Collectivfide Insurance coverage Group Inc. introduced Monday it has entered right into a partnership stake with Utter/Morris Insurance coverage Brokers Restricted, the 12th brokerage deal because the group’s 2019 inception.
Collectivfide’s shareholders characterize mutual insurance coverage firms all through Ontario and Canada. The most recent dealer companion within the Collectivfide community marks the second addition of 2024, following the acquisition with majority stakes in Les Bell Insurance Brokers in March.
For its half, Burlington, Ont.-based Utter/Morris Insurance coverage provides a variety of private and business insurance coverage options, together with dwelling, auto, marine, life, cyber, business auto and aviation insurance coverage, amongst others.
The brokerage has a wealthy historical past, starting in 1927 as W.F. Utter & Son Realty and Insurance coverage, Collectivfide mentioned in a press release Monday.
In 1961, the brokerage was offered to John Morris, who continued it below the title Utter/Morris Insurance coverage Brokers. The brokerage is at present run by the Thorpe household, beginning with the daddy Fred Thorpe in 1980 and persevering with together with his sons John and Rob Thorpe, who joined in 1985 and 1989, respectively.
“With Rob Thorpe seeking to put together for retirement after many fruitful years constructing the brokerage, it was time to take a look at a succession plan,” Collectivfide says within the launch. “Due to this fact, the Thorpe household determined to affix forces with the Collectivfide Group to assist proceed the enterprise and permit for a structured retirement exit for Rob Thorpe.”
The household run Utter/Morris brokerage “will stay the identical firm with the identical crew because it transitions via this subsequent part,” Collectivfide says. Each Rob and John Thorpe will stay with the brokerage, with John as president and fairness companion.
“Collectivfide’s neighborhood focus aligns with our personal worth system, and this was a major issue and requirement for who we needed to companion with,” John Thorpe says. “Their emphasis on the significance of sustaining a robust presence of their communities was one thing we associated to and are pleased to see proceed.”
Acquisitions and natural development stay key to Collectivfide’s long-term development technique. The insurance coverage group aligns itself with different like-minded dealer companions, and provides centralized companies to dealer companions, together with human sources assist, advertising, underwriting, information analytics and workplace optimizations.
Final 12 months, Collectivfide appointed Eric Walker as its head of M&A. Walker was a founding companion of CW Companions LLP (now Baker Tilly WM LLP), and has been consulting with brokers for greater than 30 years.
Function picture by iStock.com/ Wasan Tita
