Canadian Underwriter

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Where brokers find new clients in 2026

Ask, and there’s a good chance you’ll receive, say 71% of respondents to our 2026 National Broker Survey, who indicate requesting referrals from existing customers is the best way to generate new sales leads.

That’s solid bump up from 64% of respondents saying the same thing in last year’s survey. Men responding to Canadian Underwriter‘s 2026 survey (82%) favour the tactic more than women respondents (66%).

What’s more, mid-career brokers with between 16 and 30 years in the business are most supportive (90%) of referral requests, followed by newer brokers with 16 or fewer years (72%) and veterans (59%) with more than 31 years in brokerage.

“Personal referrals. Do your job well, be honest with your existing clients, and they will send you people,” says a verbatim response from a male survey participant who’s newer to the business.

His answer was among dozens from brokers who simply wrote “referrals” into the 2026 survey verbatim field.

Canadian Underwriter’s 2026 National Broker Survey heard from 169 brokers, with 32 identifying as brokerage owners or principals. The survey was conducted in February 2026, with support from Sovereign Insurance.

Related: As NatCats slow to a dull roar, brokers turn their attention to other concerns

Another mid-career male respondent says he’s actively “mining my current clients for warm referrals and introductions.” And several verbatim responses note consistent customer service and efforts to truly learn about client needs lead customers to refer them to friends and family without having to be asked.

In second place is networking at 58%, up from 53% last years and a recent low of 46% in 2022. Male respondents (68%) favour the approach more than women (51%), while those at mid-sized and larger firms (62% for both) more enthusiastic about the tactic than newer brokers (57%).

Brokers at smaller firms say they rely less on networking (54%), compared with those at mid-sized firms (60%) and large firms (64%).

Verbatim survey responses show strong support, with several saying networking lets brokers explain their value propositions to potential customers. Respondents providing written comments add social media can leverage networking efforts if brokers use posts to genuinely educate prospective clients and don’t openly solicit.

One woman respondent who’s newer to brokerage says she’s built a network from parents of her teenage children’s friends.

“Being present in the schools [and] community through my kids’ social activities helps me get out there outside of a known avenue,” she writes. “[This] helps build trust with my brand as they see me as a mom and human first, which helps build a foundation as someone who can assist providing insight for risk management of their various investments…”

Related: Brokerages are late to the party on AI investment: survey

Rounding out the Top 3 responses, 49% say they ask peer professionals, such as accountants or lawyers, for referrals. That’s up sharply from 38% last year and more in line with the 43% and 46% seen in 2024 and 2023 respectively.

Men are most likely to use the tactic (59%) compared with women (46%). And those in their mid-careers are more likely to seek referrals from peer professionals (64%), compared to 58% of newer brokers and 26% of veterans. Brokers at large firms most often find cross-professional referrals helpful (64%), with less enthusiasm among those at smaller (47%) and at mid-sized (43%) firms.

“The most effective way I’ve seen brokers win clients is through referrals from existing clients and professional partners like mortgage agents, realtors and contractors,” says a woman respondent who’s newer to the business. “It works because trust is already built before the first conversation, so closing is easier and retention is higher.”

She advises peers to focus on relationships, not sales, and to stay in touch with clients after policies are bound. “When people feel taken care of, they naturally recommend you,” she adds.

Related: What our Broker Survey says about team motivation

Completing the Top 5, 25% of brokers say maintaining an active social media presence helps generate client leads. That’s down from a high of 34% in 2022 but consistent with results between 2023 and 2025. Women are more likely to say (33%) the tactic works than men (22%).

Lastly, 23% of respondents say they engage in personal advertising beyond what their firms provide. That’s up from 18% last year and 19% in 2024, but consistent with the low-20-percent results seen in 2023 and 2022. Women are slightly more likely (27%) to embrace the tactic than men (21%).

March 30, 2026
Yes, broker producers want an ownership stake

Broker producers looking at making career shifts are examining their options a lot harder today than they did even two or three years ago, says industry veteran Randy Carroll, CEO of Ai Insurance Organization.

Carroll says when he started as a producer, he was glad to have a job working for a solid brokerage. He knew that over the next five to ten years if he built a good book of business and customer relationships, maybe there was an opportunity to have an equity discussion or the possibility of gaining a little bit of ownership in the brokerage.

