How Richard McKenzie Insurance defied industry barriers

How Richard McKenzie Insurance defied industry barriers | Insurance Business Canada

Insurance News

How Richard McKenzie Insurance defied industry barriers

The brokerage has come a long way since 2020

Insurance News

By
Mika Pangilinan

As one of Insurance Business Canada’s Fast Brokerages of 2023, Richard McKenzie Insurance has come a long way since its humble beginnings in 2020.

In just a couple of years, the Manitoba-based brokerage has been able to transform from a modest husband-and-wife operation into a thriving brokerage, establishing itself as a market frontrunner.

Richard McKenzie, the driving force behind the eponymous brokerage, reflected on the early days of this transformation and made note of the industry’s significant barriers to entry.

“Our biggest hurdle was just getting off the ground,” he said.

Despite a difficult start, Richard McKenzie Insurance managed to pull through, having since reported a 225% growth rate.

Alongside this achievement, the brokerage has been licensed in Ontario and the Yukon. It has also seen its team triple in size from its initial two-person operation.

“We started with nothing, and we’re on our way up,” said McKenzie.

One of the key factors contributing to this rapid growth is the ability to adapt and diversify.

A pivotal moment in the firm’s journey was the acquisition of a mom-and-pop shop with an Autopac license in 2021. The move allowed the brokerage to offer auto insurance alongside its selection of traditional and specialty insurance products.

Another notable milestone for the brokerage was McKenzie being granted status as a Lloyd’s open market correspondent, which introduced new revenue streams and allowed him to act as a quasi-MGA.

Furthermore, the team’s extensive background in commercial insurance has played a pivotal role in driving substantial growth in commercial placements.

“Our growth is about being independent and able to pivot and adapt to the marketplace,” McKenzie said. “We are entrepreneurial and participate in business networking groups, specifically the Business Network International, to drive business to our door.”

Read the full report to learn more about Richard McKenzie Insurance and the other winners of Insurance Business Canada’s Fast Brokerages of 2023.

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