Two brokerages, one MGU acquired in recent deals
Merger and acquisition activity in the Canadian P&C space continues strong just weeks into the New Year, with the recent purchase of two brokerages and one managing general underwriter.
Earlier this month, brokerage AMC Insurance Services Ltd. announced it had acquired All Risk Insurance Agencies and the Canadian Broker Network (CBN) welcomed Keyes Insurance into the fold. MGA South Western Insurance Group Ltd. also acquired MGU A.M. Fredericks Underwriting Management Ltd.
British Columbia brokerage AMC Insurance Services said in a Jan. 12 press release it had acquired Vancouver-based All Risk Insurance effective Dec. 1.
“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 the release.
All Risk Insurance is a family-owned and operated brokerage dating back to 1926. “This strategic move not only strengthens AMC’s presence but also extends its services to the heart of Metro Vancouver,” AMC said. “The All Risk team will operate as the 10th branch, situated in downtown Vancouver.”
AMC has more than 100 employees and 10 locations throughout B.C. While it is a large regional brokerage, the company has a strategic goal to increase its presence across Canada.
CBN’s 2024 membership expansion began with the addition of Halifax-based Keyes Insurance. The acquisition was announced Jan. 11 by CBN, a national alliance of independent insurance brokerages representing more than $2.5 billion in property and casualty premiums, as well as employee benefits and life and financial services. CBN has more than 100 offices and 2,000 employees across Canada.
For its part, family-owned Keyes Insurance offers auto, boat, motorcycle, RV, commercial, home, tenant and life and financial insurance.
In the MGA space, South Western Insurance Group Ltd. (SWIG) announced earlier this year it had acquired A.M. Fredericks Underwriting Management Ltd. (AMFUM). Terms of the transaction were not disclosed.
“This year will mark 50 years in the insurance business for Tony Fredericks, who founded AMFUM 30 years ago,” SWIG said in a statement. “Upon the close of the transaction, Tony will be retiring from the MGU space after 35 years.”
John A. Barclay, president and CEO of SWG Group Holdings, said he was honoured that Fredericks entrusted the MGA with the legacy of what he and his family built. “AMFUM will bring a broad risk appetite and placement solution to our Group, and further expand our ability to solve the placement needs of our brokers.”
AMFUM has been providing high-risk and hard-to-place coverage for 30 years. As a federally licensed MGU, the company has national expertise in niche and non-standard commercial liability, professional liability and property risks.
With Frederick’s retirement, SWIG’s chief underwriting officer Ghazal Hamid has been appointed president of AMFUM.
A couple of other brokerage M&A deals have already been announced this year. Alberta brokerage Drayden Insurance acquired Darson Insurance Services in Stony Plain, Alta. Drayden Insurance is a division of McDougall Insurance, which is a subsidiary of Definity Financial Corporation.
Darson offers insurance to individuals and businesses in Stony Plain, Spruce Grove, Edmonton and all surrounding areas. The brokerage offers personal home and property, recreational vehicle, commercial and personal auto insurance.
Westland Insurance also rang in the New Year with the acquisition of two Alberta-based brokerages — Dyberg Insurance Inc. and Prairie Villa Insurance, effective Jan. 1.
Dyberg Insurance is a family-owned brokerage in Edmonton that has offered personal and commercial insurance for more than 70 years.
Established in 1973, Prairie Villa Insurance has offices in Grand Prairie, Sexsmith and Spirit River, offering home, auto, commercial and farm insurance.
Feature image by iStock.com/skynesher