“That conversation has changed so much,” Carroll says during a recent CU What’s on Dec? podcast. “Producers are now looking at, ‘No, I want to make sure that I’ve got my future baked in here. I want to know that I have that option baked in.’”

He says broker producers don’t want to leave themselves at risk of having a conversation with a principal broker or owner “on a chance or an opportunity that might happen.” They want assurances that if they follow a certain path, or achieve a specific goal, they can work their way to the next step.

Consolidation in the broker channel has driven a lot of this shift in career paths, with producer-to-owner models gaining traction. As an example, one broker producer told Carroll, “I’m 51 years old. I don’t want to do this again. This is my last move; I’ve got to make sure it’s a good one.”

Says Carroll: “He wants to make sure that he has something more than a gold watch and a handshake 10 years from now. He wants to make sure that he has a guarantee built in that as long as he meets the following criteria, that that conversation’s not a conversation, it’s a guarantee.”

Ownership options

Brokers’ ownership of a book of business is another important consideration, and brokers should take a hard look at their exit options and how easy it is to move a book of business to a new brokerage. For example, what happens if a broker has some percentage of ownership baked into their contract, but then one party wants to move on?

“[Say]…there’s nothing in that contract that says the brokerage has to help you move that book,” Carroll says. “So…you’ve found yourself a new home but now faced with, ‘Wow, I’ve got a lot of work to do over the next 12 months because, yes, I own that book, but I’ve got no way of transferring that book to this brokerage because that wasn’t negotiated.’”

This is why it’s important to look at what Carroll calls the ‘divorce clause.’

“I always look at it this way — at the end of the day, if a brokerage owner and a broker producer don’t see eye-to-eye and they want to part, they still want to have coffee,” Carroll says. “They still want to sit down and be able to socialize, they want to be able to go to a broker convention and still stop and have a chat and talk to each other.

“So you’ve got to do everything you possibly can to make sure that it’s fair for both parties. A messy divorce isn’t good.”

March 27, 2026
Top court rejects claimant’s bid to re-open 2004 settlement with insurer

Canada’s top court has rejected the final appeal of a person injured in an auto accident who wished to rescind his settlement agreement with his auto insurer 15 years after the settlement, on the basis that he hadn’t signed one section of the settlement disclosure notice (SDN).

Thanh Ho was injured in an auto accident on Dec. 19, 2000, and sought statutory accident benefits from his insurer, Allstate Insurance.

The two sides disagreed about several matters, went through multiple mediation sessions, and then hammered out a binding settlement in 2004.

Counsel for the insurer, Allstate Insurance, wrote the regulator in November 2004 to say, “there was an oversight on his part,” the 2023 ruling of the Licence Appeal Tribunal states. “[Ho] had not been directed to sign the acknowledgment on page 6 of the SDN, and it is alleged that [Allstate] was unable to obtain [Ho’s] signature despite numerous attempts.”

Nevertheless, in February 2005, FSCO (the Financial Services Commission of Ontario, now replaced by the Financial Services Regulatory Authority of Ontario) wrote Ho to tell him the settlement had been finalized, and the regulator would be closing its file on the matter.

Seven years later, in March 2019, Ho’s new counsel notified Allstate he wished to reopen the arbitration hearing and mediate for income replacement benefit and housekeeping benefits. He returned the settlement funds to the insurer.

Also in the news: BrokerLink expands again in Ontario, Alberta

Allstate argued Ho shouldn’t be allowed to re-open the settlement, for several reasons. Among them, he didn’t apply to rescind the binding settlement within two business days of it being signed, as required by Insurance Act regulations.

Ho contended the SDN was not compliant because he didn’t sign one section of the settlement notice. The unsigned part of the document states: “I acknowledge that I have received and read the above Settlement Disclosure Notice provided to me by an insurer, and have considered whether or not to obtain legal, financial and medical advice.”

Allstate, on the other hand, told the LAT that Ho did in fact sign the SDN, albeit not above the acknowledgement line at page 6, which confirms acknowledgement of reading the settlement notice and consideration of obtaining legal and/or medical advice.

