Canadian Underwriter

CBN member sells brokerage to a consortium of fellow members

August 8, 2018   by Staff

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Coprught: / ridoCanadian Broker Network (CBN) member Smith Petrie Carr & Scott Insurance Brokers Ltd. of Ottawa has been purchased by a consortium of four other CBN members.

“I am very pleased for our staff and for our clients that Smith Petrie will continue under the stewardship of our long time CBN partners,” Smith Petrie president Brian Scott said in a news release. “This is an excellent outcome for all the stakeholders of Smith Petrie.”

Related: Hub acquires brokerage in Western Canada

The four purchasing members are Rogers Insurance Ltd. of Calgary, McLean Hallmark Insurance Group Ltd. (Toronto), PBL Insurance Limited (Windsor, Ont.) and Capri-CMW Insurance Services Ltd. (Vancouver and Kelowna).

“This transaction demonstrates the strength of CBN and the determination of CBN to prosper in this time of change in our industry,” said Daryn McLean, president of McLean Hallmark.

Smith Petrie will keep its name and location, and continue under the leadership of Scott and the current management team. An employee ownership plan will be introduced to existing and new staff at a later date.

Other CBN members retain the right to invest in the equity of Smith Petrie at a later date.

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This story was originally published by Canadian Insurance Top Broker.