Brokerage AMC Insurance coverage Providers Ltd. has introduced the acquisition of New Westminster, B.C.-based property and casualty brokerage Kastelein Stout Insurance coverage Companies Inc.
The acquisition marks AMC’s 11th location and “extends [AMC’s] presence right into a vibrant new neighborhood,” the brokerage says in a Nov. 29 press launch.
“New Westminster is a location the place we beforehand didn’t have a retail presence, however it’s a rising metropolis,” Jujhar Singh Parmar, vice chairman of AMC Insurance coverage, tells Canadian Underwriter. “This growth aligns nicely with our present enterprise within the space, and the brand new retail location will assist us strengthen our reference to the area people.
“Kastelein Stout is likely one of the previous few impartial companies within the space, and we’re dedicated to preserving their custom of offering a private customer support expertise. We purpose to serve each their shoppers and others locally who worth working with an impartial company.”
Kastelein Stout has been offering private, auto and business insurance coverage companies to the New Westminster neighborhood since 1963. Its choices embody house, apartment, tenant, boat, contractor, legal responsibility, journey, course of development, auto and bike insurance coverage, amongst others.
AMC says the acquisition “strengthens [its] potential to serve communities throughout Metro Vancouver and past, offering shoppers with extra accessible, native choices for all their insurance coverage wants. The Kastelein Stout staff will proceed to function from their present location, contributing their many years of business experience and personalised service to AMC’s increasing community.”
Surrey, B.C.-based AMC accomplished its 15th deal in September with the acquisition of family-owned and operated Western Associated Insurance Brokers Ltd. in Vancouver. The small boutique brokerage gives a wide range of private and business insurance coverage, together with house, seasonal dwellings, development, marine, E&O and D&O.
Firstly of this 12 months, AMC was seeking to expand outside its home province of B.C., Parmar advised Canadian Underwriter. And in October, he confirmed AMC was looking at opportunities outside B.C.
“Trying forward, we’re actively participating in discussions and punctiliously reviewing alternatives in Ontario,” he tells CU Monday. “Discovering the proper platform is not only a matter of time but in addition a matter of choosing the right match for our imaginative and prescient and technique.
“As this might be our first acquisition in a brand new market, its significance can’t be overstated — it is going to function the inspiration upon which we construct our presence. That is why we’re deliberate and selective in choosing the proper accomplice. As soon as established, you may anticipate us to duplicate the profitable market penetration we’ve achieved in B.C. by means of additional strategic acquisitions.”
Characteristic picture by iStock.com/skynesher