In fact, Ho and a witness “initialled each page of the SDN including page 6, which triggered the two-day cooling off period to rescind the settlement that had been entered into on May 17, 2004,” as the LAT summarized Allstate’s position.

“In my view, the fact that [Ho] initialled every single page of the SDN suggests that he understood the settlement,” LAT Adjudicator Tavlin Kaur ultimately ruled. “Furthermore, he did not take issue with the settlement for many years.

“As such, I find [Ho] had two business days to rescind the settlement from the time that he settled his claim on May 17, 2004. I find that he did not rescind the settlement within two business days after signing the SDN and release. Therefore, I find he is bound by the terms of the settlement.”

Ho appealed the decision to the Ontario Divisional Court, the Ontario Court of Appeal, and the Supreme Court of Canada. All declined to hear his appeal, culminating in the Supreme Court’s decision to deny leave to appeal last week.

As is customary, the Supreme Court does not give reasons for denying leave to appeal.

March 26, 2026
Quebec’s direct insurers’ organization names new executive director

Quebec’s Corporation des assureurs directs de dommages (CADD) has announced the appointment of Simon Girard as executive director.

Founded in 1991, CADD represents 11 P&C insurers that provide direct-to-consumer insurance products. The industry organization represents more than 68% of the personal property and casualty insurance sales volume in the province, CADD notes in a press release Tuesday.

Its mission is to support and promote its members, particularly among political, regulatory, and socio-economic stakeholders, and to advocate for the benefits of the direct insurance distribution model for consumers.

Girard’s appointment follows the departur e of its previous executive director, Denis Côté, announced by CADD Jan. 12. Côté held the position since 2016.

“The appointment of Simon Girard is a pivotal step for CADD,” says David Fortier, chair of CADD’s board of directors and vice president of direct sales and customer loyalty at Beneva. “His track record, strategic vision, and collaborative leadership make him the right choice to accelerate our mandate and advance our priorities for members across Quebec.”

Girard says he is honoured to join CADD and eager to contribute to its mission. “The CADD plays a vital advocacy role for direct relationship insurers in Quebec. I will work closely with our team and members to strengthen our impact.”

CADD tells Canadian Underwriter Girard will focus on representing and promoting the industry to its partners, including regulators, “especially at a time of transformation brought by artificial intelligence.

“He will also take the time to meet with members and assess their priorities; he will be able to come back to them in a few months with his plan.”

CADD’s member insurers include belairdirect, Co-operators, Desjardins Insurance, Federated Insurance, iA Auto and Home, Beneva, Promutuel Insurance, TD Insurance, Sonnet, Allstate Insurance and Aviva.

Girard brings extensive experience in insurance, finance, risk management, governance, and corporate strategy to the role. “Recognized for a collaborative management style, he emphasizes transparency and clear communication,” CADD says in the release. “He is known for tackling complex, cross-functional challenges in periods of change.”

Previously, Girard held leadership roles with major insurers, including Promutuel Insurance, and later at CAA-Quebec. He designed and implemented risk management and governance frameworks for a financial group, contributing to modernized organizational governance. He also served on multiple working committees and participated in consultations supporting revisions to legislative and regulatory frameworks.

Girard holds a Bachelor’s degree in actuarial science from Université Laval and is a Fellow of the Casualty Actuarial Society, CADD says. He is active in the community, volunteering with United Way and a nonprofit organization supporting people living with cancer.

March 26, 2026
Intact COO talks about M&A preferences for Canada

When considering future mergers and acquisitions (M&A) opportunities in Canada, firms offering insurance product manufacturing and distribution remain “the number one priority” for Intact Financial Corporation, chief operating officer Patrick Barbeau tells a March 25 fireside chat.

That’s “followed closely by global specialty lines. And that means U.S. in particular, but also because of our global capabilities, [the] U.K. and [Ireland] or Canada,” he says during the National Bank of Canada Capital Markets’ 24th Annual Financial Services Conference.

Barbeau says the current M&A environment is more active than in the past 12 to 18 months. “Our approach to M&A has not changed…first it needs to be a good strategic fit,” he says.

“We’re looking for assets that have a very good overlap with what we’re already doing in the geographies [where] we operate. We’re not about trying to plant flags in more geographies…we would look for assets that have a good overlap with the lines of business we’re already in.”

