Westland expands reach in Ontario with latest acquisition

Westland Insurance has acquired Ontario-based First Durham Insurance & Financial Ltd., one of the largest and oldest full-service independent brokerages in the Durham Region.

“Effective May 1, this acquisition helps Westland expand its reach in the important Ontario market,” Westland said in a press release Thursday.

“First Durham is a well-known, respected and trusted second-generation family brokerage going back over 60 years,” Westland’s executive vice president of distribution, Tim Mackie, told Canadian Underwriter Friday. “We’re very impressed by Bryan Yetman and his team, who will help grow Westland in the Durham Region and across Ontario. We’re excited to continue to build out our presence in this area to complement our growing distribution network.”

Located in Pickering, Ont., First Durham offers home (including condo and tenant insurance), personal auto, farm and commercial insurance (including commercial auto and property, general liability, contractor and professional liability insurance). The brokerage also offers errors and omissions coverage for life agents.

Yetman is president of First Durham and has extensive industry experience. He also served as president of the Insurance Brokers Association of Ontario in 2010.

When asked what strengths the brokerage brings to the table, Mackie said, “They have a very strong team with many years of experience with some exciting commercial lines capabilities and programs. Bryan Yetman is also well known in the Ontario broker community, with ties to the brokers association and industry at large.”

Westland’s made several other acquisitions in 2023, including:

Quebec-based brokerages Assurances R. Legault and Niche Assurance Inc.
RiskTech Insurance Services, which focuses on large and mid-market commercial clients. As part of that acquisition, industry veteran Doug Morrow joined Westland as vice president, commercial – Alberta.
Vancouver-based music insurance brokerage Shephard Ashmore Insurance Inc., which provides insurance and risk management for major tours, festivals and events, as well as custom policies for the assets of artists and entertainers.
Haggett & Rogers Group of Companies, BMT Insurance Brokers Limited and Dimensions Insurance Management in Alberta, Ontario and Manitoba, respectively.

Mackie pointed out that M&A activity has “slowed from 2022, with interest rates and the cost of capital increasing, but there continues to be several brokerages, large and small, exploring their options for the future. Generally speaking, the activity in the marketplace continues to be quite robust.”

The insurance brokerage space remains attractive, and has proven its resiliency in times of economic uncertainty, Mackie told CU. “However, in the current environment, buyers are forced to be more disciplined, and underwriting must be tighter. We continue to be bullish on M&A and see it as a key part of our strategy to serve more communities across Canada.”

Feature image by iStock.com/designer491