November 2024 MGA Roundup: A Glimpse Into 12 Canadian MGAs

As the year winds down, we’re taking a moment to spotlight 12 Canadian MGAs and their recent activities. From awards and recognitions to innovative product launches and community initiatives, these updates showcase the variety and vibrancy of the MGA sector in Canada. While this is just a selection, it offers a snapshot of the energy and contributions shaping the industry in November.

This month’s roundup highlights a random selection of 12 Commercial P&C MGAs operating across Canada, showcasing their achievements, innovations, and contributions to the industry. Featured in this recap are ABEX Affiliated Brokers Exchange Inc., Agile Underwriting Solutions, BOXX Insurance Inc., Burns & Wilcox Canada, CHES Special Risk Inc., Cansure, Forward Insurance Managers Ltd., Platform Insurance Management Inc., Premier MGA, RAISE Underwriting, Ridge Canada Cyber Solutions Inc., and Trinity Underwriting Managers. While this list represents only a snapshot, it illustrates the vibrancy and innovation driving the Canadian insurance landscape.

New Products and Innovations

November saw several MGAs introducing or enhancing products to meet evolving market demands:

Agile Underwriting Solutions streamlined processes for key products, highlighting their user-friendly digital quoting tools for specialty coverages, reinforcing their commitment to brokers.
Burns & Wilcox Canada released insights from their latest Burns & Wilcox P&C Report, addressing market trends and catastrophic event impacts, solidifying their role as a thought leader in the industry.
Cansure unveiled their Commercial Earthquake Deductible Buy-Down product, accompanied by a live webinar to educate brokers on quoting and issuing policies.
CHES Special Risk Inc. expanded their offerings with tailored insurance solutions for snow removal contractors, nightclubs, and Alberta’s oil and gas sector, supported by their new Edmonton office.
Forward Insurance Managers Ltd. promoted their JET platform, streamlining instant quote-to-issue capabilities for specialty personal lines and event insurance.
Platform Insurance Management Inc. shared strategies for balancing Total Cost of Ownership (TCOO) and Total Cost of Risk (TCOR) in their risk management insights, particularly for construction clients.
Premier highlighted their Event Liability Policy, enabling brokers to quickly quote and issue Special Event coverage through their online portal. They also promoted their Trades & Contractors package, emphasizing its lack of XCU exclusions and suitability for hard-to-place risks.
Trinity Underwriting Managers introduced tailored solutions for fintech services, including “Buy Now, Pay Later” providers and RegTech companies, addressing the unique risks of these emerging markets.

Awards and Industry Recognition

Several MGAs were acknowledged for their contributions to the industry this month:

Agile Underwriting Solutions earned recognition as one of IBC’s 2024 Top MGAs, highlighting their strong partnerships and innovative approaches.
BOXX Insurance Inc. was named Best Insurtech Firm at the Insurance Business Canada Awards, underscoring their leadership at the intersection of technology and insurance.
Burns & Wilcox Canada celebrated their achievement as a 5-Star MGA, recognized for their excellence in the Excess & Surplus (E&S) market and adaptability in meeting complex client needs.
Cansure celebrated their 2024 MGA of the Year Award, reflecting their standout performance across the industry.
Platform Insurance Management Inc. participated in Hill Day, advocating for the construction industry and its contributions to Canada’s economy.
Premier was nominated for the MGA of the Year award and sponsored the “Brokerage of the Year Award” (fewer than 10 staff) at the Insurance Business Canada Awards 2024, showcasing their dedication to supporting brokers.
Trinity Underwriting Managers was recognized as a new associate member of the Toronto Insurance Council, celebrated at their 67th Annual Black Tie Dinner.

