June’s proving a busy month for brokerage M&A
BrokerLink has completed its largest Ontario deal to date and entered into Manitoba and Saskatchewan with the acquisition of The Standard Insurance Brokers Ltd.
In other M&A news, Acera Insurance, StoneRidge Insurance and McDougall Insurance also recently announced brokerage deals.
BrokerLink’s newest partnership “expands BrokerLink’s services throughout Northern Ontario and introduces the brokerage to thousands of new customers in Manitoba and Saskatchewan,” the firm said in a press release Wednesday.
Established in 1897, The Standard offers customers in northwestern Ontario, Manitoba and Saskatchewan tailored insurance solutions for home, auto, business, farm, recreational vehicles, life, group benefits and more. “The brokerage is also well known for its expertise in specialty insurance programs, including tourist resorts, RV campgrounds, aerial crop spraying and professional liability for architects and engineers,” BrokerLink says.
The Standard has grown significantly over the past century in the three provinces in which it operates, BrokerLink adds. It has offices in Kenora, Dryden, Red Lake, Sioux Lookout, Thunder Bay and Fort Frances in Ontario, Winnipeg and Flin Flon in Manitoba, and Creighton, Sask.
BrokerLink has invested and expanded into more than 10 communities in Alberta and Ontario this year, adding more than 400 insurance professionals to its team. Among others, its acquisitions include Hanbidge and Bowman Insurance, Powell Insurance Brokers, Bastow Insurance, Law Insurance Brokers, MKMK Group and the personal and small-to-medium-enterprise commercial insurance book of business from Halpenny Insurance Brokers.
BrokerLink is a subsidiary of Intact Financial Corporation and one of Canada’s largest P&C insurance brokerages, with more than 200 branches and 3,700 employees.
Industry vets join team
For its part, Acera Insurance Services Ltd. partnered with Janzen Insurance Brokers Ltd. in Surrey, B.C. The team of six behind this brokerage have been providing home, auto and commercial insurance under the Janzen Insurance name since 2017. Founders Andrew and Charlene Janzen have been in the insurance industry for 30 years.
“With foreign investors and insurance company-owned aggregators increasing their mergers and acquisitions activity, Acera Insurance’s unique advantage of being 100% Canadian-owned and independent appealed to Janzen,” Acera said in a release issued Wednesday.
The deal closed June 1, and Janzen Insurance will be transitioning to become Acera Insurance over the coming months. This marks a second location for Acera in the Greater Vancouver area, where it also has an office in Burnaby, B.C.
Acera has made several transactions this year, mainly in the benefits space. It says it’s the largest independent, employee-controlled brokerage in Canada, with 1,200 employees and more than 650 employee owners across about 60 Canadian offices.
SIB Corp., operating as StoneRidge Insurance Brokers, continued its expansion in Alberta with the acquisition of Astro Insurance & Registry Services. Based in Lethbridge, Astro Insurance is a full-service brokerage and registry agent (vehicle, land title and corporate, among others) in operation since 1972. Following the deal, Astro Insurance will continue to be led by Mark and Cindy Swartout, the brokerage said in a statement Tuesday.
The deal is SIB’s third transaction of the year.
Ontario brokerage McDougall Insurance also merged with small brokerage All Time Insurance Brokers Inc. The two-person team will continue to work out of their office space in Ajax, Ont., with the same phone number and office hours, McDougall said in a statement announcing the merger June 4.
All Time focuses on personal lines, McDougall says. They also offer employee, life and health, and commercial insurance, according to their website.
“All Time Insurance Brokers Inc. is an excellent fit for McDougall Insurance because it strengthens our position in Eastern Ontario, complimenting several existing nearby branch offices,” says CEO Ross McDougall.
Both owners of All Time will join the McDougall team as salespeople.
Feature image by iStock.com/pixelfit
