Insurable Interest Canadian Insurance Blog

Q&A with Gary Hirst, CEO, CHES Special Risk Toronto, ON (Nov. 15, 2023) – Gary Hirst, CEO and President of CHES Special Risk, a leading Managing General Agent (MGA), delves into the burgeoning phenomenon of Brokers increasingly forging strategic alliances with MGAs. Hirst, recognized for his industry experience and forward-thinking approach, provides valuable insights into Transformative Trends Reshaping the Insurance Landscape. In recent years, the insurance sector has witnessed a paradigm shift, with traditional models being recalibrated by innovative collaborations between Brokers and MGAs to cater to the evolving demands of insureds. In a candid Q&A session, Hirst sheds light on the driving factors behind this trend, the benefits brokers reap from these partnerships, the insurance products best suited for such collaborations, and the key takeaways from successful experiences. Q1: What fuels the rising trend of brokers collaborating with MGAs in the insurance industry? GH: The surge in brokers collaborating with MGAs can be attributed to several pivotal factors. Firstly, the insurance market’s hardening, characterized by stricter underwriting and pricing, has spurred brokers to explore alternative solutions. Furthermore, a decrease in capacity and available contracts with conventional carriers has prompted brokers to turn to MGAs. When brokers encounter the “yes”...

Even with this disconnect, cybersecurity spending and hiring are on the rise: OpenText Cybersecurity 2023 Global Ransomware Survey Waterloo, ON (Nov. 15, 2023) – OpenText™ has released the results of its annual 2023 OpenText Cybersecurity Global Ransomware Survey. Findings show a similarity in how small-to-medium sized businesses (SMBs) and enterprises (more than 1,000 employees) think about ransomware attacks, including a disconnect about who is a target and growing concern about the use of artificial intelligence (AI) by threat actors. While the majority of organizations don’t believe they will be attacked, they do understand the business risks as evidenced by increased security spending and plans to expand security teams. “The conviction ‘it won’t happen to me’ is a risky mindset. Cyberattacks have become increasingly common and can have serious consequences; no business is immune to an attack,” said Prentiss Donohue, Executive Vice President, OpenText Cybersecurity. “While many businesses take the right defensive steps like using access controls, deploying backup and monitoring for threats, a layered security approach that includes education remains the best defense against ransomware. Ongoing education of the risks as well as the techniques used to perpetuate an attack is essential to avoid falling victim.” Spotlight findings: Optimism bias...

Addition of franchise owners Derek VanGeffen and Matty Dominski further strengthens Hudson’s leadership Burlington, ON (May 24, 2023) – Hudson Restoration, a leading boutique restoration firm, is excited to announce that London, Ontario will soon be home to a new Hudson Restoration franchise. This location is the second franchise under the restoration company’s expansion umbrella, and marks another significant step in its growth plans. Leading the new franchise will be Co-Owners and industry veterans, Derek VanGeffen and Matt Dominski. Collectively, Mr. VanGeffen and Mr. Dominski bring more than forty years’ senior level industry, business ownership and management, operational, and business development experience to Hudson. “We are delighted that respected industry professionals Derek and Matty have chosen to join Hudson at this stage in our growth,” says Steve Hudson, Founder of Hudson Restoration. “They both bring a history of expertise and dedication to exceptional customer service, but they also are as inspired as we are to grow this industry and to Restore Responsibly.” “I am thrilled to be joining Hudson at this time of their journey,” says Derek Van Geffen. “I have been looking for an opportunity to leverage my energy for this industry, and help build toward the success of...

Westland expands group benefits practice with latest partnership in Ontario Surrey, BC (Nov. 6, 2023) – Westland Insurance, Canada’s largest independently owned insurance broker, is pleased to announce its new partnership with Prime Benefits Group Inc., a leading provider of employee benefits and retirement solutions based in Ottawa, Ontario. This strategic move further strengthens Westland’s position in the Canadian market and enhances its capabilities in the group benefits sector. With over 30 years of experience, Prime Benefits Group has been dedicated to assisting Canadian companies and their employees in obtaining comprehensive coverage. Prime Benefits Group will contribute its specialized knowledge and expertise to the company’s corporate clients. “I’m thrilled to announce this new partnership with Prime Benefits Group. This exciting moment marks another milestone in Westland’s growth strategy, allowing us to further diversify our offerings and strengthen our position as a leader in the insurance industry,” says Jamie Lyons, President & CEO of Westland. “Prime Benefits brings a wealth of specialized knowledge in the group benefits market, and we’re proud to be partnering with them.” About Westland Insurance Group Westland Insurance Group is one of the largest and fastest-growing independent insurance brokers in Canada. Trading over $3 billion of premium,...

