Brokerage looking to expand outside home province
British Columbia-based brokerage AMC Insurance Services Ltd. is looking to expand outside its home province, the brokerage’s vice president told Canadian Underwriter recently.
“We realized in our core business strategy that if we want to continue to be a provider in this space, that it was essential to be able to build upon what we have in B.C. [and bring it] to other markets,” Jujhar Singh Parmar said in an interview. “We have a couple of key markets that we have our eyes set on, but we’re not prejudiced to any market per se.”
In particular, AMC is looking at the provinces of Ontario and Alberta. The brokerage has a few acquisition targets in mind in Ontario.
AMC already has hospitality business that it could shift over to a new office in Alberta, Parmar suggested. “We already have a portfolio business that we could shift over to a retail front, whereas it’s not as comprehensive in Ontario, where an acquisition would expand that growth in a different way.”
Family owned and operated AMC currently has more than 100 employees and 10 locations throughout B.C. The brokerage has been in business for about 20 years and has a two-pronged approach of organic growth and acquisitions.
It has completed 14 M&A deals and is licensed across the country.
“As we evolved and we’ve gotten more sophisticated, we transitioned from just a personal lines brokerage to more commercially focused,” Parmar said. “And more specifically, we focus on and we specialize in the hard-to-place: course of construction, hard-to-place-contractors, things that the regular markets don’t [place].”
Commercial lines business is where the brokerage adds value for clients. “Doing a full risk analysis portfolio review is a little bit more comprehensive” than personal lines, Parmar said.
Culture is also important when making a deal. “Everybody can put down money, but culture is something you can’t buy.”
Staffing is another key component of any deal.
“We do have a lot of experience, dedicated and loyal employees,” Parmar said. “We want to keep the people.”
AMC as a kind of ‘parent company’ has only been around since 2002, but the brokerage has made acquisitions of brokerages that are decades or even nearly a century old.
In January, AMC announced acquisition of Vancouver-based All Risk Insurance Agencies, effective Dec. 1, 2023. All Risk is a family owned and operated brokerage dating back to 1926, offering home, auto, commercial and travel insurance.
“Bringing decades of experience and a wealth of industry knowledge, All Risk Insurance Agencies will focus on commercial lines business, capitalizing on AMC’s strengths and market access,” AMC said in a Jan. 12 release. “This strategic move not only strengthens AMC’s presence but also extends its services to the heart of Metro Vancouver. The All Risk team will operate as the 10th branch, situated in downtown Vancouver.”
Feature image by iStock.com/skynesher
