The merger of CMW Insurance Services Ltd. and Capri Insurance Services Ltd. creates one of the largest independent, employee-owned insurance brokerages and risk management firms in Western Canada, the companies reported Monday.
Effective Jan. 1, 2017, “the merger leverages the strength and stability of a combined 63 years of insurance and risk management experience, adding new expertise, products and services to better support clients’ insurance and risk management needs,” notes a joint statement.
Founded in 1994 as a corporate insurance and risk management firm, Burnaby, B.C.-based CMW Insurance Services expanded its insurance and risk management abilities in 1995 by partnering with one of the world’s largest insurance brokerage networks; Capri Insurance Services, with 10 offices throughout B.C.’s interior, has four divisions and access to more than 120 insurance markets.
The merger builds on the years-long collaborative relationship between the two independent companies, thereby consolidating “a professional range of expertise in the industry and creates greater opportunities for employees,” the statement notes.
With 400-plus employees in 14 offices across B.C. and Ontario, the combined company finds itself “well-positioned to grow, remain independent and provide value to customers and businesses, while enriching the communities they serve,” it adds.
“By combining our complementary cultures, values, products and services, we will be well-positioned to meet the changing needs of clients across Canada,” states Andrew Kemp, president of CMW Insurance Services.
“The merger allows us to leverage the strengths of our two companies while retaining the advantages of being independent and employee-owned,” Tim Miller, president of Capri Insurance Services, adds in the joint statement.
CMW Insurance Services has more than 20 risk advisors working in 20-plus specialty areas. It currently offers a range of commercial risk management and insurance products, including those related to property coverage; commercial general liability; product liability; equipment breakdown, boiler and machinery; crime; directors and officers liability; business interruption; bonds and surety; fleet and automobile; commercial marine; cyber liability; and product recall.
Capri Insurance Services, for its part, has four divisions – General Insurance, Group Benefits, Financial Planning and Mortgages. Its offerings and arrangements relate to, among other coverages, disability extended health and dental insurance for individuals, groups and employment and financial services; a complete spectrum of personal financial planning services; and mortgage brokering services with specialists in a number of B.C. communities.