He adds both large and small firms may be reviewed for M&A, and that Intact does many smaller deals, particularly in distribution – citing BrokerLink’s recent deals.

There’s also interest in managing general agents (MGAs) “in the context of specialty lines.”

Referring to Intact’s current balance sheet and excess capital, Barbeau says the company “could deploy around $5 billion in acquisition before issuing shares…we could issue shares on top, but it gives an idea of how much dry powder we have.”

Tech-based drivers

In Canada, he tells the conference, Intact’s been deploying technology with brokers that simplifies the quoting process – allowing them to make more quotes, and do it faster to create larger volumes of new business.

He notes the artificial intelligence (AI) evolution is underway and that companywide, “we’ve implemented more than 600 AI models within our system, at scale and in the operations.” He adds that’s currently creating recurring annual benefits of around $200 million – and the goal is to get to around $500 million by 2030.

First priorities are to deploy AI to improve the loss ratio, and in pricing segmentation and claims. “When we automate decisions and underwriting and claims, we do it with by leveraging the specific and very precise view of the profitability of every policy,” Barbeau says.

The next AI priority is boosting the top line with investments that improve customer journeys. And the remaining priorities are software engineering and efficiency.

Looking at the company’s structural drivers of return on equity (ROE), Barbeau says an evolving mix of business, specifically growth in commercial and specialty lines, has changed Intact’s portfolio over time.

“These lines of business are producing higher ROE on average, not only now but if you look at the longer term. So that’s creating a shift in the business,” he says.

Related: AI disrupted UK’s personal lines distribution. Why Intact exec says it won’t happen in Canada

And, in terms of introducing technologies, he tells the conference AI and pricing sophistication models were initially used in in personal lines. “We’ve been deploying these models into commercial lines and specialty lines – and also outside of Canada – and we see that it’s producing at least the same kind of benefits in improving the combined ratio.

“That’s another reason we think the [company’s] ROE is in a new zone and more structural than cyclical. We don’t really worry about cycle, because our pricing decisions are made at the policy level. Yes, we want to make sure we cover inflation, but then the final decision of writing risk or not is at the policy level. And our underwriters have these indicators on their screen[s]. They know the walk away price.”

March 26, 2026
Brokerages are late to the party on AI investment: survey
Three quarters of brokerage owners polled in Canadian Underwriter’s 2026 National Broker Survey report they have not invested in artificial intelligence (AI) over the past two years.

As for broker owners currently investing in AI, it’s a mixed bag whether they think it’s strengthening the business, the survey shows. Twenty-three percent of the 30 brokerage owners polled thought AI was “highly beneficial” for the business, whereas another 23% thought it was “not beneficial at all.”

In this year’s annual broker survey, CU included questions for the first time about AI investment and its use in brokerages across the country. The survey heard from 169 brokers, with 32 of them identifying as brokerage owners or principals.

Of the 30 brokerage owners who answered our questions about AI, about half (15) were from smaller brokerages (fewer than 20 employees), 10 were from mid-sized brokerages (21 to 100 employees), and four worked at large brokerages (more than 100 employees).

Eight out of 10 small brokerage owners said they haven’t invested in AI over the past two years. Seventy percent of mid-sized brokerage owners said they had not invested in AI, while half of the four larger brokerages said they had not invested.

Of the brokerage owners who reported investing in AI over the past two years, the vast majority said they’d invested up to $5 million. Only one brokerage owner, at a large brokerage, invested more than $6 million (between $6 million to $10 million) over the past 10 years.

Related: As NatCats slow to a dull roar, brokers turn their attention to other concerns

And how did owners say they’re using AI?

Over half (52%) said they used AI to improve productivity at the brokerage. This would include using AI to streamline occupational tasks such as documentation, marketing or record-keeping.

Thirty-nine percent said they used it to enhance customer service. Examples include automating customer service or using chatbots to answer customer queries.

Tied for the next-most-frequent use of AI, at 22%, were:

expansion of business opportunities (i.e., identifying new clients, segmenting customers, assessing risk or new product creation)

greater profitability opportunities through personalized pricing opportunities, or optimized insurance pricing.

Nine percent said they used AI to detect fraud.

