There is no reason for Legal Expense Insurance to be ‘slow off the blocks’ in Canada other than a reluctance by retail and wholesale brokers to embrace the concept. STERLON has been offering LEI solutions to insurance companies as well as retail and wholesale brokers in Canada since 1993, solutions which include add-on and standalone policies, endorsements and wordings designed specifically to be integrated as part of a portfolio of products and offered by wholesale brokers.
CEO Andrew Burke says business is now in “growth phase” of turnaround but admits that some job losses cannot be ruled out as it seeks to “rationalise expenses”.
Figures show growth in GWP but COR remains north of 100%.
Legal expenses insurer Das has posted an operating loss of £17.4m for 2016, an increase on the £11.4m operating loss it made the previous year.