Large Canadian brokerages announce latest M&A deals
Canadian P&C brokerage merger and acquisition activity continues to burn red-hot in the second half of 2023, with large brokerages BrokerLink and Acera Insurance announcing a combined three deals recently.
BrokerLink acquired Ontario-based Donnell Insurance Brokers Ltd. and New Brunswick-based Kent & White Insurance Ltd., effective July 1. Acera’s transaction with Alberta-based Ruston Agencies Ltd. closed on June 30.
BrokerLink’s deals allow the company to expand service in Burlington, Ont. and Edmundston, N.B. as well as extend expertise to the northeastern New Brunswick community of Bathurst, BrokerLink said Tuesday in a press release.
As a full-service brokerage, Donnell Insurance has offered home, auto and business insurance tailored to Burlington and its surrounding areas since 1983. Its products include coverage for golf courses, hospitality, manufacturing, medical suppliers and small businesses, as well as life and financial products, among others.
“By joining BrokerLink, I’m confident our customers will continue receiving the same local advice, with additional product options available to them through the resources of a national organization,” said Donnell Insurance president Joe Donnell.
In New Brunswick, Kent & White Insurance has offered products to thousands of individuals and families, as well as commercial insurance to small and large organizations since its founding in 1946. As one of the largest fully bilingual commercial insurance brokerages in New Brunswick, Kent & White Insurance’s clients include small to large businesses from professional firms and restaurants to multi-province retailers across Atlantic Canada.
Acera Insurance’s M&A deal involved another long-standing brokerage — Rushton Agencies in Stettler, Alta.
Rushton Agencies has been providing insurance solutions to individuals, farmers and businesses in and around Stettler for more than 100 years. Its offerings include home, auto and farm insurance, as well as commercial insurance, including specialized packages for industries such as oil and gas, restaurants, retailers, and salons/spas.
“This transaction expands Acera Insurance’s operations in central Alberta, where it has had dedicated teams in Red Deer and Sylvan Lake for several decades,” Acera said in a July 11 release.
While Rushton Agencies will fully transition to Acera Insurance in the coming months, the company says it will maintain it’s local presence and community support. “Joining Acera Insurance offers our clients the best of both worlds — Stettler maintains a local, independent brokerage and dedicated community partner and gains greater access to markets and insurance products,” said Steve Babcock, president of Rushton Agencies.
Acera Insurance was formed following the merger of CapriCMW and Rogers Insurance in September 2022. It is one of the largest independent, employee-controlled brokerages in Canada, operating without insurance carrier or foreign ownership. Acera Insurance has more than $1 billion in gross written premiums, 1,000 employees in 60+ offices.
BrokerLink is also one of Canada’s largest insurance brokerages, with more than 200 branches and 3,400 employees. The Intact Financial Corporation subsidiary has made a number of acquisitions already this year, including T.K. WoodMar Insurance & Financial Group, Icon Insurance Brokers Ltd., P.J. Faulkner Insurance, G. Kranz Insurance & Real Estate Limited, Sims & Associates Insurance Services and Myrnam Insurance Ltd.
Feature image by iStock.com/istocksdaily
