Insurable Interest Canadian Insurance Blog

Cyber Central© is set to simplify the way agents and brokers quote, identify leads, and gather insights Zurich, Switzerland (June 21, 2023) – Chubb is pleased to announce the launch of Cyber Central, an innovative quoting platform designed for agents and brokers who specialize in cyber risks. This cutting-edge platform simplifies and enhances the process of quoting and issuing Cyber, Technology E&O, and Miscellaneous Professional Liability coverages on a stand-alone basis. “Chubb is committed to continuing to provide industry leading solutions that empower our distribution partners in the cyber insurance market,” said William A. Wise, Executive Vice President of Chubb’s North America Professional Liability and Cyber practice. “Cyber Central is a game-changer for cyber specialists, offering streamlined quoting options, valuable insights, and a comprehensive suite of support features tailored to their unique needs.” Cyber Central offers three distinct quoting paths suited to agent and broker needs. The options include: 1.  End-to-End Quoting: A seamless, fast, and comprehensive quoting process that covers all aspects of cyber insurance for a single customer. 2.  Indicative Quoting: A straightforward quoting option where users complete basic information to quickly obtain an appetite and premium range for their customer. 3.  Batch Quoting: Instead of quoting new business individually, users...

By Raymond Mazzotta and Richard Vonesh, ReSource Pro — It’s almost impossible to turn on the news and not hear about supply chain issues or inflation affecting everything from food, gasoline, and building materials to housing costs and automobile parts. But nowhere is the impact of these disruptive winds felt more than in the claims operations of insurance carriers. Today’s claims leaders face a paradox: parts to fix vehicles cost more and are harder to get; building materials to repair damaged homes are also in short supply and rising dramatically in cost. While the time and cost of the claims journey are both increasing, the expectations of customers are running in the opposite direction—people want it faster for less. Time for a New Map Over the past two years, we’ve worked with clients who share a similar story: our claims counts are down; our staffing levels have remained level, yet claims morale is lower, and customer satisfaction scores are declining. What is going on? It all starts with the process: While everyone is familiar with the headlines about the environment, carriers have been slow to change their processes to adjust to the changing environment. In some cases, they have invested...

Drayden is a large scale independent insurance broker in Alberta with a proven track record Acquisition will complement Definity’s existing portfolio of broker assets with the establishment of a strong presence in Western Canada Transaction is expected to increase Definity’s earnings from distribution[1] by over 25% and be immediately accretive to Definity’s operating ROE and operating EPS[2] Waterloo, ON (May 24, 2023) – McDougall Insurance Brokers Limited, a subsidiary of Definity Financial Corporation, has announced that it has entered into a definitive agreement to acquire 100% of Drayden Insurance Ltd. for $208 million, subject to closing and post-closing adjustments. The transaction will be funded by Definity, through McDougall, using a combination of excess capital and debt. After accounting for all related transactions, Definity’s ownership interest in McDougall will increase to approximately 78%. Founded in 1965, Drayden is a leading Alberta insurance broker with approximately $125 million in annual premiums and strong operating margins. Through its insurance broker and government registry service operations, Drayden employs over 170 people across eight locations in the Edmonton area. After closing of the Drayden transaction, McDougall will have over $860 million in annual premiums with 860 employees in 65 office locations. The transaction is expected...

Start Slideshow The registered investment advisory industry grew by 2.1% in 2022, with 15,114 fiduciary investment advisors managing $114.1 trillion in assets for 61.9 million clients, according to the  Investment Adviser Association and National Regulatory Services’ just-released Investment Adviser Industry Snapshot report. “Over the past five years, over 22 million more individuals have engaged an investment adviser for asset management — a rate of growth in both the number of individual clients and assets of roughly 12% per year,” Karen Barr, CEO and president of the IAA, said in announcing the report’s findings. While assets under management “declined for the first time since 2008 due to a vacillating economy, the investment advisory industry was resilient, with both the number of advisers and non-clerical employees climbing to a record high in 2022,” the report states. The number of clients using asset management services increased in 2022 to a record high of 54.3 million, a gain of 2.1%, according to the report. Other stats show that 91.7% of advisors employed 100 or fewer employees, 70.2% of advisors managed less than $1 billion in assets, and 88.5% managed less than $5 billion. The total number of clients not using asset management services, “such as clients using...