For professional advisors like Baker Tilly Toronto, staying current in this business landscape is critical. And for insurance intermediaries, the key to thriving in this environment is to partner with experts like Baker Tilly Toronto that offer specialized expertise and strategic guidance.
An ever-changing business landscape
“With the massive transfer of wealth currently going from one generation to the next, there’s a lot of consolidation going on,” explains Steven Frye, partner, audit, valuations and corporate finance at Baker Tilly Toronto, a leading independent audit, tax and advisory firm. “And private equity groups have driven the value of insurance brokerages up to a level that I didn’t even think was possible 20 years ago.”
While the rise of brokerage valuations is a good thing for owner-operated businesses, it also creates new complexities, such as increased competition, succession planning complications and the need for strategic planning to maximize value during transitions.
Technological advancements and the increasing use of artificial intelligence (AI) add further layers of market disruption. “AI is changing the way the insurance industry operates,” says Frye. “Twenty-five years ago, this was all just a concept.”
These disruptors threaten insurance providers’ stability and growth trajectory. Fortunately, Baker Tilly Toronto specializes in the insurance industry, providing personalized, specialty support through its team’s in-depth knowledge of financial, regulatory, compliance, technological, operational, benchmarking and bookkeeping issues related to the market.
“We stay current with what the issues are. A key to being a trusted advisor is to really understand where the client is at the moment.”
Steven Frye
Introducing Baker Tilly
Frye is a founding member of Baker Tilly Toronto, part of the Baker Tilly cooperative. He brings over 25 years of expertise in the valuation of insurance brokerages and consulting for companies in the financial services, manufacturing and technology-based industries. Frye’s experience in a broad range of specialty services (acquisitions and divestures, corporate finance, litigation support, regulatory matters and operations consulting) exemplifies Baker Tilly Toronto’s unique ability to address its clients’ needs successfully.
The firm’s well-trained teams work across a variety of disciplines to align their skills with client requirements, ensuring exceptional outcomes. In addition to providing assurance, valuation and corporate finance services to the insurance industry, Baker Tilly Toronto also helps clients with planning, operations and profitability.
“We stay current with what the issues are,” says Frye. “A key to being a trusted advisor is to really understand where the client is at the moment.” Baker Tilly Toronto offers strategic expertise to keep insurance providers competitive in the disrupted market. From succession planning to corporate finance, the firm works with insurance providers to ensure their businesses are well-positioned for the future.