Summit in Toronto Feb. 21. Melinda Parker Thompson, an underwriting specialist with Allianz Global Corporate & Specialty (AGCS), told attendees the insurer is specifically looking at silent cyber across its portfolio. “A […]
By Jason Contant | February 28, 2020
Intact Insurance has updated and expanded its crime coverage to include “social engineering,” which describes a situation in which nefarious online actors dupe unsuspecting employees into sending money or products to criminals. “What we’ve taken is the crime coverages that we’ve had historically and modernized them,” Mike Kosturik, vice president of commercial lines for Ontario […]
By Adam Malik | February 28, 2020
Capacity is still readily available to cover cyber risks, but more insurers are approaching the coverage cautiously, a speaker said Friday at NetDiligence’s Cyber Risk Summit in Toronto. In terms of procedure, clients’ applications for cyber coverage must clear more hurdles now than they did before, noted Sophia Kudlyk, cyber practice leader with insurance advisory […]
By Jason Contant | February 27, 2020
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