Q1What changed when WSI launched under Wawanesa?
We’ve retained the same specialty expertise, underwriting approach, and trusted relationships we developed as Everest Canada, while expanding what we can offer. We’re backed by Wawanesa, but WSI maintains its own identity in Canada’s large corporate and specialty insurance market.
On day one, we could go to market as we did before, but with coverage enhancements, more capacity, better terms, and fewer exclusions. We have the local authority to handle claims and develop products and solutions tailored to Canadian needs. As of October 1, we now offer insurance for the mining industry. With mining being such a big part of the Canadian economy, we felt it was important to support those organizations. We hired a leader three months ago to develop the product and proposition, and we now have a fully operational mining insurance practice. As Canada develops its internal supply chain and invests in infrastructure, we’re here to support those initiatives.
Q2What does the transition mean for brokers?
Nothing has changed in the way brokers deal with us. We have the same people and capabilities as before, and if we can enhance that, even better. We’re building on that foundation with a whole new set of capabilities and speed that will make brokers’ jobs easier.
Coming out of the gate with more products, more solutions, and more capacity sends a signal. We were very careful to structure the company to maintain our independence while also leveraging broader Wawanesa resources. Being part of a mutual group gives us a long-term view. We won’t go in and out of the market based on market fluctuations. We’re here for the long-term.
Q3What’s your five-year plan for WSI?
Our immediate goal is to consolidate the brand and establish WSI as one of the leading large commercial lines specialty insurers, while maintaining and expanding our existing relationships and entering new lines and sectors. With that comes growth opportunity. We want to grow our existing programs by adding more capacity, dropping down to lower parts of the tower, and going from excess to primary. We’re currently at around $300 million in annual gross written premium, and we want to double that in five years.
Q4What do you want to see from your broker partners?
The more brokers give us direct access to clients and their challenges, the more we can create solutions. That’s where we win: by providing tailored solutions, and we can only do that by having those conversations with brokers and clients. We don’t compete only on price; we compete on providing the right solutions.
Q5Can small- and medium-sized brokerages partner with WSI?
Yes. For specialty solutions, smaller brokers have an opportunity to use WSI, particularly if they have marine, construction, or energy business in their brokerage. Wawanesa has a commercial lines division that serves small commercial and middle market clients, while WSI focuses on clients with $100 million or more in revenue. If brokers send in a commercial submission outside Wawanesa’s thresholds, it automatically goes to WSI, and vice versa.
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EDITORIAL. The Broker Brief is editorial content for information only and does not constitute professional, legal or financial advice. No sponsor influence on editorial.
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