The Top MGAs in Canada | 5-Star Brokers on MGAs

A Clyde & Company report reveals that MGAs’ future shines with opportunity, demonstrating their enduring relevancy, capacity for growth through innovation and technology, and carrier confidence.

As Canada’s specialized MGA sector continues to thrive, employing over 3,500 people at about 80 businesses in 13 provinces and territories, their 20 percent gross written premium in commercial market share is estimated to double in five years.

Two 5-Star MGAs on IBC’s list share the strategies and drivers of their success in this competitive and evolving industry.

Providing “brilliant” service, speed, and communication to its broker partners and being accessible nationwide, possibly soon in Quebec, are the core of this top MGA’s success.

Agile has maintained profitability over three decades, demonstrating brokers’ confidence and relationships built over time. Its recent acquisition of First Dive in British Columbia, focused on recreational diving, will provide Agile a platform to move into the US market. This further underscores its resolve to sustain its 20 percent year-over-year growth through market expansion and acquisitions.
 

“What brokers really need and want from any insurer partner in an MGA is that speedy turnaround and communication”
Brett GrahamAgile Underwriting Solutions

President Brett Graham highlights other aspects that differentiate them from competitors:

• strong claims management: its in-house team, which many MGAs lack, ensures smooth processes and positive broker and client experiences
   

• expert underwriting: the highly regarded team in the MGA space bridges the gap between the art and science of underwriting, focusing on understanding brokers’ needs and providing tailored products by blending analytical and creative approaches
   

• innovative product offerings: responds to market needs, such as a construction product offering up to $50 million in capacity and niche programs for brewers, distillers, music venues, and hospitality

“We’re always striving for continuous improvement; we listen to our brokers, and if there’s a gap in the marketplace, then we try to work with them to find and fill that gap,” says Graham.

The 5-Star MGA and Brokers’ Pick winner emphasizes three key elements that keep it top of mind in the marketplace: products, expertise, and service.

This combination gives it the competitive edge to remain relevant in a highly competitive market. The company’s ongoing commitment to supporting clients “day in and day out” has been central to its success.

Regional vice president and managing director Tyson Peel illuminates the qualities that give them an edge, particularly in light of brokers rating its core product, residential, as one of the best in Canada:

• constantly monitoring the insurance landscape to ensure clients get the coverage and capacity they need
   

• providing flexibility in the market, which clients find helpful
   

• offering top-of-the-line coverage and assisting with more difficult risks when more selective underwriting is required
   

“Our goals have not changed, which is to provide the products, expertise, and service that our broker partners deserve, and to do that, we need to be proactive of the market changes”
Tyson PeelBurns & Wilcox Canada

“I think that’s why our clients have given us this recognition,” says Peel. “We can help them when they need it most.”

Burns & Wilcox also achieved medals for its cannabis, property (commercial), and real estate specializations, a testament to its adaptability and innovation in a rapidly evolving market.

Peel says, “We are always monitoring the landscape and making tweaks when we feel it is necessary. It’s always a balance, as our goal is to write profitable business for our supporting markets, but also be as flexible as we can to compete.”

From Peel’s perspective, the transition from the hard market to a softer landscape brought many challenges and changes to Burns & Wilcox.

“We have used this as a learning experience for some of our underwriters and broker partners,” he says. “We overcame this by training and mentoring our staff, working on different skills that must be utilized to enable us to stay successful.”

The 5-Star MGA is also constantly pivoting, inventing, or reinvigorating some of its products to ensure it provides top-tier and relevant offerings to its clients.

Graham explains that staffing and maintaining culture in a remote work environment has been a significant challenge, as it has been within the insurance industry. To address this, Agile has focused on hiring quality staff who fit into its family-like culture, fostering engagement through regular communication and annual team summits.

“We collaborate, we share, and we have some fun, making sure that people feel part of the team,” he says.

Catastrophes such as wildfires, floods, and hailstorms have also caused concern among its market partners.

“We’ve expanded market capacity and invested in technology to monitor and forecast risks in catastrophe-prone areas,” says Graham.

For Agile’s Graham, an ongoing focus on leveraging technology to enhance efficiency and effectiveness keeps the company ahead in the marketplace. He prioritizes internal tech solutions to speed up quoting and policy issuance.

Agile has leveraged robotics to automate routine tasks, such as managing client information and automatic renewals. He also highlights the importance of data analytics, especially for MGA work, where gathering and analyzing data from numerous partners is essential for assessing risks and making underwriting decisions.

Graham also highlights the launch of its digital portal for transactional types of business, such as personal lines, with recreational vehicles, manufactured homes, and homeowners coming online in October 2024.

“Strategic partnerships and collaborations on the broker side are a key focus for us,” he says. “We’re working closely with our top-tier brokers, ensuring they’re getting the most out of us and vice versa, for long-term sustainability.”

Burns & Wilcox is in the middle of a massive technology enhancement globally. While it’s still in the early stages, Peel expects this will lead them to several significant changes as they begin implementing its innovative new systems.

“This will give us major advantages, lead to faster quoting times and better information to enable us to react faster and more accurately to changes in the future,” he says.

The Top MGAs in Canada | 5-Star Brokers on MGAs