Alberta insurance firms join forces

Calgary-based Rogers Insurance Ltd. has become Alberta’s largest independent brokerage, following a reorganization of its holdings in Red Deer’s Mooney Insurance. Mooney has become a wholly owned subsidiary of Rogers following a share swap in which Mooney shareholders exchanged their shares for shares in Rogers.

Mooney will retain its brand and office in Red Deer.

“This is a great opportunity for our clients and our staff. It will lead to more jobs in Red Deer and more options for our clients,” said Bryan Pobihushchy, chair of Mooney.

Lee Rogers, president of Rogers, said all the company’s competitors of comparable size are located in Toronto, Montreal, Chicago or New York. “We are keeping insurance decisions and jobs in Alberta and Western Canada; we are creating homegrown expertise in Calgary, Red Deer and Fort McMurray that better serves Albertans,” he said.

Rogers Insurance Ltd., which has more than 200 employees, is unique among Canadian insurance firms, in that 57 employees have an ownership stake. All employees, including those of Mooney, are eligible to become owners. Among Rogers’ honours, it was recently cited in Alberta Venture magazine’s Alberta Best Workplaces 2011 ranking (in the Benefits category) for its Dream Program, which assists employees with living their dreams outside of work.

This story was originally published by Canadian Insurance Top Broker.