As noted, the jury was out on whether brokerage owners thought AI was strengthening their businesses.

And so, how was it working out for the frontline brokers using AI?

CU asked broker producers if they found any AI investments at the brokerage over the past two years to be beneficial in their work. The numbers suggest a steady climb in the number of producers who found AI beneficial.

Thirty-four percent of 158 producers surveyed in 2026 said they found AI or machine learning “highly beneficial” in their work (i.e., a score of 4 or 5 out of 5.)

That’s up from 25% who said so in 2025, and 21% who gave AI technology a thumbs-up in 2021.
March 25, 2026
BrokerLink expands again in Ontario, Alberta
A month after acquiring three brokerages in Ontario and Alberta, BrokerLink has further expanded its presence in those provinces with the acquisition of three more brokerages.

The latest acquisitions involve deals with InsuranceHero.ca and Levitt Insurance Brokers Ltd. in Ontario and Rizk Insurance Services Ltd. in Alberta. All three brokerages joined BrokerLink Mar. 1.

For more than a decade, InsuranceHero.ca has served customers across Ontario with a digital first, customer-driven approach, BrokerLink says in a press release.

“Founded in 2011, the brokerage combines the convenience of online tools with personalized support, streamlining the insurance experience through technology and automation,” BrokerLink says. “Specializing in personal insurance and supporting select commercial sectors, InsuranceHero.ca has continued to grow while staying rooted in its communities and contributing to local initiatives such as the Golf Marathon Sudbury and regional healthcare programs.”

According to its website, InsuranceHero.ca’s select commercial offerings include contractors insurance, beauty and spa insurance, specialty insurance (such as photographers and videographers, and protective security and security guards), sports and fitness insurance, and restaurant & bar insurance, among others.

The other Ontario acquisition involves Levitt Insurance, which was founded in 1990 and built its reputation on delivering tailored personal and commercial insurance solutions across Ontario. The brokerage primarily serves personal insurance customers but also brings strong expertise in contractor and transportation risks, and offers a specialized alarm installer and security services program, BrokerLink reports.

In addition, it provides auto (including Uber or Turo insurance), home, fleet, commercial crime, cyber and travel insurance, among others.

The Levitt Insurance team remains committed to supporting underprivileged children and cultural communities, BrokerLink adds.

In Alberta, Rizk Insurance has served individuals and businesses across Alberta for nearly 30 years. The brokerage, formerly known as Braeside Insurance Services, is known for its customized approach and use of modern digital tools.

The Rizk Insurance team has expertise in commercial sectors, including contracting, professional services, real estate, and small business. Other offerings include high value homes, luxury vehicle insurance, secondary home insurance, motorcycle and boat insurance, among others.

Like the other brokerages, Calgary-based Rizk Insurance is committed to its community, supporting local youth programs, schools and family initiatives that help strengthen the region.

“Each brokerage joining BrokerLink in March brings a strong blend of community-focused service and forward-thinking practices,” Michael Stack, BrokerLink’s vice president of acquisitions, says. “With their deep local roots and shared commitment to innovation, we’re able to meet customers where they are, whether they prefer to connect with us in person, by phone, or online.”

Team members from InsuranceHero.ca, Levitt Insurance, and Rizk Insurance will continue supporting customers in their local communities as part of the BrokerLink team.

BrokerLink’s first acquisitions of 2026 were:

Scarborough, Ont.-based William G. Waters Insurance Brokers has supported the Greater Toronto Area and Southern Ontario since 1961, providing multi-generational customers with tailored insurance solutions. The family-run brokerage provides auto, home, commercial and life insurance.

SL Insurance Brokers (Spruceland Insurance Brokers) has offered personalized service to local Albertans for close to 50 years. The brokerage offers a range of specialty and hard-to-place coverages.

With a main office in downtown Oakville, Ont. and branch offices in several other locations, Spriggs Insurance Brokers Limited has been operating in business for more than 50 years. It specializes in personal property and auto, and small business insurance.
March 24, 2026
Handbook | AI exposes the limits of insurance operating models

As insurers move from digital transformation into the AI era, many are discovering technology alone cannot transform organizations designed for a different era.