Community Impact and Team Growth

Agile Underwriting Solutions actively participated in industry networking events, fostering stronger broker relationships and showcasing their dedication to collaborative partnerships.
CHES Special Risk Inc. participated in the 2024 IBAO Conference, featuring booths on Ethical Insurance and Jewelry Store Insurance, fostering meaningful discussions on innovation and collaboration with brokers.
Platform Insurance Management Inc. supported meaningful causes like The Shoebox Project and welcomed Jeff Saranko as Senior Vice President in the Construction Industry Group. Jeff brings over 25 years of experience and strong client and carrier relationships, strengthening their offerings in the construction sector.
Premier celebrated team achievements, recognizing employees who earned professional certifications, including CIP and Risk Management. They also supported the community as a Bronze Sponsor for Dress for Success Vancouver’s Annual Luncheon, empowering women to achieve professional success.
RAISE Underwriting earned the Excellence in Diversity, Equity, and Inclusion (DEI) Award at the Insurance Business Canada Awards. Additionally, Regen Chan was named the 2024 Excellence Awardee for Underwriter of the Year, highlighting his expertise and contributions to the organization’s success.
Ridge Canada Cyber Solutions Inc. highlighted their team’s expertise through the “Meet the Team” series, showcasing individual contributions to cybersecurity solutions and broker support.
Trinity Underwriting Managers welcomed new hires specializing in fintech underwriting and celebrated the contributions of Max Widmer, who recently concluded his tenure with the company.

Educational Efforts

Educational efforts this month focused on equipping brokers to navigate complex risks:

ABEX Affiliated Brokers Exchange Inc. revamped their broker portal, enhancing functionality and improving quoting processes to better support brokers.
BOXX Insurance Inc. hosted their webinar series, “Let’s Talk Simple Cyber,” offering insights into top cyber threats and strategies for prevention.
CHES Special Risk Inc. promoted broker awareness of niche industry needs, such as tailored Truck and Trailer Physical Damage coverage for the logging sector, highlighting their expertise in hard-to-place risks.
Premier launched training resources to help brokers effectively quote and issue Event Liability Policies through their online portal, reinforcing their commitment to broker success.
Ridge Canada Cyber Solutions Inc. emphasized proactive risk management strategies, equipping brokers with insights to navigate evolving cyber risks and client vulnerabilities.

Cybersecurity Initiatives

With the holiday season in full swing, MGAs emphasized cybersecurity awareness:

BOXX Insurance Inc. continued to advocate for proactive risk management in the evolving cyber insurance landscape, offering brokers insights into managing cyber threats effectively.
Ridge Canada Cyber Solutions Inc. shared detailed advice for avoiding scams during Black Friday and Cyber Monday, covering threats like credit card skimmers and malicious advertising, helping consumers stay safe during the holiday season.
Trinity Underwriting Managers provided brokers with tools to address emerging risks in financial technology, including tailored solutions for RegTech and fintech companies, highlighting their commitment to securing vulnerabilities in innovative financial services.

Looking Ahead

This November recap highlights the diverse and essential role Canadian MGAs play in the insurance industry. From launching innovative products and earning industry accolades to expanding teams and supporting communities, their efforts underscore the vital support they provide to brokers and clients alike.

As 2024 comes to a close, the insurance landscape is evolving with emerging risks, shifting market demands, and the growing influence of technology-driven solutions. Canadian MGAs are well-positioned to lead this transformation, leveraging their specialized expertise and adaptability to meet the needs of a dynamic industry.

Looking ahead, we anticipate continued advancements in cyber insurance, niche market solutions, and collaborations that strengthen the broker-MGA-insurer ecosystem. A focus on professional development and diversity initiatives will also help foster a more inclusive and innovative future for the sector.

Stay tuned for future updates as we continue to spotlight the people, products, and ideas shaping Canada’s MGA community. From pioneering policies to inspirational leadership, these organizations are setting the stage for the next wave of insurance excellence.

Featured MGAs

This roundup featured updates from 12 Canadian MGAs, showcasing their recent innovations, achievements, and contributions to the insurance industry. Explore their latest activities by visiting their LinkedIn pages below:

This information has been compiled from publicly available sources released by the respective companies. While every effort has been made to ensure accuracy, we welcome notifications of any errors for correction. Names and logos featured are the trademarks of their respective companies and are used here for informational and editorial purposes only. Their inclusion does not imply endorsement or partnership.