Ontario has taken centre stage within the newest spherical of mergers and acquisitions (M&A) exercise within the Canadian property and casualty insurance coverage business.
This week, McDougall Insurance coverage, Arthur J. Gallagher & Co. and InsureLine all introduced offers within the brokerage area.
McDougall Insurance coverage merged with Markham, Ont.-based Cornell Insurance coverage Brokers Ltd., efficient Dec. 2. With a employees of greater than 50 staff, Cornell Insurance coverage provides private (residence, automobile, life, boat and traditional automobile) and business insurance coverage (property, auto and danger administration companies).
Cornell Insurance coverage employees and call data will stay the identical, says a press launch from McDougall Insurance coverage, a subsidiary of Definity Monetary Company. Cornell Insurance coverage can even proceed to function underneath its present model.
“Co-CEO John Beadle and vice chairman Patrick Hogan can even stay with the group, together with different members of Cornell’s management group, to proceed to information the brokerage into its subsequent thrilling chapter,” the discharge says. “Co-CEO Mike Hannan can even be getting into the following chapter of his life, a well-earned retirement.”
In the meantime, Arthur J. Gallagher & Co.’s deal entails acquisition of Sault Ste. Marie, Ont.-based Dawson & Keenan Insurance coverage Ltd., a retail brokerage serving private and business strains shoppers in northern Ontario.
Phrases of the transaction weren’t disclosed.
Brokerage president Larry Day and his group will stay of their present location underneath the course of Dave Partington, head of Gallagher’s Canadian retail property and casualty brokerage operations.
“Dawson & Keenan Insurance coverage has a longstanding repute within the area and can present progress alternatives for our retail brokerage operations in Canada,” says J. Patrick Gallagher, Jr., chairman and CEO, in a launch Tuesday. “I’m delighted to welcome Larry and his associates to Gallagher.”
And, earlier this week, InsureLine Brokers Inc. announced the official launch of InsureLine (Pearl) in Brampton, Ont.
An impartial dealer community with 35 brokerages throughout the nation, InsureLine permits brokers to retain 100% possession of their books, says brokerage CEO Aly Kanji. On the identical time, brokers profit from back-office infrastructure and assist, similar to expertise, market entry and an in-house advertising and marketing company.
“In a sea of consolidation, we’re bucking the pattern by creating brokerages,” Kanji says in a Dec. 2 assertion.
Brokerage entrepreneurs Bela and Viren Gandhi are the franchise homeowners of InsureLine (Pearl). “Viren discovered his ardour for serving to people with their insurance coverage wants over a decade in the past and Bela joined him quickly after,” InsureLine says within the launch.
InsureLine (Pearl) provides a wide range of private and business insurance coverage options, together with residence, auto, traditional automobile, boat, motorbike, business property, cyber legal responsibility, skilled legal responsibility and transportation/trucking insurance coverage, amongst others.
Function picture by iStock.com/NISIT RAWO