The insurance industry is asking increasingly urgent questions about artificial intelligence and the next era of transformation. Years of observing large-scale operational and transformation efforts in insurance reveal a clear pattern: the conversation often begins in the wrong place.

Across boardrooms, the discussion frequently starts with technology. Platforms, data architecture, automation tools, and AI capabilities dominate the agenda.

In some organizations, the dialogue expands to include digital strategy, focusing on customer interfaces, distribution channels, and the digitization of workflows.

Both conversations matter. But they are not the same thing.

What often receives far less attention is something deeper — the structural design of the enterprise itself. The organization’s system of decisions, authority, and workflows ultimately determines whether or not transformation produces real enterprise value.

AI changes the system, not just the tools

Istock.com/Laurence Dutton

In many insurance companies today, the real constraint is not technological capability. Nor is it a lack of experimentation with artificial intelligence, investment in modern platforms, or even awareness of digital opportunity. The deeper challenge begins elsewhere. It begins with operating model clarity and the executive discipline required to redesign it.

Across industries, fewer than 10% of senior executives report their organizations have successfully scaled artificial intelligence across the enterprise. This ambition is widespread, but the organizational systems required to support it are still emerging. To understand why, we need to step back and look at how transformation in insurance has evolved.

Over the past two decades, insurers have moved through successive waves of technological change.

Early automation improved efficiency in transaction-heavy, back-office processes.

The subsequent digital transformation focused on modernizing customer interactions, digitizing operational workflows, and connecting distribution and service channels.

Artificial intelligence represents a fundamentally more structural shift.

Whereas automation improved tasks, and digital transformation modernized interactions, AI begins to influence how decisions themselves are produced across the enterprise.

AI introduces new possibilities for how human expertise and intelligent systems interact across growth functions, underwriting, claims, service, risk management, and financial oversight.

This progression pushes transformation beyond technology adoption toward something deeper; that is, the redesign of enterprise architecture, so that human expertise and intelligent systems work together across the insurance value chain.

In practice, this is where many transformation efforts begin to stall. Not because of technology, but because the underlying system has not been redesigned to support it.

AI’s value: interaction, not isolation

Many insurers are now attempting to enter the AI era while still operating within structures designed for earlier technological cycles.

Historically, insurance organizations were built around functional expertise. Underwriting, claims, service, actuarial, and finance developed as distinct domains, each with deep subject matter knowledge and clearly defined responsibilities.

In the automation and early digital eras, those structures remained largely effective. Technology improved the efficiency of individual functions without fundamentally altering how the enterprise as a whole operated.

However, AI places far greater pressure on the connections between those functions.

AI systems do not simply automate tasks. They interact with decision architectures that span underwriting, claims, service, risk management, and financial oversight. For AI to generate meaningful enterprise value, those decision architectures must be understood in their full enterprise context.

Introducing AI into a workflow is not simply a technical change. Leaders must first clarify the value proposition of the change, the outcomes AI is expected to produce, and how those outcomes affect the broader insurance value chain.

Leaders must understand how AI’s new capabilities interact with upstream and downstream decisions, what data structures are required to support them, and how responsibilities shift across functions.

iStock.com/HudHudPro

Equally important are the human implications. Operational leaders, subject matter experts, technology teams, and executive leadership must align on who defines the problem, who validates the solution, and who ultimately owns the results.

Without that alignment, technology can move forward while the organization itself remains uncertain about how the system is meant to evolve.

This raises a more fundamental question for the insurance industry.

It is not merely a question of how insurers deploy artificial intelligence, but who has the mandate to redesign how the enterprise actually works.

The design of that mandate is rarely simple. It reflects the strategy of the organization, the markets it serves, its capital structure, and its appetite for structural change. In some companies, transformation authority sits within business units. In others, it is coordinated centrally through enterprise leadership.

The model will vary. The discipline required to define it does not.

Transformation becomes an executive discipline

Transformation rarely falters because of technology alone. More often, it stalls when organizations underestimate the discipline required to redesign how decisions, incentives, and authority flow through the system.

Decision-making increasingly depends on the integration of data, workflows, and judgment across multiple parts of the value chain. Structures that once optimized specialization can struggle to support the level of coordination now required by AI.

