BrokerLink has continued its momentum within the M&An area with the acquisition of three new brokerages, bringing its whole acquisitions year-to-date to seven.
BrokerLink’s newest acquisitions embrace Alberta-based Direct-Line Insurance coverage and MKMK Threat Administration Inc. (MKMK Group) in addition to Ontario-based Regulation Insurance coverage Brokers Restricted. All three offers closed Could 1.
“These acquisitions improve BrokerLink’s footprint in Edmonton and 6 further areas close by, in addition to Calgary, Aurora [Ont.] and Sudbury [Ont.],” BrokerLink stated in a press launch Friday, when it introduced the transactions.
With roots tracing again to the Forties, Direct-Line Insurance coverage presents dwelling, auto, farm and companies insurance coverage. The brokerage is positioned in Edmonton, Millet, Warburg, Calmar, Sherwood Park, Beaumont and Lamont.
MKMK Group has been serving Calgary and surrounding areas since 2010. It presents dwelling, auto, business, life and journey insurance coverage.
For its half, Regulation Insurance coverage Brokers is one in all Ontario’s oldest family-owned brokerages, established in 1914. It gives dwelling, auto, leisure automobile, business and specialty insurance coverage, together with protection for high-risk auto, hard-to-place houses and high-value houses (as much as $25 million), amongst others.
Michael Stack, BrokerLink’s vice chairman of acquisitions, says he welcomes the brand new brokerages and their respective groups. “We look ahead to cultivating new relationships within the communities of Millet, Warburg, Calmar, Beaumont and Lamont, and serving extra clients in Edmonton, Sherwood Park, Calgary, Aurora and Sudbury,” he says.
BrokerLink closed 4 Ontario acquisitions in March and April. In March, it acquired Owen Sound, Ont.-based Hanbidge & Bowman Ltd. Insurance Professionals. Final month, it acquired M. Edward Powell Insurance coverage Brokers Ltd. in Oakville and Russ Bastow Insurance coverage Dealer Ltd. in Ajax. BrokerLink additionally acquired the private and small-to-medium enterprise business insurance coverage e-book of enterprise from Ottawa-based Halpenny Insurance coverage Brokers Ltd.
BrokerLink is a subsidiary of Intact Monetary Company (IFC). Throughout a 2024 Q1 earnings name final week, IFC CEO Charles Brindamour said BrokerLink “stays nicely on monitor to realize its ambition of $5 billion in annual premiums by 2025.”
BrokerLink surpassed $3.5 billion in direct premiums written (DPW) in 2023. In April, BrokerLink president Joe D’Annunzio advised Canadian Underwriter the brokerage plans to increase its DPW to $5 billion by the end of 2025.
“In Canada, BrokerLink continues to consolidate the market and efficiently closed 4 acquisitions this quarter, representing roughly $190 million of premium,” Brindamour stated throughout the earnings name. “The enterprise stays nicely on monitor to realize its ambition of 5 billion in annual premiums by 2025.
“Our distribution enterprise stays an essential and rising earnings driver.”
BrokerLink completed 20 M&A deals in 2023.
Function picture by iStock.com/NISIT RAWO
