Mutuals group announces latest brokerage deal
Collectivfide Insurance Group Inc. announced Monday it has entered into a partnership stake with Utter/Morris Insurance Brokers Limited, the 12th brokerage deal since the group’s 2019 inception.
Collectivfide’s shareholders represent mutual insurance companies throughout Ontario and Canada. The latest broker partner in the Collectivfide network marks the second addition of 2024, following the acquisition with majority stakes in Les Bell Insurance Brokers in March.
For its part, Burlington, Ont.-based Utter/Morris Insurance offers a wide range of personal and commercial insurance solutions, including home, auto, marine, life, cyber, commercial auto and aviation insurance, among others.
The brokerage has a rich history, beginning in 1927 as W.F. Utter & Son Realty and Insurance, Collectivfide said in a press release Monday.
In 1961, the brokerage was sold to John Morris, who continued it under the name Utter/Morris Insurance Brokers. The brokerage is currently run by the Thorpe family, starting with the father Fred Thorpe in 1980 and continuing with his sons John and Rob Thorpe, who joined in 1985 and 1989, respectively.
“With Rob Thorpe looking to prepare for retirement after many fruitful years building the brokerage, it was time to look at a succession plan,” Collectivfide says in the release. “Therefore, the Thorpe family decided to join forces with the Collectivfide Group to help continue the business and allow for a structured retirement exit for Rob Thorpe.”
The family run Utter/Morris brokerage “will remain the same company with the same team as it transitions through this next phase,” Collectivfide says. Both Rob and John Thorpe will remain with the brokerage, with John as president and equity partner.
“Collectivfide’s community focus aligns with our own value system, and this was a significant factor and requirement for who we wanted to partner with,” John Thorpe says. “Their emphasis on the importance of maintaining a strong presence in their communities was something we related to and are happy to see continue.”
Acquisitions and organic growth remain key to Collectivfide’s long-term growth strategy. The insurance group aligns itself with other like-minded broker partners, and offers centralized services to broker partners, including human resources support, marketing, underwriting, data analytics and office optimizations.
Last year, Collectivfide appointed Eric Walker as its head of M&A. Walker was a founding partner of CW Partners LLP (now Baker Tilly WM LLP), and has been consulting with brokers for more than 30 years.
Feature image by iStock.com/ Wasan Tita