Across the industry, insurers are experimenting with different structural approaches. Some organizations are moving toward vertically oriented business units with greater end-to-end accountability. Others maintain matrix structures that connect product, function, and market leadership. Still others retain enterprise operating models anchored in centralized capabilities.

Each of these models can succeed when designed thoughtfully. What matters most is whether the organization understands how its chosen structure connects expertise, authority, and decision-making across the system.

AI transformation requires leadership capabilities that many organizations have not yet fully developed — including the ability to translate between technology capability, operational reality, and enterprise value creation.

Technology leaders understand what AI systems can do. Operational leaders understand how underwriting, claims, service, and risk management actually function. Enterprise leadership focuses on capital allocation, growth, and competitive positioning.

But true transformation occurs only when those perspectives converge.

That convergence rarely happens automatically. It requires leaders who can see the architecture of the enterprise system and understand how technology, workflows, authority structures, and human judgment interact to produce outcomes.

Successful organizations will treat transformation as an executive discipline. This means clarifying authority, redesigning operating models, and aligning technology, operations, and strategy around measurable value creation.

Ultimately, artificial intelligence alone will not define the next era of insurance transformation.

It will be defined by leaders who have the clarity, accountability, and discipline to redesign how insurance actually works.

March 23, 2026
What Wawanesa hopes to gain by acquiring Everest Canada

Continuing Canada’s property and casualty (P&C) insurer M&A trend, Wawanesa Mutual Insurance Company today announced it’s entered into an agreement to acquire Everest Insurance Company of Canada, a global specialty reinsurance and insurance firm.

In a press release today, Wawanesa says the transaction will bring an “extensive portfolio of specialty commercial insurance products” that’s expected to add around $305 million in commercial lines premiums annually. That’s roughly a 30% increase over Wawanesa’s current commercial premium volume.

Additionally, the commercial lines – which include cyber, accident and health, aviation, marine, professional liability, and P&C for larger businesses with unique, emerging, or complex needs – will be enhanced by Everest Canada’s established presence in key markets, the release says.

At present, says Evan Johnston, Wawanesa’s president and CEO, the company’s current commercial book is about $1 billion. “There’s very little overlap between commercial businesses at Wawanesa and at Everest….Wawanesa would participate in the small- to mid-market space, Everest would participate above that and in the specialty space,” he tells Canadian Underwriter.

“I think it does nothing but strengthen the relationships with our existing brokers [and] may result in strategic conversations with new brokers. We have an opportunity now to provide our existing brokers with a different suite of products than we’ve had before.”

Related: Behind Canada’s mega-merger of mutuals

Further, commercial lines help the insurer diversify away from personal lines. “It’s no secret that some of the regulated product has been challenging to navigate. For example, Alberta has been challenging to navigate,” Johnston says.

Plus, while Everest Canada does business across the country, its book is concentrated in Ontario and Quebec, which increases Wawanesa’s geographic diversification.

“Being a commercial book in an area that we don’t currently operate is a great diversifier from the traditional personal lines…environment,” he says. “To be very clear, this is an opportunity for us to launch at a point where we have scale now with this business, but the intention is definitely to grow it.”

While total insurance revenue data from CU’s 2025 Stats Guide, which cites 2024 data from MSA Research, suggests the acquisition won’t place Wawanesa among Canada’s Top 5 insurers, Johnston says “it provides a path for us to get there, and…frankly, what’s more exciting to me is that now we have the relationships, the talent, to be able to drive this business.

“We want to play on par with the largest players in this country. We believe that we are well positioned to do that…,” he adds.

“As a mutual we do take a long-term approach to business and relationships. And that’s what we’ll continue to do. We’re not done yet. We’re just getting started. I believe we have the right team, the right structure, the right employees. And now we’re much closer to having the right asset base to really make bold moves in this market and be a real, strong player. We’re no longer a small, prairie mutual.”

Also in the news: Do advanced driving systems really mean more cars get totalled?

In terms of funding the acquisition, Johnston tells CU that “After years of stability, we’ve built a balance sheet of over $11.5 billion of assets and a strong financial rating with AM Best.” He adds: “That foundation, together with the operational excellence we demonstrated recently has allowed us to generate enough internal capital to fund this [acquisition].”

