Retail insurance brokers are “experiencing some relief” following a much more challenging period, according to Tyson Peel (pictured), regional vice president at Burns & Wilcox Canada, whose conversations with broking partners reveal current industry demands and an ongoing remarketing.
Here, Peel shines a light on the wholesale broking perspective, and what Burns & Wilcox has in store for the Canadian market.
Insurance Business: As a wholesale broker looking to grow further in Canada, what areas of the property and casualty sector is Burns & Wilcox keen to focus on?
Peel: In continuous conversations with our retail partners, we seek to provide the most viable solutions to support their clients’ needs. We are currently focusing our attention towards enhancing our casualty-driven offerings. This is demonstrated by our updated contractors program, which we believe will allow us to stay competitive in the current marketplace.
We also continue to focus on our cannabis products, especially the dispensary division. We have also recently updated our vacant properties and hospitality products to strengthen our position as a market leader in those classes of business.
IB: What are retail brokers telling you in terms of the challenges they’re currently faced with in the Canadian market?
Peel: The Canadian marketplace has begun a softening cycle, and many markets have started to deploy enhanced capacity. Brokers have been actively remarketing accounts to find the best potential pricing and coverage for their clients.
There are, of course, still challenging segments, but considering the challenges the Canadian broker experienced over the past few years, they are experiencing some relief.
IB: From your perspective, what are some of the biggest challenges wholesale brokers like Burns & Wilcox are facing themselves?
Peel: The softening market conditions present a challenge as the regular, standard insurance companies have amended their appetite and have started to insure risks that have previously been placed within the MGA marketplace.
IB: It’s been a year since the company moved its Halifax team into a new office – how has that contributed to Burns & Wilcox Canada’s expansion strategy?
Peel: Our focus has always been relationships. Our new office and presence in Halifax only enhance our relationships and footprint in Atlantic Canada. Our strategy will be to continue to invest in the region to support our broker partners.
IB: Moving forward, what are your immediate priorities in Canada?
Peel: Our immediate priorities are as follows:
These are at the core of what we do and what we provide. We are always striving to be the best.
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