RIBO Notice 2017-11-25T06:45:28+00:00

RIBO NOTICE

A message to all IBMG Canada clients

IBMG Canada places personal and commercial insurance with the following companies:

  • Boiler Inspection and Insurance Company of Canada
  • Core Underwriters Inc.
  • Chubb Insurance Co. of Canada
  • Travelers Canada*
  • Creechurch International Underwriters Ltd.
  • Ecclesiastical Insurance Office PLC
  • Novex Insurance Co.*
  • Wynward Insurance Group
  • Intact Insurance Company*
  • ENCON
  • Southwestern Insurance Group
  • Elliott Specialty Risks
  • Pal Insurance Brokers Ltd.
  • Premier Marine Insurance Managers Group
  • Royal & Sun Alliance Insurance Company*
  • Economical Mutual Insurance Company
  • Gore Mutual Insurance Company
  • Group One Insurance Services
  • Totten Insurance Group
  • Aviva Insurance Company
  • The April Group

Disclosure of Insurance Commissions and Contingent Earnings

Commissions

The following ranges apply to both new and renewal policies:

  • Auto Insurance – 5% to 12.5% of premium
  • Property Insurance, Personal & Commercial – 12.5% – 20% of premium

Contingent Income

To achieve long term, stable business with the insurers marked above (*), we endeavor to place insurance risks which are suitable to their respective underwriting guidelines. These insurers may in turn recognize the success of this process, through contingent commissions, or “profit sharing”, at year-end. This profit sharing does not attach to any individual policy and is paid to us only if our overall portfolio produces a profitable result to the insurer. For more information, please go to the individual insurance company’s website.

In the past 3 years, this arrangement has averaged 1% of our income. Should there be any increase in the commissions we receive for your insurance policies, or any other material change in how we are compensated, we will notify you directly. As your insurance broker, we act on your behalf and put your interests first. We welcome your comments or questions and are pleased to discuss any concerns you may have.