Hybrid brokerage/agency rebrands following merger
Quebec brokerages PMA Assurances and PMT ROY Assurances et services financiers have merged under the name Ellipse Agence en assurance de dommages inc., creating what the firm is calling the province’s largest damage insurance agency distributing Intact Insurance products exclusively.
PMT ROY said in a press release Monday the consolidation of the two authorized agencies completes the merger of the activities of PMA Assurances and PMT ROY and makes Ellipse Assurances the second largest general insurance distributor in Quebec.
“Our business model is a hybrid one,” explains Ellipse Agence marketing and communications director Gabrielle Roy. “On one hand, we are an agency offering strictly Intact products for damage insurance. On the other hand, we are a brokerage offering insurance products from a long list of insurers for damage and business insurance. We also offer financial services within the brokerage.”
Roy explains over the years, Intact became a financial partner to both PMA and PMT ROY, “so it was a natural evolution to create the agency with Intact. As for the brokerage, we do offer Intact products along with many others.”
The two brokerages first announced their merger in December 2023, to be effective Jan. 1, 2024. The rebranding to Ellipse was initially announced in March of this year.
“PMT ROY and PMA had complimentary values and visions,” Roy says. The merger created the second largest insurance distributor in Quebec, “giving us an advantage when dealing with insurers, career opportunities and benefits offered to our employees.”
Ellipse has a presence in 28 locations in Quebec. PMT ROY was based in the Capitale-Nationale administrative region of Quebec, providing personal, commercial, life and health insurance, as well as savings and retirement financial services. The brokerage dates back about 95 years.
In December 2023, PMT ROY president André Roy announced his retirement after a 40-year career with the company. PMA president Patrice Jean is now the president of Ellipse Agence en assurance de dommages.
For its part, PMA Assurances was a full-service brokerage headquartered in Trois-Rivières. It offers personal and business insurance as well as financial services. Like PMT ROY, PMA has been around for nearly a century.
The merged organization has more than 500 employees spread across branches in eight administrative regions in Quebec. Roy says the largest share of revenue comes from business insurance at 51%, with personal damage insurance representing 49%.
“The pooling of each company’s resources will take place gradually over the course of 2024,” the two companies said in a press release on Dec. 7, 2023. “This will be facilitated by the fact that PMT ROY and PMA use identical IT systems and share a similar vision in terms of business development.”
Feature image by iStock.com/matdesign24
