IBAC’s Danyluk Is ‘Bullish’ On Prognosis For Brokers

The recent acquisition of York Fire & Casualty Insurance Co. by La Capitale General Insurance Inc. is indicative of a vibrant brokerage marketplace in Canada, says Dan Danyluk, CEO of the Insurance Brokers Association of Canada.

 

“This particular change I think is a good solid one. York Fire & Casualty has expressed its commitment to brokers and demonstrated that repeatedly,” says Danyluk, who met recently with the principles behind the acquisition.

 

He mentions that La Capitale maintained its complement of brokers following its acquisition of L’Unique General Insurance in 2004, a move that rendered the property and casualty insurer Quebec’s fourth largest.

 

York currently has a network of more than 200 brokers in Ontario and Alberta. Through growth with La Capitale, Danyluk says the principles are looking to double that number. “This is a positive sign,” he says.



Speaking generally, Danyluk waxes enthusiastic about the future stability of the broker market. “I’m actually bullish. I’m not sure it’s a requirement of my job.” But he sees the flurry of mergers and acquisitions as a positive trend reflective of the “incredible value” brokerages can offer.

 

He says he also expects to continue to see newcomers in the game. “I wouldn’t rule out the fact that we will still have brokerages starting up; there are people who have a real entrepreneurial zeal and see good opportunities.”

 

The acquisition of York Fire is La Capitale’s second in Ontario in two years. In 2006, La Capitale Civil Service Insurer Inc. announced its acquisition of Penncorp Life Insurance Co., a specialty accident and disability insurance provider.

 

La Capitale’s General Insurance Inc. is a subsidiary of La Capitale Civil Service Mutual, which is owned by members of Quebec’s civil service.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.