To implement the transaction, Wawanesa says it’s entered into a purchase and sale agreement with a wholly owned subsidiary of Everest. Under the agreement, Wawanesa will acquire all issued and outstanding shares of Everest Canada.

Once the transaction closes, Everest Canada will enter into a Loss Portfolio Transfer Reinsurance Agreement with Everest Reinsurance Company (a Delaware reinsurance company and subsidiary of Everest) operating through its Canadian branch. Pursuant to that agreement, exposure to all liabilities of Everest Canada with respect to insurance policies issued by Everest Canada prior to the transaction’s closing will be retained by Everest. Everest Canada will continue to administer claims with respect to these policies on Everest’s behalf.

Also in the news: As NatCats slow to a dull roar, brokers turn their attention to other concerns

Johnston tells CU there are no issues related to a mutual acquiring a publicly traded entity, because while Everest is publicly traded, its subsidiary Everest Canada is not. “It will become a subsidiary of Wawanesa. We intend to support that separately and retain and continue to support all the key personnel so that they can continue to lead the business,” he adds.

Everest Canada and Everest will also enter into a Transition Services Agreement, under which an Everest affiliate will provide certain transition services to Everest Canada for a period of time after the transaction’s close.

The transaction is subject to regulatory approvals and is expected to close in fourth quarter 2026.

March 23, 2026
How AI investment affects profitability and premium growth

Property and casualty insurers in North America that invest more resources in advanced analytics and artificial intelligence (AI) achieve greater profitability and premium growth, says a new survey from WTW.

Insurers using more sophisticated analytics achieved combined ratios six percentage points lower and premium growth three percentage points higher compared to slower adopters between 2022 and 2024, says the WTW 2026 P&C Insurance Advanced Analytics & AI Survey Report, released last week.

“Advanced analytics and AI are beginning to yield significant payoffs, as lead carriers report measurable returns on investment,” says Laura Doddington, head of personal and commercial lines for North America with WTW’s Insurance Consulting and Technology business, in a press release. “With insurers planning to ramp up investment across personal and commercial lines, advanced analytics is shifting rapidly from competitive advantage to essential requirement to maintain market viability and drive sustainable growth.”

Almost all insurers that took part in the WTW survey now use underwriting and pricing analytics. Close to 80% of 59 insurers polled in Canada and the U.S. rely on advanced rating and pricing models, with an additional 11% planning to implement them soon. This makes predictive rating models essentially universal from 2026, WTW reports.

From a Canadian P&C brokerage perspective, brokers have also found actions or investment in AI or machine learning tools such as ChatGPT beneficial over the past two years. Thirty-five percent of brokers in Canadian Underwriter’s 2026 National Broker Survey rank AI investments or actions as ‘highly beneficial’ or 4/5 on a scale of 1 (not beneficial at all) to 5 (highly beneficial). That’s up from 24% in CU’s 2025 broker survey and 17% in 2024.

Diverging perspectives

There is a discrepancy, however, in AI investment ambitions between carriers and brokerages. In WTW’s survey, more than half of respondents report already using things like large language models and generative AI. Another 29% plan to adopt these technologies within the next two years. While only 16% of polled insurers currently use AI to augment human underwriting, this figure is set to rise sharply, with 60% of insurers planning to prioritize this between now and 2028.

“If survey respondents follow through with their intended AI and machine learning initiatives, adoption in underwriting, claims and customer service is set to increase two or even threefold by 2028,” WTW says in the release.

But when asked how much money Canadian P&C brokerages have invested to implement AI platforms or initiatives, 75% of respondents in CU’s 2026 National Broker Survey said, “we have not invested in AI.” Twenty-two percent said up to $5 million, while only 3% said between $6 million to $10 million.

WTW’s survey found insurers’ claims functions have been slower to adopt, but more carriers are signalling aggressive plans to expand their use of advanced analytics. Although one-third or fewer carriers currently use claims advanced analytics for fraud detection (33%) and severity assessment (29%), these figures are expected to reach 65%-70% within the next two years. An additional 36% plan to introduce straight-through processing in claims workflow automation, a significant increase from the current 14%.

“The ability to harness advanced analytics and AI will increasingly define market relevance, operational efficiency, and strategic agility…,” Doddington says.

March 23, 2026