M&A transactions see Canadian and U.S. brokerages expand nationally
M&A activity this month has seen two major Canadian brokerages—Westland and Brokerlink—expanding their practices nationally, and one U.S.-based brokerage entering the Canadian market.
B.C.-based Westland Insurance expanded its P&C practice with three acquisitions across Ontario, Alberta and Manitoba in April.
The brokerage acquired Haggett & Rogers Group of Companies, BMT Insurance Brokers Limited, and Dimensions Insurance Management.
Haggett & Rogers serves Calgary, Lethbridge and Southern Alberta and consists of four brokerages: Haggett & Rogers Insurance Services, RE/MAX Insurance Professionals, W.G Jenkin Insurance Agency and Young Insurance Agency. The group offers personal (home, auto and travel) and commercial (business and farm) insurance.
Northern Ontario’s BMT Insurance Brokers Limited has six locations and a full range of personal and commercial products, as well as financial services.
“BMT Insurance brings over 65 years of P&C insurance experience, life & benefits, and financial services. This acquisition takes Westland into three new communities and further enhances its commitment to serving clients in Northern Ontario,” Westland said in a press release.
Further, Westland is bolstering its presence in the west with the acquisition of Winnipeg-based Dimensions Insurance. A commercial and specialty P&C brokerage, Dimensions has served Winnipeg, Calgary, Edmonton, and Saskatchewan with “roots that go back to 1905,” Westland said.
“Between them Haggett & Rogers Group of Companies, BMT Insurance Brokers Limited, and Dimensions Insurance Management bring additional insurance expertise to Westland’s existing P&C verticals,” Westland said in its press release.
Westland has already acquired several P&C brokerages in 2023, including: music insurance brokerage Shephard Ashmore Insurance Inc., Montreal-based Assurances R. Legault, Edmonton-based RiskTech Insurance Services, Quebec-based Niche Assurance Inc. and Saskatchewan-based Heritage Insurance.
Also effective in April, BrokerLink has announced the acquisitions of G. Kranz Insurance & Real Estate Limited, and Sims & Associates Insurance Services.
The acquisitions help BrokerLink to expand its services to additional customers in Eastern Ontario and Central Alberta, the company said in a press release.
Kranz Insurance has served Ottawa Valley since 1930, and offers home, auto, business, farm and marine insurance policies.
Sims Insurance has served the Central Alberta community for over 25 years and specializes in home, auto, condo, tenant, recreational vehicles and business insurance policies.
In 2022, BrokerLink expanded in more than 20 communities in Ontario and Alberta, upon acquiring several brokerages, including L&M Dallaire Insurance, Cryderman Insurance, D. G. Smith Insurance, Crowsnest Insurance, Tailor Made Insurance and Bow Valley Insurance—the firm’s largest acquisition in Alberta yet.
“We acquire brokerages that are active in their communities and aligned with our guiding [principles] of being customer-driven and giving back to local communities,” Michael Stack, vice president of acquisitions at BrokerLink, said in a press release.
Finally, the fifth-largest insurance brokerage in the U.S., Brown & Brown insurance, has this month acquired Highcourt Partners Limited, and its subsidiaries, eUnderwriters and CLIS.
Highcourt Partners Limited merged with the Breckles Group, a Toronto-based agency in 2021, and became the Highcourt Breckles Group (HBG). The brokerage and risk management consultant firm is headquartered in Markham, Ontario, and has locations in Toronto, Waterloo and Collingwood, Ont. as well as Vancouver.
HBG marks the first retail brokerage operation for Brown & Brown in Canada.
“This combination with Brown & Brown is very positive for our customers and colleagues and we look forward to continuing to build out and expand our offerings. Together, we have a well-run insurance brokerage focused on customer service with a local presence and global capabilities through Brown & Brown,” said Mark McKay, HBG chief executive officer. “This foundation will serve us well as we invest and grow our Canadian footprint as part of the Brown & Brown team.”
Feature image by iStock.com/nespix