Tamworth, ON (Nov. 2, 2023) – McDougall Insurance Brokers Limited is thrilled to announce that we have merged with M.B. Kouri Insurance Brokers Ltd. in Tamworth, Ontario. As of November 1st, 2023 we have merged with M.B. Kouri Insurance Brokers Ltd. and we are pleased to welcome the employees of M.B. Kouri Insurance Brokers Ltd. into our organization. M.B. Kouri Insurance Brokers is a very successful broker operating out of Tamworth, Ontario. They now join the McDougall Insurance and Financial team to form an independent broker with 66 offices in Ontario and Alberta with 850 employees with over $900 million in property casualty premium. All M.B. Kouri Insurance Brokers Ltd. employees will remain with the organization and their branch office location will remain at 1294 Mountain Rd, Tamworth. Their phone number 1-800-465-6874 will also continue to operate as their toll free phone number. M.B. Kouri Insurance Brokers Ltd is an excellent fit for McDougall Insurance because it strengthens our position in this region of Eastern Ontario nearby several other of our branch offices. MB Kouri Insurance Brokers is a specialty broker writing campgrounds, resorts, trailers and mobile home from their office in Tamworth. They have been successfully growing in this...

London, UK (Nov. 16, 2023) – CFC is pleased to announce the launch of a new management liability solution designed specifically for Canadian small to mid-size businesses. Focused on the day-to-day risk exposures faced by smaller enterprises rather than those of publicly traded companies which management liability products typically target, CFC’s new solution includes a number of new coverages, many of which are non-standard in the Canadian market. “Management liability can be a tricky product to sell to smaller enterprises,” said Rob Page, CFC’s North American Management Liability Team Leader. “Policies are usually full of technical jargon and tend to be designed with larger businesses in mind, so it’s hard for brokers to make them easily relatable to their SME clients. With clear, simple language, our new modular product encompasses the typical exposures that the board and senior managers of an SME actually face, meaning they can pick and choose the cover that suits their business and only buy what they need.” Brand new coverages provided under CFC’s management liability solution include: Executive reputation protection including adverse events that cause damage to the reputation, standing or status of senior executives. It includes access to leading PR experts in Canada and...

Residents of Quebec, Ontario and New Brunswick will be able to support registered charities in a more meaningful way thanks to a new financing solution that is simple, secure and effective Montreal, QC (Nov. 15, 2023) – Groupe Cloutier is pleased to announce the launch of an innovative program called J’assure ma cause. This is a revolution in the field of philanthropy, offering donors the opportunity to purchase life insurance to benefit the cause they care about. Thanks to a simple, rapid process, the donor takes out a life insurance policy and designates the organization of his or her choice, registered with the program, as policyholder and beneficiary. On the donor’s death, the capital is paid to the charitable cause, and the designated organization receives an amount that exceeds the value of a simple cash donation. The program is available to residents of Quebec, Ontario and New Brunswick. Chantale Vigneault, a financial security advisor affiliated with Groupe Cloutier, President and Co-Founder of J’assure ma cause explains: “Making a planned gift of life insurance is a concrete way of leaving a lasting legacy that can increase in value over time, unlike a conventional cash donation. With J’assure ma cause, your support for the charities you...

Start Slideshow Forbes’ Real-Time Billionaires ranking tracks the daily ups and downs of the world’s wealthiest people. ThinkAdvisor took a look at the richest American men and women on the list with investments in sports. The wealth-tracking platform provides ongoing updates on the net worth and ranking of each individual confirmed by Forbes to be a billionaire. The value of individuals’ public holdings are updated every 5 minutes when respective stock markets are open. Individuals whose fortunes are significantly tied to private companies have their net worths updated once a day.  In cases where an individual owns a stake in a private company that accounts for 20% or more of his or her net worth, the value of the company is adjusted according to an industry- or region-specific market index provided by FactSet Research Systems when available.  See the accompanying gallery for the 15 wealthiest Americans in sports, according to the Forbes Real-Time Billionaires list as of Nov. 22. Start Slideshow