Operations
Brokers struggling to find coverage for small and mid-sized restaurant and hotel clients may now have a new option available, and it’s already getting a response. CAA Club Group’s Echelon subsidiary announced Monday it is offering up to $5 million in property and liability coverage to some small and mid-sized clients in the hospitality sector. […]
By Greg Meckbach | November 17, 2020
4 min read
It is still up to regulators to decide whether Aon plc will be allowed to acquire Willis Towers Watson plc, but Aon officials seem confident there won’t be a problem. During a recent earnings call, Aon executives were asked why they were so confident that they would not be forced to sell part of Willis […]
By Greg Meckbach | November 11, 2020
2 min read
Legal / Regulation
A B.C. broker has been suspended for two years and fined $1,000 for passing off a client’s cancelled vehicle license plates as his own, giving the appearance that his vehicle was insured when in fact it wasn’t. Ping Hong (Gary) Chow was licensed as a Level 1 general insurance salesperson from 1997 until he terminated […]
By David Gambrill | November 10, 2020
3 min read
Intact Financial Corp. is aiming to grow its brokerage subsidiary to a $3-billion-a-year operation, CEO Charles Brindamour told investment banking analysts recently. “BrokerLink recently surpassed $2 billion in premiums as it continues to grow organically and through acquisitions,” Brindamour said Nov. 4 during a conference call. “The growth story isn’t done, as we have set […]
By Greg Meckbach | November 10, 2020
Things could get interesting for brokers in Atlantic Canada if Intact takes over RSA’s Canadian operations, a Saskatchewan broker told Canadian Underwriter Friday. That being said, he felt if the proposed deal announced Thursday goes through, it would still leave plenty of choice among insurers in the Canadian property and casualty market. David Pettigrew, CEO […]
By Greg Meckbach | November 6, 2020
5 min read
While the global COVID pandemic may have sharpened the insurance industry’s focus on providing digital solutions to customers quickly, the speed at which the industry can move remains limited by traditional barriers such as a carrier’s organizational culture, regulation, and legacy systems. Panellists at the online conference Future of Insurance Canada, organized by Reuters Events, […]
By David Gambrill | November 3, 2020
HR
Brokers who are concerned about carriers having “too direct” of a relationship with the broker’s customers should consider what service those customers are expecting, an industry consultant suggests. “As an industry, we have a number of places where we have inserted extra steps because of people’s sensitivity or mistrust of each other,” said Bryan Falchuk, […]
By Greg Meckbach | October 27, 2020
With a week to go before Hallowe’en, Ontario brokers heard some spooky stories last week about what happens if a brokerage does not invest in keeping up to date with technology. “Technology is going to be a much more permanent feature of your investment budget, and I don’t think it has to eliminate your margins; […]
By Greg Meckbach | October 26, 2020
Government and the industry should take a close look at the structure and regulation of “middle players” in the commercial property and casualty insurance market, Ontario brokers heard last week at their annual convention. “We know there are some things happening in the market where some rules…do not apply to everyone in our market, and […]
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
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