Growth was the most notable development for Burns & Wilcox Canada in 2016, says Jodie Kaufman Davis, corporate vice president and managing director of the firm’s Canadian business.
The wholesale broker grew 20% in both premium and revenue over 2015, and this year expanded its Toronto office to support its increasing workforce – a move which Kaufman Davis describes as “strategically in line with our overall business plan.”
Going into 2017, the company will continue to focus on growth, she told
Insurance Business.
“Overall we are aggressively pushing to expand our expertise and provide more exhaustive products for our brokers in the coming year,” Kaufman Davis explained.
Expanded offerings in a number of key business areas, such as its environmental centre, ocean marine capabilities, and its P&C operations, will continue to drive growth, according to the vice-president.
“Our global ocean marine capabilities are industry leading and we are always striving to support brokers with commercial marine risks for their clients around the world,” Kaufman Davis said.
The firm also has a new security program, which includes competitive coverage for security guards, vacant buildings, and all protective services.
Burns & Wilcox Canada has grown in both top and bottom line this year, despite a “tough market.”
“As the market has become more competitive our organization has stayed true to our business strategy by underwriting the best coverage for our clients,” she said.
“By doing so, we are continuously supporting our markets to not only protect against large losses, such as Fort McMurray in 2016 as an example, but also to spread risk throughout the marketplace.”
Cyber is another key focus for the future, and as technology continues to rapidly change the landscape, the firm’s underwriters pride themselves on staying atop of current events, Kaufman Davis said.
“For example, [we were] first to market to provide coverage for medical marijuana licensed producers and facilities in the nation,” she explained.
Consolidation will remain a constant challenge to brokerages in the coming year, Kaufman Davis said, and brokers should be “strategic on where business is placed.”
“To be successful, our retail clients should understand where they are sending their submissions and where they are creating partnerships,” she said.
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